Cathay United Bank (國泰世華銀行), the first bank in Taiwan to finance offshore wind and solar energy projects, on Monday won four awards — “Project Finance House of the Year,” “Renewable Energy Deal of The Year - Solar,” Renewable Energy Deal of The Year - Battery” and “Renewable Energy Deal of The Year - Wind” — from the well-known international financial journal The Asset Magazine, recognizing the bank’s contributions to renewable energy development and its financing initiatives for multiple sustainable energy projects.
“Cathay United Bank is relentlessly committed to achieving a sustainable financial sector,” bank executive vice president Michael Wen (溫珍瀚) said.
“With a strategy of paying equal attention to domestic and international projects, the bank is always exploring possibilities in the financialization of new energy technologies,” he said. “We are truly honored to receive four major awards from The Asset.”
Photo courtesy of Cathay United Bank
As the national trailblazer in green finance, Cathay United Bank has helped to develop the domestic green energy market and invested in global opportunities. Financing the construction of the largest wind farm in Vietnam — for which Cathay United Bank received the “Renewable Energy Deal of the Year Wind” award — was the first collaboration between a Taiwanese financial institution and the Asian Development Bank in project funding.
That marked a milestone for green energy investments by the nation’s banking industry in the Southeast Asian market and global investments generally.
In addition, Cathay United Bank has won accolades for contributing to the government’s fisheries and electricity symbiosis project in Chiayi County, through project financing with other domestic banks.
As one of the few Taiwanese financial institutions to receive acclaim from international media over renewable energy investments, Cathay United Bank has achieved a landmark in the nation’s project financing.
Furthermore, the bank accomplished a breakthrough in changing the nation’s pricing system for energy storage solutions by working in cooperation with experts, creating new financial models and joining forces with foreign partners.
Through these innovative approaches, Cathay United Bank assumed a leading role in financing Taiwan’s energy storage capabilities.
In striving toward realizing the government’s national renewable energy and New Southbound Policy goals, Cathay United Bank did not neglect to implement diversification of services, management internationalization and social responsibility. The bank’s strategy of innovation and leadership in green energy financing has won plaudits from the international banking community, as evidenced by the awards.
Last year, Cathay United Bank was recognized by The Asset for its offshore wind power project financing. This year, the bank once again received awards across three major categories — "Battery, Wind and Solar" as well as the "Project Finance House of the Year" from The Asset, with these accolades underscoring the bank's profound expertise in this field across a comprehensive spectrum.
The bank is to continue to utilize its experience in international collaboration to benefit the nation’s banking sector and take a leading role in the sustainable development of financial services.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
PRESSURE EXPECTED: The appreciation of the NT dollar reflected expectations that Washington would press Taiwan to boost its currency against the US dollar, dealers said Taiwan’s export-oriented semiconductor and auto part manufacturers are expecting their margins to be affected by large foreign exchange losses as the New Taiwan dollar continued to appreciate sharply against the US dollar yesterday. Among major semiconductor manufacturers, ASE Technology Holding Co (日月光), the world’s largest integrated circuit (IC) packaging and testing services provider, said that whenever the NT dollar rises NT$1 against the greenback, its gross margin is cut by about 1.5 percent. The NT dollar traded as strong as NT$29.59 per US dollar before trimming gains to close NT$0.919, or 2.96 percent, higher at NT$30.145 yesterday in Taipei trading
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