Fri, Dec 06, 2013 - Page 13 News List

Commission plans to boost creative sector

By Crystal Hsu  /  Staff reporter

The Financial Supervisory Commission yesterday encouraged financial companies to increase lending to companies in creative industries despite their small capitalization and intangible assets.

The commission said it is studying measures to help boost the creative industry in a bid to boost employment and restructure the nation’s economy.

More than 60 percent of firms involved in the creative industry have less than NT$1 million (US$33,700) in capital and the assets they own tend to be intangible, according to the commission.

To help evaluate these intangible assets, the commission plans to request Taiwan Financial Asset Service Corp (台灣金服) to establish databases and will initially focus on companies involved in the production of films, music and TV programs.

The databases are aimed at helping banks and companies reach consensus on the worth of intangible assets so that the creative industry may gain the necessary capital to thrive internationally, the commission said.

The commission also plans to provide incentives for banks to extend loans to the creative sector, hoping to see outstanding loans rise to NT$360 billion from the current NT$180 billion in three years.

The commission said it intends to allow local life insurance companies greater investment flexibility for channeling funds into the creative industry.

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