Government won’t backtrack on financial policy: Tsai

President Tsai Ing-wen has said the government will not move backwards on financial policy on account of isolated scandals. The president was speaking Thursday at the 2016 Wealth Magazine Finance Awards ceremony.

Tsai said, "There will not be a U-turn on policy because of individual cases. The direction of opening up the financial market will not change because of certain controversies. Where deregulation is needed, there will be deregulation. Sectors that need opening up will be opened up. And where oversight measures need to be strengthened, we will certainly seek to bring that about."

Examples of individual cases that have prompted concern would include Mega Bank's recent fine for violating money laundering regulations in the United States. But Tsai said overall policy would not change and that the financial sector was particularly important for creating new opportunities with Taiwan in the economic doldrums. She urged banks to take greater risks in lending to small and medium businesses and for the securities sector to give support to capital market reforms.

Tsai also said she was pleased to see Wealth Magazine had added an "innovation" prize to its awards this year. She said the government is keen to see greater innovative use of technology in the financial sector.

Source: Radio Taiwan International