Taiwan expands banking reach in SEA

Taiwan's Financial Supervisory Commission, the banking industry regulator, reports that Taiwan’s banks are expanding into Southeast Asia on a massive scale.

Taiwan is in the process of signing memoranda of understanding with Cambodia, Indonesia, Malaysia and Thailand to allow its banks to establish a banking presence in these countries. Government assistance in opening these markets is necessary because of strict local regulation, said FSC Chairman Chen Yuh-chang.

Last week, the FSC approved an application from Cathay United Bank to establish a representative office in Jakarta. Last month, E. Sun Bank opened a branch in Singapore to become the ninth Taiwanese bank there. It has received permission to set up a representative office in Myanmar and a branch in Cambodia.

Yuanta Bank is to open three branches next year in Singapore, Macau and Hong Kong.