Press Release
FSC Chairperson Mr. Peng and Financial Industry Representatives visit the Kaohsiung Asset Management Hub
2024-12-06
Taiwan boasts a globally competitive industrial foundation, abundant private wealth, and substantial investment momentum. Building on these strengths, the Financial Supervisory Commission (FSC) is promoting the Asia Asset Management Center project, which includes establishing a localized asset management zone with distinct Taiwanese characteristics. The aim is to strike a balance between regional development and industrial upgrading strategies. Through cooperation between central and local governments, the project seeks to attract investment and retain capital that aligns with industry and regional needs, thereby strengthening Taiwan's position in the Asian asset management market.
In recent years, the Kaohsiung City Government has actively implemented initiatives such as office rent subsidies, new worker wage incentives, and other programs at the Asia New Bay Area 5G AIoT Innovation Hub to foster local economic development and attract industrial investment. As part of these efforts, Kaohsiung has been working to establish an "Offshore Asset Management Center Cluster." To explore potential locations for the local asset management zone, FSC Chairperson Mr. Peng led a delegation to Kaohsiung on December 6th. The delegation included representatives from the Central Bank, Ministry of Finance, Banking Bureau, Securities and Futures Bureau, Insurance Bureau, and over 40 financial institutions, including banks, securities firms, securities investment trust companies, securities investment consulting companies, and insurance companies. They also participated in the " Cooperation Launch Ceremony of asset management hub in Kaohsiung" hosted by the Kaohsiung City Government, with the goal of creating a new financial services hub.
The FSC highlighted that Kaohsiung offers geographical advantages and strong industrial foundations, and that the Kaohsiung City Government provides a one-stop administrative support service, linking local industries and promoting balanced development between northern and southern Taiwan. The FSC is optimistic that the successful model of the Kaohsiung hub can be replicated in other cities and welcomes initiatives from other local governments interested in establishing similar asset management hubs.
The FSC emphasized that the establishment of the Kaohsiung Asset Management Hub is a key sub-project within the Asia Asset Management Center initiative. This initiative, combining the FSC's regulatory relaxation with local government collaboration, not only leverages local characteristics and promotes balanced development of financial markets between the north and south, but also represents a groundbreaking financial operating model that Taiwan has not attempted before. Through the development of both physical and virtual financial clusters, this model will integrate domestic branches, private banks, Offshore Banking Units (OBUs), Offshore Insurance Units (OIUs), Offshore Securities Units (OSUs), and foreign subsidiaries and branches, alongside family office services. By relaxing regulations and offering policy incentives, the FSC aims to attract overseas capital and talent back to Taiwan, achieving the goals of capital retention and investment attraction.
The asset management hub will focus on five key highlights: regulatory easing and simplified procedures, relaxation of cross-border financial services, diversified products and services, increased flexibility in fund utilization, and collaboration with asset management companies within the hub. It is expected that, based on breakthroughs in banking services, the hub will expand to include the asset management industry, legal and tax professionals, and startups, further promoting the development of domestic and international wealth management businesses. This will guide both domestic and foreign capital to invest in Taiwan’s core industries, thereby stimulating the local economy. The asset management hub will be launched in Kaohsiung, with regulations for its establishment and trial operations expected to be released by March 2025. Financial institutions will be able to submit applications in April, with operations expected to begin as early as July. The FSC hopes that this successful model will be replicated by other local governments in the future.
The FSC will continue to collaborate with other ministries to promote the opening of relevant businesses and regulatory relaxation measures. At the same time, by fostering the development of both domestic and international businesses and talent, the FSC aims to enhance the innovation capabilities and internationalization of Taiwan's financial industry. The FSC also emphasized that the implementation of this hub will be carried out as a pilot demonstration, with periodic reviews of policy relaxation and innovation measures to ensure that the development outcomes meet industry expectations.
In recent years, the Kaohsiung City Government has actively implemented initiatives such as office rent subsidies, new worker wage incentives, and other programs at the Asia New Bay Area 5G AIoT Innovation Hub to foster local economic development and attract industrial investment. As part of these efforts, Kaohsiung has been working to establish an "Offshore Asset Management Center Cluster." To explore potential locations for the local asset management zone, FSC Chairperson Mr. Peng led a delegation to Kaohsiung on December 6th. The delegation included representatives from the Central Bank, Ministry of Finance, Banking Bureau, Securities and Futures Bureau, Insurance Bureau, and over 40 financial institutions, including banks, securities firms, securities investment trust companies, securities investment consulting companies, and insurance companies. They also participated in the " Cooperation Launch Ceremony of asset management hub in Kaohsiung" hosted by the Kaohsiung City Government, with the goal of creating a new financial services hub.
The FSC highlighted that Kaohsiung offers geographical advantages and strong industrial foundations, and that the Kaohsiung City Government provides a one-stop administrative support service, linking local industries and promoting balanced development between northern and southern Taiwan. The FSC is optimistic that the successful model of the Kaohsiung hub can be replicated in other cities and welcomes initiatives from other local governments interested in establishing similar asset management hubs.
The FSC emphasized that the establishment of the Kaohsiung Asset Management Hub is a key sub-project within the Asia Asset Management Center initiative. This initiative, combining the FSC's regulatory relaxation with local government collaboration, not only leverages local characteristics and promotes balanced development of financial markets between the north and south, but also represents a groundbreaking financial operating model that Taiwan has not attempted before. Through the development of both physical and virtual financial clusters, this model will integrate domestic branches, private banks, Offshore Banking Units (OBUs), Offshore Insurance Units (OIUs), Offshore Securities Units (OSUs), and foreign subsidiaries and branches, alongside family office services. By relaxing regulations and offering policy incentives, the FSC aims to attract overseas capital and talent back to Taiwan, achieving the goals of capital retention and investment attraction.
The asset management hub will focus on five key highlights: regulatory easing and simplified procedures, relaxation of cross-border financial services, diversified products and services, increased flexibility in fund utilization, and collaboration with asset management companies within the hub. It is expected that, based on breakthroughs in banking services, the hub will expand to include the asset management industry, legal and tax professionals, and startups, further promoting the development of domestic and international wealth management businesses. This will guide both domestic and foreign capital to invest in Taiwan’s core industries, thereby stimulating the local economy. The asset management hub will be launched in Kaohsiung, with regulations for its establishment and trial operations expected to be released by March 2025. Financial institutions will be able to submit applications in April, with operations expected to begin as early as July. The FSC hopes that this successful model will be replicated by other local governments in the future.
The FSC will continue to collaborate with other ministries to promote the opening of relevant businesses and regulatory relaxation measures. At the same time, by fostering the development of both domestic and international businesses and talent, the FSC aims to enhance the innovation capabilities and internationalization of Taiwan's financial industry. The FSC also emphasized that the implementation of this hub will be carried out as a pilot demonstration, with periodic reviews of policy relaxation and innovation measures to ensure that the development outcomes meet industry expectations.
- Visitor: 736
- Update: 2024-12-12