The Bank of Taiwan plans to set up a series of offices across Southeast Asia in line with the government's New Southbound Policy.
The New Southbound Policy seeks closer ties with Australia, New Zealand, and the countries of South and Southeast Asia. The Financial Supervisory Commission has already approved planned offices in Ho Chi Minh City, Bangkok, and Jakarta, and the bank is awaiting a decision on its planned Manila office. The state-owned bank says it chose these cities because of their concentration of Taiwanese businesspeople and high levels of economic development.
Currently, the bank's only branch in Southeast Asia is in Singapore. The planned offices elsewhere in the region are not expected to fill the role of new branches. Instead, they will be used as bases from which the bank can quickly gain an understanding of local business conditions.
Source: Radio Taiwan International