Taiwan inks MOU with India’s IFSCA for bilateral supervisory cooperation

CTBC Bank and Taipei Fubon are seeking to set up branches in GIFT City.

Taiwan’s Financial Supervisory Commission (FSC) has signed a memorandum of understanding (MOU) with the International Financial Services Centres Authority (IFSCA) on bilateral supervisory cooperation.

The MoU includes provisions on information exchange, enforcement of financial regulations, and the establishment of cross-border branches.

IFSCA serves as the unified regulator of the International Financial Services Centre (IFSC) located in India’s GIFT City.

IFSC aims to provide “innovative and elastic business regulations, competitive tax structure, and high-efficiency operation environment,” according to an announcement in the FSC’s website.

The IFSC has been designated as a special international financial jurisdiction and can facilitate transactions in any freely convertible foreign currency.

Two Taiwan-based banks, CTBC Bank and the Taipei Fubon Commercial Bank, have gotten approval from the FSC to apply to establish their own GIFT City branches.