(8 October 2012 – Taiwan) Taiwan’s banks are reportedly expanding into Southeast Asia on a massive scale.Taiwan’s Financial Supervisory Commission (FSC), the banking industry regulator, reported that Taiwan is in the process of signing Memoranda of Understanding (MoU)’s 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.
In September, 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.