Taiwan must scale up its largest asset managers if it hopes to compete as a regional financial hub against international rivals, according to the top financial regulator.
The island’s $630 billion asset management industry needs to harness Taiwan’s dominance in the global technology sector and leverage the deep capital pools of domestic financial conglomerates to rapidly build scale, Peng Jin-lung, chairman of the Financial Supervisory Commission, said in a Thursday interview.
“If Taiwan does not develop multiple asset management firms with sufficient scale, it will be difficult to compete internationally,” Peng said. “That limits our ability to promote Taiwan’s investment opportunities around the world.”