Taiwan eases regulations to boost asset management hub ambitions

Taiwan is advancing financial deregulation to expand its asset management sector and attract more private banking clients, Financial Supervisory Commission (FSC) Vice Chairperson Yan-Liang Chen said. The government aims to more than double assets under management to TWD60tr (USD1.82tr) within six years. The FSC plans to ease over 30 regulations for wealth and asset managers by year-end to stimulate capital inflows and enhance domestic fund houses’ competitiveness. Taiwan is also lowering entry barriers for private banking, with 12 banks currently offering services. More licences will be issued to attract high-net-worth clients and develop family offices. The reforms seek to encourage wealthy Taiwanese to reinvest domestically instead of in offshore financial hubs like Hong Kong and Singapore.