Insurance Committee Presentation Focuses on Fintech

According to the World Economic Forum, the growing use of financial technology (fintech) is expected to bring disruptive innovation to the world of finance, increasing efficiency and lowering the costs of financial services. Fintech is already the focus of serious attention in many countries, and Taiwan is no exception.

At a luncheon meeting organized by AmCham Taipei’s Insurance Committee at The Sherwood Taipei on December 14, Jennifer Wang, Vice President and the Distinguished Chair Professor of National Cheng-Chi University, gave attendees an update on current developments in fintech in Taiwan. Since introducing the relevant regulations early this year, the Taiwanese government has been encouraging enterprises, both financial institutions and start-ups in various industries, to participate in this new field. Having more companies involved in the current experimental stage for fintech in Taiwan is seen as enabling the authorities to refine the regulations to make them as effective as possible.

From left to right: AmCham Taipei President Andrea Wu; Speaker Professor Jennifer Wang; AmCham Taipei Insurance Committee co-chairs Dan Ting, Chairman of Hotai Insurance and Linda Tsou from Cigna Taiwan Life Assurance.

Wang, a former Vice Chairman of the Financial Supervisory Commission, said fintech offers hope of bringing the following benefits:

  • Lowering the costs of financial services
  • Collecting big data and financial information to analyze
  • Providing customized financial services based on the collected data
  • Enhancing supervision of the financial sector and preventing financial crimes

Strong Outlook for the Semiconductor Sector

2017 was a landmark year for the global semiconductor industry. Due to an astounding 57% rise in sales in the memory sector, total revenue in the industry is poised to surpass US$400 billion for the first time. In addition, after 25 years as the global leader in the semiconductor field, Intel will be losing that title to Samsung.

From left to right: AmCham Senior Director Don Shapiro, Editor-in-Chief; Speaker Ben Lee, Principal Analyst at Gartner Group Taiwan Ltd.; Technology committee co-chair Revital Shpangental Golan, CEO of Anemone Ventures.

Ben Lee, principal analyst at Gartner Group Taiwan, sought to shed light on those and other recent developments at a luncheon meeting of AmCham Taipei’s Technology Committee at The Sherwood Taipei on December 8. Most of the growth this past year was due to a rise in selling prices – spurred by an undersupply of product in 2016 – rather than increased production volume, Lee explained. As a result of the changed market dynamics, memory now accounts for about 30% of the total semiconductor market, up from 24% a year ago.

Lee sees continued growth, though at a more moderate pace, in 2018, driven by heightened demand in such categories as automotive-electronics and robotics. The development of products centered on the Internet of Things will help make up for the decline in such areas as PCs and smart phones.

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Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

The Future of Adaptive Marketing

The average attention span has declined significantly in recent decades. In 2000, our concentration could still last for 12 seconds. In 2015, the number dropped to eight seconds. Owning multiple communications devices and using them simultaneously have become an integral part of our lives. Plus, today’s consumers are no longer satisfied to stay on the receiving end of the information flow. Consumer engagement is customarily expected when it comes to marketing.

Due to all these changes, marketing has become extremely complicated. There seem to be no rules to follow anymore.

From left to right: AmCham President Andrea Wu; Geese Niu, Business Director, MindShare Communications Taiwan; Speaker Susan Chao, Managing Director of Mindshare Communications Taiwan; Travel and Tourism Committee Co-Chair Achim v. Hake, General Manager, The Sherwood Taipei.

To map out a path for the future of marketing, Susan Chao, Managing Director of Mindshare Communications Taiwan, was invited to speak on “The Future of Adaptive Marketing” at an AmCham Taipei special luncheon at The Sherwood Taipei on December 7. Chao’s presentation outlined three strategies to successful marketing today:

  • Involve multiple media channels to generate a more powerful information flow.
  • Capture and interact with consumers.
  • Utilize adaptive marketing – tailoring advertising approaches based on individual data – for greater effectiveness and efficiency than traditional marketing.

