Fri, Oct 18, 2013 - Page 14 News List

FSC to ease regulations to spur industry’s expansion

Staff writer, with CNA

In a bid to help local banks command a greater presence across Asia, the Financial Supervisory Commission plans to relax regulations on the financial industry, the Cabinet said yesterday.

The regulator aims to devise measures to increase international supervisory cooperation, relax regulations, cultivate international talent and establish a database for firms’ overseas expansions, Cabinet spokesperson Cheng Li-wun (鄭麗文) said, relaying comments made by Premier Jiang Yi-huah (江宜樺) at a meeting on boosting banks’ competitiveness.

Jiang outlined plans to turn Taiwanese banks into leading regional financial institutions in three to five years, calling on the commission to sharpen financial service providers’ competitive edge and spur industry growth by working with other agencies to amend relevant regulations, Cheng said.

The premier also instructed the Ministry of Finance to study salary discrepancies at state-owned and private banks and suggested relaxing hiring restrictions and giving performance bonuses, according to FSC Chairman William Tseng (曾銘宗).

Speaking to reporters after the meeting, Tseng said that Taiwan should position itself to take advantage of the flourishing banking industry in Asia.

The markets in China, the Philippines, Indonesia and Vietnam have enormous potential for growth, the chairman said.

The commission plans to train 1,500 professionals each year to help the local banking industry expand into foreign markets, he said.

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