Financial Supervisory Commission Chairman Sean Chen (陳冲) said yesterday he would seek to ensure that the local financial market remains healthy and stable while facilitating future consolidation.
Chen said now was a good time for consolidation in the nation’s banking sector, adding that profit-making “former state-owned banks with a sense of social responsibility” would have a better chance of initiating the next round of mergers and acquisitions amid the current financial turmoil.
He did not name banks, but defined “former state-owned banks” as banks that have been privatized, but in which the government continued to exert influence.
Before a cross-strait financial memorandum of understanding between Taiwan and China can be signed, the commission would make every effort to receive most-favored-nation treatment for local banks’ expansion plans into Chinese markets while creating a level playing field for Chinese banks, which are interested in branching into the local market, he said.
Chen said he was confident in domestic banks, adding that before they enter the Chinese market, the banks would have a chance to learn more about their opportunities and client-base there.
FEARS
Chen sought to allay fears about confidentiality, saying that Chinese banks’ access to financial information about Taiwanese at the Joint Credit Information Center would not be abused.
“The regulation is very clear: The center will follow up on any access to financial information by individuals who are not clients at the banks, Chinese or foreign,” Chen said.
The Democratic Progressive Party (DPP) has argued that following the opening policy, banks in China could obtain financial information that might help Chinese authorities levy taxes on China-based Taiwanese companies.
If access to personal financial information is abused, national security could also be threatened, the DPP says.
The commission also said yesterday that five or six domestic banks had received complaints from clients who suffered losses from structured note investments. It did not elaborate.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
MAJOR CONTRIBUTOR: Revenue from AI servers made up more than 50 percent of Wistron’s total server revenue in the second quarter, the company said Wistron Corp (緯創) on Tuesday reported a 135.6 percent year-on-year surge in revenue for last month, driven by strong demand for artificial intelligence (AI) servers, with the momentum expected to extend into the third quarter. Revenue last month reached NT$209.18 billion (US$7.2 billion), a record high for June, bringing second-quarter revenue to NT$551.29 billion, a 129.47 percent annual increase, the company said. Revenue in the first half of the year totaled NT$897.77 billion, up 87.36 percent from a year earlier and also a record high for the period, it said. The company remains cautiously optimistic about AI server shipments in the third quarter,
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
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