Financial Supervisory Commission (FSC) Chairman Thomas Huang (黃天牧) yesterday said that after taking office, he would concentrate on monitoring financial companies’ capital adequacy and promoting financial technology, sustainable finance and inclusive financing.
Huang told a handover ceremony in New Taipei City that he would make sure that companies have a sufficient capital adequacy ratio and exercise comprehensive risk management, as he expects financial conglomerates to be resilient enough to weather market volatility.
As the global economy undergoes digital transformation, the commission would continue encouraging firms to develop financial technology to boost their competitiveness, he said.
Photo: CNA
The agency would also monitor possible risks related to innovative businesses, he added.
The commission would promote green finance — providing funds or financial tools such as bonds to borrowers for sustainable or green investments — as financial companies should fulfill their social responsibility and create “win-win” situations for the economy and the environment, Huang said.
It would also focus on inclusive finance, asking companies to provide diverse products and services to meet the needs of various enterprises and individuals, he said.
The commission would keep its regulations in line with international rules, Huang said, adding that if it introduces new international standards in the nation, it would adopt a phased approach and impose fines conforming to the principle of proportionality.
“Financial supervision and regulation is my life’s work and vocation,” the 61-year-old said. “Supervision should be independent, fair and just.”
Huang said that he has adopted the motto of Chang Chi-luan (張季鸞) — former chief executive editor of the Chinese-language Ta Kung Pao (大公報) — “no party affiliation, no political endorsement, no self-promotion, no ignorance,” (不黨,不賣,不私,不盲) as his own.
All regulations and policies should prioritize the nation’s interests, he said.
Huang also urged banks to be more proactive about approving loans to businesses affected by the COVID-19 pandemic to help the nation’s economy recover.
Former FSC chairman Wellington Koo (顧立雄), who recommended Huang to Premier Su Tseng-chang (蘇貞昌) as his successor, said that Huang would be a professional supervisor, as he has experience and integrity.
Huang, who was the commission’s vice chairman since 2013, served as the head of the agency’s Insurance Bureau; the Securities and Futures Bureau; and the Examination Bureau.
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