Financial sector to help lift real economy

  • Date: 2016-09-01
  • Source: Department of Information Services, Executive Yuan

Premier  Lin  Chuan  today  encouraged  the  Financial  Supervisory  Commission  (FSC)  to  continue  instituting  new  reform  measures  after  hearing  the  commission’s  report  on  the  financial  sector’s  role  in  lifting  the  real  economy.

The  FSC  aims  to  strengthen  financial  support  for  industries,  which  in  turn  will  create  more  prosperity  for  financial  businesses  and  the  real  economy.  More  specifically,  the  commission  will  provide  capital  resources,  financial  consultation,  and  hardware  and  software  facilities  for  the  purposes  of  promoting  industrial  growth,  helping  young  entrepreneurs,  spurring  innovation  and  creating  jobs.

To  attract  investments  in  the  public  construction  sector,  the  FSC  plans  to  raise  the  limit  on  how  much  privately  placed  real  estate  investment  trusts  can  invest  in  developmental  real  estate.  The  commission  will  also  make  it  easier  for  institutions  to  issue  securities  backed  by  certain  infrastructure  projects  that  involve  private  investments.  

As  for  encouraging  banks  to  provide  more  loans  to  innovative  businesses,  the  FSC  has  asked  the  Ministry  of  Economic  Affairs  to  raise  the  credit  guarantee  percentage  provided  by  the  Small  and  Medium  Enterprise  Credit  Guarantee  Fund  from  80  percent  to  90  percent.

To  promote  digital  business  models  and  facilitate  financial  transactions,  the  FSC  has  also  mapped  out  development  plans  for  a  suite  of  financial  technologies  including  mobile  payment  applications,  crowdfunding  platforms,  insurance  products  employing  big  data  applications,  and  identity  authentication  services.