Premier Sean Chen today instructed the Financial Supervisory Commission (FSC) to work with the nation's central bank to set a sturdy foundation for a Taiwan-centric wealth management platform specifically for domestic consumers. The platform will be used to cultivate local personnel in asset management, attract capital from outside Taiwan and enable local financial institutions to set up more offices overseas.
The people of Taiwan have great needs for wealth management, the premier said, but without proper investment channels, many have become entangled in legal disputes. Domestic investors have no safeguards to fall back on when inking financial agreements in an unsupervised environment, he added.
The premier pointed out that citizens have for many years been awaiting a wider selection of financial products and more flexibility in currency investments. Hence, the FSC last year began developing cross-border asset management services that capitalize on local talent. Similar to the wealth management platform, the goal is to have Taiwanese professionals working at Taiwanese financial institutions managing the wealth of Taiwanese people.
Among a number of measures implemented earlier this year, the central bank sealed a memorandum of understanding with mainland China on currency clearance, which has provided citizens with greater choices and flexibility for currency investments. Several complementary regulations are still pending in this regard.
The premier gave special thanks to FSC Minister Chen Yuh-chang for his contributions to the Economic Power-Up Plan, specifically his planning for the initiative "sparking sustainable growth of Taiwan's financial sector." Chen also announced that a number of regulations will be revised from October to December to create a market of diversified financial products and promote the training of Taiwanese financial professionals.