Press Release
FSC Approves Standard Chartered Bank (Taiwan) Limited to Conduct Financial Products and Services to High-Asset Customers
2025-01-07
The Financial Supervisory Commission (hereinafter referred to as FSC) published the "Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers" on August 7, 2020. The FSC granted authorization for starting this business to 3 banks on December 31, 2020, and to another 4 banks on May 18, 2021. Starting from September 2021, banks that meet the qualifications may also file individual applications to the FSC based on their business plans and business needs after making adequate preparation. After the approval of this case, the FSC has granted approval to 13 banks.
The FSC stated that it has approved Standard Chartered Bank (Taiwan) Limited (hereinafter referred to as the bank) to conduct this business, primarily considering the bank's plan to increase investments in product development, process transformation, talent recruitment, and hardware facilities. The bank also plans to introduce foreign financial product development capabilities and utilize wealth management information systems to enhance its operations in this business. Additionally, it intends to collaborate with well-known international institutions for talent training. Furthermore, the parent bank of the bank is a large international bank. Approving the bank conducting financial products and services to high-asset customers is beneficial as it will bring international wealth management experience into Taiwan.
The FSC declared that on January 6, 2025, it announced a draft amendment to certain provisions of the "Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers". This amendment fully opens banks to provide high-asset services, and gradually relaxes business items in phases. The FSC encourages banks with expertise and capability in wealth management to actively submit applications for high-asset services after the relevant regulations are announced. This will allow them to participate in the wealth management market for high-asset customers, offer more diversified products and services, and facilitate the overall development of the industry.
The FSC will continue to oversee the development of this business. Through regulatory relaxation and the introduction of relevant supervisory measures, the FSC aims to encourage financial institutions to invest in wealth management talent and systems, enhance the research and development capabilities of domestic financial industry, and provide customers with diversified and customized services. This will further lead both domestic and international funds to invest in Taiwan's core industries, promote the development of wealth management businesses both domestically and internationally, and strengthen the international competitiveness of domestic banks, thereby enhancing Taiwan's position in the Asian asset management market.
The FSC stated that it has approved Standard Chartered Bank (Taiwan) Limited (hereinafter referred to as the bank) to conduct this business, primarily considering the bank's plan to increase investments in product development, process transformation, talent recruitment, and hardware facilities. The bank also plans to introduce foreign financial product development capabilities and utilize wealth management information systems to enhance its operations in this business. Additionally, it intends to collaborate with well-known international institutions for talent training. Furthermore, the parent bank of the bank is a large international bank. Approving the bank conducting financial products and services to high-asset customers is beneficial as it will bring international wealth management experience into Taiwan.
The FSC declared that on January 6, 2025, it announced a draft amendment to certain provisions of the "Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers". This amendment fully opens banks to provide high-asset services, and gradually relaxes business items in phases. The FSC encourages banks with expertise and capability in wealth management to actively submit applications for high-asset services after the relevant regulations are announced. This will allow them to participate in the wealth management market for high-asset customers, offer more diversified products and services, and facilitate the overall development of the industry.
The FSC will continue to oversee the development of this business. Through regulatory relaxation and the introduction of relevant supervisory measures, the FSC aims to encourage financial institutions to invest in wealth management talent and systems, enhance the research and development capabilities of domestic financial industry, and provide customers with diversified and customized services. This will further lead both domestic and international funds to invest in Taiwan's core industries, promote the development of wealth management businesses both domestically and internationally, and strengthen the international competitiveness of domestic banks, thereby enhancing Taiwan's position in the Asian asset management market.
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- Update: 2025-01-09