Adaptive marketing involves the collection of user data, customization of the advertising content according to personal preferences, and delivery of the content through the channels guaranteed to reach the target audience. Customized information increases the opportunity to seize the attention of the desired targets within a short period of time, before their focus drifts to another device.

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Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

2017 Trade Secrets Act Forum

Taiwan has had Trade Secrets legislation on the books since 1996, but the law has been strengthened substantially in recent years in response to the increased number of cases of theft of confidential commercial information.

On December 6, AmCham Taipei’s Technology Committee and Intellectual Property & Licensing Committee jointly sponsored a seminar at the Westin Taipei to review the latest trends in trade secrets protection. Specialist Chen Hsin-ru (陳信儒) from the Ministry of Economic Affairs’ Intellectual Property Office opened the session with a definition of what constitutes a Trade Secret, followed by describing the detailed steps involved in filing a lawsuit if one’s trade secretshave been infringed upon.

Citing real-life cases as examples, Prosecutor Liu Yi-jun (劉怡君) from the Hsinchu District Prosecutors Office shared the process of investigation, including what evidence was required and what could help reinforce a case, as well as what corporations can do to prevent the violation of trade secrets. Special Investigator Pan Ji-xiang (潘季翔) from New Taipei City’s Investigation Bureau concluded the discourse with enforcement and litigation statistics.

From left to right: Speaker Special Investigator Pan of the New Taipei City Investigation Bureau; Speaker Specialist Chen of the Taiwan Intellectual Property Office; Speaker Prosecutor Liu of the Hsinchu District Prosecutors Office; and AmCham IP&L Committee co-chair Peter J. Dernbach of the Winkler Partners law firm.

During the Q&A session, attendees raised numerous questions about the coverage of the Act and its enforcement. This seminar helped build a communications bridge between the business and law enforcement communities in the hope of enhancing regulative efficiency and strengthening the protection of valuable intellectual properties.

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Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

Albert Chang Re-elected AmCham Taipei Chairman

At the first meeting of the 2018 Board of Governors, held December 12 at the W Hotel, Albert Chang was elected by acclamation to a second term as AmCham Taipei Chairman.  Chang, Managing Partner of the Taiwan Office of consulting firm McKinsey & Company, is a native of the San Francisco Bay Area and holds degrees from Stanford University and Harvard Law School.

Chang nominated and the Board approved the following standing officers for the coming year:

  • Standing Vice Chairman – Leo Seewald, Chairman & Managing Director of BlackRock Investment Management (Taiwan) Ltd.
  • Vice Chairman – Vincent Shih, Assistant General Counsel and General Manager for Corporate, External & Legal Affairs at Microsoft Taiwan Corp.
  • Secretary – Fupei Wang, Managing Director of Ogilvy Public Relations Taiwan.
  • Treasurer – C.W. Chin, Managing Director of Corporate Development for Micron Asia Pacific.

For the full list of AmCham Board of Governors, please go to Board Structure.

Global Entry Interviews to be conducted in Taiwan from January 18 – 24, 2018

Since the Global Entry program was expanded to Taiwan passport holders on November 1, 2017, demand for this program in Taiwan has skyrocketed.  In response to this high demand, U.S. Customs and Border Protection (CBP), in conjunction with the American Institute in Taiwan (AIT), will be conducting a Global Entry enrollment event in Taipei, January 18 – 24, 2018.  Taiwan passports holders and U.S. citizens in Taiwan can take advantage of this event to interview with CBP in Taiwan and conveniently join Global Entry.

EVENT:  U.S. Customs and Border Protection Interviews for Global Entry
:  January 18 – 24, 2018
:  American Institute in Taiwan – Taipei
No. 7, Ln. 134, Sec. 3, Xinyi Rd., Da’an Dist. Taipei City 10659, Taiwan

Address in Mandarin:
106 台北市信義路三段134巷7號

Global Entry interviews in Taiwan will be offered to applicants (1) who have been conditionally approved for Global Entry and (2) who have scheduled an interview for the Taiwan location.  Those interested in this program should visit CBP’s Trusted Traveler Program (TTP) website to start the application process and schedule an interview:

To be conditionally approved in time to schedule an interview with CBP in Taiwan during the January 18 – 24 interview period, applications for Global Entry must be submitted online no later than January 4, 2018.

