Taiwan aims to be Asian financial hub

台灣計劃成為亞洲金融中心

President Tsai Ing-wen says high-level foreign companies have shown increased interest in Taiwan

TAIPEI (Taiwan News) — Taiwan is planning to further open up its economy and offer more financing products with the goal of becoming an Asian financial and asset management center, President Tsai Ing-wen (蔡英文) said Wednesday (Aug. 19).

Taiwan’s export-dependent economy is looking to diversify away from over reliance on China, its largest trading partner, Reuters reported. And with Hong Kong’s position as Asia’s dominant financial hub now in question due to the new national security law, Taipei could capitalize on the opportunity.

Speaking at the Third Wednesday Club, a business group comprising 78 of Taiwan’s leading business conglomerates, Tsai did not directly mention Hong Kong. However, she did mention there was increased interest in Taiwan from companies abroad.

“More and more internationally renowned companies, and even more international-level capital, talent, and technology companies, are bullish about Taiwan, and coming to Taiwan and increasing their investment in Taiwan,” the president said.

She added, “The government will continue to adopt more open measures, open up diverse financial products, expand the scope of our wealth management business, and let Taiwan become an Asian corporate financial center and high-level asset management center.”

Tsai said it is a government goal to sign more bilateral trade deals, including one with the U.S., and reiterated her desire for the country to join the 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to Reuters.

Taiwan does not have many international trade deals, as countries are hesitant to sign such agreements out of fear of angering China. However, the country is a member of the World Trade Organization and the Asia Pacific Economic Cooperation bloc, and Tsai said Taiwan would look to increase participation in both.