Its next target for expansion include Vietnam, Indonesia, and Malaysia.
The Bank of Taiwan (BOT) launched its representative office in the Philippine capital, Manila, as it aims to help Taiwanese firms enter the Southeast Asian market, reports Focus Taiwan.
"I believe from the bottom of my heart, that this is the country (the Philippines) we BOT must be present to (make) dialogue directly with clients in the region," BOT chairman Joseph Jye-cherng Lyu said.
The chairman noted the strategic location of the office, adding that the Philippines is a critical entry point to the ASEAN market with ample opportunities for Taiwan businesses.
Also read: Taiwan's Chang Hwa Bank opens Manila branch
Meanwhile, Philippine senator Richard Gordon said that the Philippine government is doing its part to develop infrastructure, adding that BOT’s new office will be able to engage in business in an ‘excellent environment’.
Aside from Manila, BOT has already set up branches and offices in Sydney, Bangkok, and Frankfurt since 2018. Going forward, it targets to install offices in Vietnam, Indonesia, and Malaysia to fulfill its further expansion plans.
Do you know more about this story? Contact us anonymously through this link.