The Financial Supervisory Commission (FSC) has made another progress in its proactive efforts to strengthen bilateral supervisory cooperation. With the joint assistance of the Taipei Economic and Cultural Center in India (TECC) and the India-Taipei Association (ITA), Dr. Yen-Liang Chen, Vice Chairperson of the FSC, and Shri K. Rajaraman, Chairperson of the International Financial Services Centres Authority (IFSCA) of India, on December 3, 2025, completed the signing of the Memorandum of Understanding (MoU) in Relation to Mutual Cooperation via virtual conference, with Shri Pradeep Ramakrishnan, Executive Director of IFSCA, attending the virtual conference on behalf of Chairperson Rajaraman. The signing took place during the 18th meeting of the India Taiwan Economic Consultations (ITEC) being held in Taipei. It was witnessed at the ITEC venue by Deputy Minister of Economic Affairs Cynthia Kiang, Indian Ministry of Commerce and Industry Secretary Amardeep Singh Bhatia, TECC Representative Mumin Chen, and Acting Director General of the ITA Vishwanjali Murlidhar Gaikwad.

The Indian government has established India's maiden International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), Gujarat. The IFSCA serves as the unified regulator for the center. The MoU includes provisions on information exchange, enforcement of financial regulations, and the establishment of cross-border branches, thus laying the groundwork for closer cooperation between the financial regulatory agencies of both sides. The vision of the IFSC is to provide innovative and elastic business regulations, competitive tax structure, and high-efficiency operating environment. The IFSC has been designated as a special international financial jurisdiction, which is treated as a non-resident zone under Foreign Exchange Management Regulations, thereby facilitating transactions in any freely convertible foreign currency. 

In January and July of this year, the FSC granted approval to CTBC Bank and Taipei Fubon Commercial Bank, respectively, to apply to Indian authorities for the establishment of their GIFT City branches, further deepening financial interactions between Taiwan and India. The signing of this MoU is expected to enhance bilateral exchange and cooperation on various issues related to financial supervision. The FSC will continue to actively build supervisory cooperation network with financial authorities in other jurisdictions through both bilateral and multilateral channels to further strengthen international connectivity.


Contact: Department of International Affairs
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