On November 1, 2017, Taiwan became the 12th partner worldwide and 3rd in East Asia whose passport holders are eligible to enroll in Global Entry.  Currently available at 54 U.S. airports and 15 Preclearance locations around the world, Global Entry streamlines the international arrivals process at airports for trusted travelers. More than 4.7 million Global Entry members bypass traditional CBP inspection lines and use an automated kiosk to complete their admission to the United States. As an added benefit, Global Entry members are also eligible to participate in the TSA Pre✓™ expedited screening program.

Information for Taiwan passport holders on applying for the Global Entry program and scheduling an interview in Taipei January 18-24 can be found on AIT’s Global Entry webpage:

Visit CBP’s Global Entry website for complete information on the Global Entry Program.


This Press Release is also available on the AIT website at:

Gain More Shoppers for Your Brand 

Every day, we pass by hundreds of products, advertisements, and business logos, on the streets or on the internet, but only a few of them catch our eyes. What is the difference between the brands that capture our attention and those neglected? For a company, how to stand out among millions of brands – and most of all, what is the secret to owning a sustainable brand in this ever-changing world?

On November 30, the AmCham Retail and Cosmetics Committees jointly invited Marcy Kou, CEO of Kantar Worldpanel Asia, to break down the secrets behind a successful brand. On the topic of “Gain More Shoppers for Your Brand,” Kuo pointed out that the key to building an influential brand is the ability to recruit incremental shoppers.

From left to right: AmCham President Andrea Wu; Speaker Marcy Kou, CEO of Kantar Worldpanel Asia; AmCham Retail Committee Co-Chair Mark Chen, General Manager of Abbott Laboratories Services Corp., Taiwan Branch.

Kou presented five tips to expanding the number of shoppers:

  • More moments – Associate your brand with a special moment, and encourage shoppers to share their moments. This is a prevailing approach on the internet.
  • More presence – Recurring presence reinforces brand images on customers’ minds, and thus differentiates your brand from your competitors.
  • More targets – Reach out to new groups of shoppers. For example, vegan flavors help an ice cream brand obtain new customers.
  • More categories – Diversify product lines for various types of consumers, such as kids.
  • New needs – Create or discover new features from existing products. For instance, a company that sells probiotic beverages extended their business into beauty masks made from the same ingredients as the beverage.

Providing new incentives for consumers to make a purchase and further share their user experiences are what enable a brand to stay at the top of the game.

Interested in attending our events? Join us at other upcoming events, click here.

Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

Cultivating Authentic Confidence

How can you help your people discover what is showing up in their interactions with others? How can you be certain that what they have identified is helpful? Most importantly, how do you guide them once they have identified an area that needs improvement?

William Zyzo, Managing Director of Z&A Knowledge Solutions, addressed these questions at a workshop entitled “Cultivating Authentic Confidence: What shows up when your people show up?” held at the AmCham Taipei’s Lincoln Room on November 29. Following small group discussions, Zyzo used video-taped interactions by such famous leaders as Mark Zuckerberg, Steve Jobs, and Phil Schiller to demonstrate different levels of confidence, and how the way we think about ourselves directly affects the quality of our confidence and how others perceive us. Participants learned the importance of building authentic confidence and acknowledging areas that need improvement to ensure the reputation and success of an organization as a whole.

Agenda included:

  • What is authentic confidence? Where, when, and how does it show up in interactions?
  • What impact does it have on how others perceive your team members?
  • How do you help your team members discover their authentic confidence?
  • How do you guide them to cultivate authentic confidence?

Interested in attending our events? Join us at other upcoming events, click here.

Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

The Dismal Science Got a Bit Cheerier at AmCham’s Economic Outlook Event

While economics might be called “the dismal science,” on November 17 AmCham Taipei members were treated to a lively presentation and discussion by a decidedly charming economist – Chen Shin-hui, assistant research fellow at the Center for Economic Forecasting, part of the Chung-Hua Institution for Economic Research (CIER). Chen’s major role at CIER is to compile the monthly Purchasing Managers’ Index (PMI), a monthly survey of Taiwan’s major industries that is widely viewed as a leading indicator of the economic health of the manufacturing sector.

From left to right: AmCham Capital Markets Committee Co-Chair Chung-Ping Liu, Executive Vice President, Fubon Financial Holding Co., Ltd.; Speaker Shin-Hui Chen; and Governor & AmCham HR Committee Co-Chair Seraphim Ma, Senior Partner, Baker & McKenzie

In her presentation entitled, “Taiwan’s Economic Situation and Outlook,” she was therefore able to offer unparalleled insights into Taiwan’s economy.

Chen started with an overview of the global economy and how Taiwan has benefited from the recent upturn in growth and trade. The global economy is looking to post higher growth rates in 2017 in the vicinity of 3.6% on the strength of modest growth in the United States (2.17%), the Eurozone (2.22%), and China (6.8%), according to the Global Insights website, as reported in late October. Chen noted that Global Insights remains particularly bullish on anticipated tax cuts and business growth in the United States. The OECD, meanwhile, though more cautious, likewise sees broad-based recovery throughout the economies it tracks.

This global recovery has resulted in a 20-month long expansion in Taiwan’s exports, up 13% in year-to-date annual comparisons as of October, according to the Bureau of Foreign Trade under the Ministry of Economic Affairs (MOEA).

The PMI tracked by Chen reflects this upward trend, coming in at 57.7, although it fell a slight 1.7% from September’s 58.7. Anything over 50 is considered expansion. Chen noted that both New Export Orders and Industrial Production Indexes also recorded healthy scores of 58.6 and 57.9, respectively, although both were down slightly from the previous month. What’s more, this expansion was seen in all of Taiwan’s major industrial sectors.

However, Chen reminded attendees that despite these rosy numbers, Taiwan’s economy remains fragile and so far incapable of meeting its potential.

She noted that despite the massive contraction Taiwan experienced in the recession of 2009, it failed to diversify its trade partners to reduce its overreliance on cross-Strait trade, resulting in a downturn in exports whenever China’s economy slows, and leaving it vulnerable to trade declines as China’s domestic supply chain upgrades and gains competitiveness on Taiwanese manufacturers. Taiwan experienced this situation in 2015-2016 when it saw 17 months of export contractions.

Even more significantly, Taiwan’s non-export sectors remain underdeveloped and sluggish. More than two-thirds of Taiwan’s economy is comprised of service-related industries, but more than two-thirds of the economic growth results from its exports, pointing to weakness in the service economy and an overreliance on trade.

Taiwan’s Non-Manufacturing Index (NMI) which tracks the service economy, is likewise up, to 53.6, with growth seen in several major components, including Finance and Insurance, Transportation and Storage, and Education. But costs have also risen this year by 2 percentage points, indicating upward pressure, causing a decline in activity in several categories, including Construction and Real Estate. Cross-Strait tensions are also playing a role, with Chinese tourism down significantly. Chen noted that while many have observed that the drop in Chinese tourism numbers has been offset by visitors from other countries, the Chinese tourists are particularly lucrative for the Taiwan market, as they tend to stay longer and spend more.

She also noted that recent legislation, particularly the newly amended Labor Standards Act, is also impacting costs across the economy in both manufacturing and service industries.

Chen’s diagnosis of the problems facing Taiwan came complete with some suggestions for how to improve its prospects. Liberalizing the financial sector was one, as well as encouraging the government to consult more with industry on how to improve conditions.

Interested in attending our events? Join us at other upcoming events, click here.

Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

2017 Annual General Meeting

AmCham Taipei held its Annual General Meeting on November 21 at the Shangri-La’s Far Eastern Plaza Hotel. Members and guests gathered to vote for the upcoming year’s Board of Governors and changes to the Chamber’s Articles of Association. More than 160 AmCham Taipei members and guests attended the event, including chief executives and senior management-level officers from various industries.

Opening the session were remarks by AmCham Taipei Chairman, Albert Chang, who thanked the Chamber’s current Board for their services and introduced the board candidates for 2018.

Director Kin W. Moy of the American Institute in Taiwan (AIT) also spoke, expressing his appreciation for the partnership with AmCham on policy issues, regulatory matters, and programs that support bilateral economic relations between Taiwan and the United States. Before introducing Vice President Chen, Director Moy touted the expansion of the United States’ Global Entry program to residents of Taiwan and noted the simultaneous opening of Taiwan’s e-Gate program to U.S. passport holders.

Remarks by Vice President Chen

This year, AmCham Taipei was honored to have Dr. Chen Chien-Jen, Vice President of the Republic of China, as our special guest speaker. Vice President Chen expressed his thanks for the Chamber’s efforts as both an advisor and facilitator in strengthening business ties between Taiwan and the United States. He also said that the “Chamber’s annual Doorknock Trip to Washington is an invaluable communication channel between Taiwan and the U.S.”

Vice President Chen stressed Taiwan’s integration into the global economy and highlighted government policies that could benefit both Taiwan and the U.S:

  • 5+2 Innovative Industries & New Southbound Policy to promote domestic and regional prosperity through the Asia-Pacific. The 5+2 Innovative Industries initiative focuses on green energy, biomedicine, smart machinery, national defense, and an Asian Silicon Valley, as well as new agriculture and the circular economy. At the same time, the New Southbound Policy will benefit businesses in Taiwan and provide opportunities to develop new markets.
  • Taiwan-US bilateral trade agreement to enhance partnerships and foreign relations efforts by reducing trade barriers and facilitating more investment, while creating more job opportunities.

Year in Review

Albert Chang summarized the Chamber’s achievements and progress on resolving key issues over the past year. View the full presentation below.

Election Results

AmCham Taipei conveys our sincere thanks to all of our voting members who attended and offered their support. With your help, we reached a quorum and held a successful election.

The Board structure page on our site will be updated in January to reflect the status of incoming and outgoing Board members. A brief summary of results follows – you may download the complete announcement by clicking here.

2018-2019 Governors (Name, Company)

  • Anita Chen, Google Taiwan
  • Chyi-Woei Chin, Micron Tech Asia Pacific Taiwan
  • Edward Shober, Versum Materials Taiwan Co., Ltd.
  • Daniel Tseng, Corning Display Technologies Taiwan
  • Fupei Wang, Ogilvy Public Relations

2018 Supervisors (Name, Company) 

  • Petra Jumpers, Eli Lilly and Company (Taiwan), Inc.
  • Joyce Lee, Bristol-Myers Squibb (Taiwan) Ltd.
  • Timothy John Shields, Cigna Taiwan Life Assurance Company Ltd.

Congratulations to the winning candidates, and heartfelt thanks to all who supported the Chamber by participating in the election.

Chairman Albert Chang presents a gift to express the Chamber’s appreciation to President Andrea Wu.

Tribute to Outgoing President Andrea Wu

The Annual General Meeting was also an opportunity for the Chamber to present a gift and express its appreciation to Andrea Wu, who will be stepping down as president on December 31 after more than nine years in the position to devote time to family and travel. A video was shown of Andrea’s participation in AmCham events over the years, and Albert Chang praised her achievements on behalf of the Board and the membership as a whole. In brief remarks, Andrea expressed her gratitude to the Board for its support over the years and thanked the dedicated office team for their contributions.

Chang also announced that the search committee had already selected a highly qualified successor as president, who is expected to take office in January.