TAIPEI (Taiwan News) – The Bank of Taiwan is continuing its expansion into Southeast Asian markets in accordance with the government’s Southbound Policy, in an effort to increase financial links and capital flow between Taiwan and the region.

On Jan. 31, the Bank of Taiwan held an opening ceremony for a new representative office in Manila, Philippines. The offshore banking office is expected to become a springboard for a widening customer base and business investments among ASEAN countries.

The Chairman of the bank’s board of directors, Joseph Lyu (呂桔誠), was in attendance for the opening ceremony along with Taiwan's representative to the Philippines Michael Hsu (徐佩勇). The Philippine envoy to Taiwan, Angelito T. Banayo, was also there with Senator Richard J. Gordon.

The Bank of Taiwan in 2018 established branch offices in Bangkok, Thailand, and Frankfut, Germany. In addition to the new office opened in Manila, the bank is also preparing to establish, or exploring possible branches in Ho Chi Minh, Jakarta, and Kuala Lumpur, reports LTN.