President Ma Ying-jeou says that Taiwan’s financial sector should expand into the South East Asian market in order to increase its competiveness. Ma was speaking Friday at an Asian Bankers Association event in Taipei.
He spoke about how the government is going to support the financial sector.
"We are continuing to liberalize financial laws and deregulate industry. Taiwan’s Financial Supervisory Commission, the FSC, also has been visiting financial authorities in South East Asian countries to strengthen cooperative exchanges with their regulatory counterparts," Ma said. "This should create opportunities for the Taiwan financial industry to enter South East Asian markets."
Ma quoted IMF analysis, saying that global economic growth this year will be the lowest since 2009. He said that as a result, international cooperation has become crucial.
As for the development of the financial sector in the digital age, Ma said the government will continue working to secure a stable legal structure to boost regional and international cooperation.