Taiwan approves BNP Paribas to offer wealth management services

The branch has implemented a program to enhance the expertise of its personnel.

Taiwan has approved the BNP Paribas Taipei branch to offer wealth management services for high-asset customers.

In a statement, the Financial Supervisory Commission (FSC) of Taiwan said that BNP Paribas Taiwan has provided detailed plans for talent development and allocation, product research and development, customer investment risk management, and related resources or information systems.

In Taiwan, a high-asset customer is defined as someone with a net value of investable assets and insurance products equivalent to NT$100m or higher.

It can also be a customer whose net value of investable assets with securities firms equivalent to NT$30m or above, with a statement of financial capacity that their net assets and products are equivalent to NT$100m or above.

“Approving the branch to conduct wealth management business for high-asset customers will facilitate the introduction of international wealth management expertise into Taiwan, thereby supporting the continued development of the domestic financial industry,” the FSC said in its statement.

The branch has also reportedly implemented the “Certified Private Banker Program” to enhance the expertise of its personnel.