Fubon Insurance Co (富邦產物保險), the non-life insurance arm of Fubon Financial Holding Co (富邦金控), said yesterday that one of its subsidiaries, Fubon Property & Casualty Insurance Co (富邦財產保險), has obtained the green light from the China Insurance Regulation Commission to set up a branch in Chongqing, China.
The insurer said it would be the first time it has extended its presence in China’s Fujian Province to the Chinese hinterland.
Fubon Insurance set up Fubon Property & Casualty Insurance in the Fujian city of Xiamen in October last year as a first step in targeting the growing Chinese market. The subsidiary also runs a branch office in Fuzhou, also in Fujian Province.
Fubon Insurance chairman Shih Tsan-ming (石燦明) said that after one year of operations in Fujian, the insurer has built up experience in serving customers in China, particularly Taiwanese investors who operate there.
Fubon Financial chairman Daniel Tsai (蔡明忠) said that as more Taiwanese investors are using Chongqing as a springboard into western China, the financial firm is determined to bring a wide range of services, in insurance and banking, to an increasing number of potential clients.
Meanwhile, Fubon Life Insurance (富邦人壽), also an insurance arm of Fubon Financial, is waiting for approval from the Chinese regulator to set up a 50-50 joint life-insurance firm in Nanjing, Jiangsu Province, with Nanjing Zijin Investment Co (南京紫金投資公司).
Fubon Financial said Taipei Fubon Commercial Bank (台北富邦銀行), its banking arm, is scheduled to set up a representative office in Suzhou, Jiangsu Province, by the end of the year.
After several years flying high as Asia’s best Nvidia Corp proxy, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is increasingly vying with other artificial intelligence (AI) stocks for investor attention. Stock traders are chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips TSMC makes for Nvidia. Subthemes from the deepening memory crunch to advances in robotics are also luring bids. At the same time, investment caps on single stocks are pushing funds to diversify, while retail investors long familiar with TSMC through its US depositary receipts are being offered a broader set of
UNDER MICROSCOPE: Taiwan detained three people who allegedly conspired to buy servers in Taiwan and export them using fraudulent documentation, prosecutors said Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Saturday urged Super Micro Computer Inc to tighten up on compliance after Taiwan detained three people this week for allegedly making fraudulent declarations about artificial intelligence (AI) servers made by its US partner. The development marked the nation’s first crackdown on semiconductor smuggling, which grew after the US slapped restrictions on exports of high-end chips such as Nvidia AI accelerators to China. Nvidia is “rigorous” in explaining regulations to all of its partners, Huang told reporters after arriving in Taipei. “Ultimately Super Micro has to run their own company,” he said in response to
Netherlands-based semiconductor equipment supplier ASML Holding NV yesterday said that it is planning to hire an additional 1,000 people in Taiwan this year in response to growing demand from clients. ASML had previously planned to recruit 600 people this year, but that the plan has been adjusted upward, ASML vice president and ASML Taiwan general manager Grace Wang (汪佳慧) told reporters. ASML has a workforce of more than 4,500 in Taiwan, accounting for about 10 percent of its global total, Wang said. This year’s recruitment campaign would focus on adding people in the customer support, manufacturing and supply chain domains to assist ASML
TECH RELIANCE: Growth is increasingly reflecting an unequal K-shaped distribution, where technology sectors outperform and other industries struggle, an expert said Standard Chartered Bank has significantly raised its forecast for Taiwan’s economic growth to 9.5 percent this year, up from 7.6 percent previously, citing surging artificial intelligence (AI) demand driving exports, semiconductor production and investment. The upgrade reflects a sustained AI supercycle that continues to fuel demand for advanced chips and technology infrastructure, which form the backbone of Taiwan’s exports, the bank said in a report this week. “We raise our 2026 growth forecast to reflect a much stronger-than-expected first-quarter GDP figure,” Standard Chartered senior economist for greater China and Asia Tommy Wu (胡東安) said in the report. Driven largely by a 35.3 percent
RSS