Global banks interested in Taiwan after passage of Hong Kong security law

The government sees the shift as a way to reinvigorate economy.

Global banks are looking to expand to Taiwan following the passage of China’s new security law in Hong Kong, reports Bloomberg.

Some US securities firms are mulling such expansion whilst other international lenders plan to establish new operations, said Taiwan’s Financial Supervisory Commission chairman Huang Tien-mu, but he hasn’t named any firm that has expressed interest.

“We aren’t trying to replace anyone, but that doesn’t mean we have no ambition,” Huang said. “We hope to appeal to the capital and talent from the rest of Asia, not just Hong Kong.”

The Taiwanese government sees a potential move of financial professionals from Hong Kong as a way to re-energise an economy struggling with a peaking population, a shortage of skilled workers and shrinking exports.

In July, the Minister for Mainland Affairs Council welcomed Hong Kong and multinational companies, establishing an office to relax immigration.

Here's more from Bloomberg.