Taiwanese firms in the creative industry should not limit their ambitions to the domestic market, but seek a wider audience by targeting Chinese-speaking communities abroad, Financial Supervisory Commission Chairman (FSC) William Tseng (曾銘宗) said yesterday, adding that local banks would help fund those seeking to expand overseas.
The nation’s top financial regulator made the remarks while briefing the legislature’s Finance Committee on how the commission intends to help build up the creative sector as part of the government’s efforts to restructure Taiwan’s export-oriented economy.
As of April 30, banks had increased lending to firms in the creative industry by NT$22.4 billion (US$742.92 million) this year, Tseng said, expressing confidence that the sector’s financing will meet a target of NT$60 billion by the end of the year.
Given the nation’s rich culture, companies involved in its creative industry have a good chance of performing well on the international stage, Tseng said.
The commission is lending a hand to the sector’s development by encouraging banks to fund culture-based firms’ creative ideas, Tseng said, adding that the commission aims to double outstanding loans to the industry to NT$360 billion in the three coming years from the current NT$180 billion.
The policy will also benefit the banking sector by helping lenders diversify their risks and reduce the concentration of loans to technology and property firms, he said.
Since the initiative began, the Bank of Taiwan (台灣銀行), Cathay United Bank (國泰世華銀行), E.Sun Bank (玉山銀行), Taiwan Cooperative Bank (合作金庫銀行) and Hua Nan Commercial Bank (華南銀行) have outperformed their peers in lending to the creative industry, Tseng said.
The commission will reward the most generous lender at the end of the year with an easy and speedy review of its expansion applications, Tseng said.
Taiwan Financial Asset Services Corp (台灣金服) has set up a platform for assessing the value of intangible assets, Tseng said, adding that the first loan using the platform will take place this week and more will follow.
Furthermore, authorities will help companies in the creative industry apply to be listed so they can raise funds on the open market to finance future expansion, he said.
Record label HIM International Music Inc (華研音樂) debuted on the GRETAI Securities Market in December last year, with Dapili International Marketing Co (大霹靂), the producer of the well-known Pili Taiwanese traditional puppet theater series, is to follow suit later this year.
“Supporting the creative industry is a meaningful, worthwhile endeavor,” as it encompasses film, television, digital content and other media, Tseng said.
He added that he was upbeat about the local equity markets’ prospects, seeing as the domestic economy is recovering, corporate earnings are improving, and US and European economic fundamentals are starting to pick up.
The TAIEX yesterday rose 66.42 points, or 0.73 percent, to 9,121.71 — its highest level since Jan. 28, 2011, when the benchmark index closed at 9,145.35.
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