TAIPEI (Taiwan News) — The Financial Supervisory Commission on Thursday approved applications from Cathay United Bank to establish a branch in Mumbai and Taishin International Bank to open a representative office in Manila, per CNA.

Banking Bureau Deputy Director-General Hou Li-yang (侯立洋) said the commission approved four banks to establish branches in Southeast Asia this year. CTBC Bank is set to open a branch at Gujarat International Finance Tec-City (GIFT City) in India, and E.SUN Bank will establish a branch in Mumbai.

Cathay United Bank President Alan Lee (李偉正) cited India's position as the world's fifth-largest economy and its location at the crossroads of the Middle East and East Asia. He said the bank's opening of a branch in Mumbai aims to provide comprehensive financial services to Taiwanese businesses and foster partnerships with Indian enterprises.

Hou said that India's large, young population and growing domestic consumption market make it a prime location for financial expansion.

CTBC Bank established branches in India’s New Delhi and Sriperumbudur, while Bank of Taiwan and Mega International Commercial Bank set up representative offices in Mumbai, the commission said.

Cathay United Bank operates subsidiaries in Cambodia and China and has seven branches across Southeast Asia, including in Ho Chi Minh City, Singapore, Manila, and Yangon. The bank also has four representative offices in Bangkok, Hanoi, and Jakarta.

Taishin International Bank has five overseas branches in Hong Kong, Singapore, Japan, Australia, and Malaysia. It also operates four representative offices in Ho Chi Minh City, Shanghai, Yangon, and Bangkok.