AmCham Mourns Death of Former President Lee

The American Chamber of Commerce in Taipei joins the people of Taiwan in mourning the passing of former President Lee Teng-hui. Lee played a historic role in promoting Taiwan’s democratic development. Holder of a Master’s degree from Iowa State University and a doctorate from Cornell, he was also a strong advocate of close relations between Taiwan and the U.S.

Lee’s contacts with AmCham Taipei began when he served as Mayor of Taipei City and later Governor of Taiwan Province. The Chamber will be forever grateful to him for starting the tradition – which still continues – for the President to attend AmCham’s annual Hsieh Nien Fan banquet as the keynote speaker.

 

台北市美國商會悼念李前總統

台北市美國商會加入台灣人民的行列,對李前總統登輝先生的離世表示哀悼。李前總統在促進台灣民主發展扮演歷史性角色,李前總統擁有美國愛荷華州立大學碩士、康乃爾大學博士學位,同時亦為建立台美緊密關係的強力提倡者。

李前總統與台北市美國商會的淵源,始於台北市長與台灣省主席任內。美國商會將永遠感念李前總統在其任內,開啟總統蒞臨商會年度「謝年飯」晚宴擔任主題演講者之傳統。

New Minister of Science and Technology Addresses Luncheon Meeting

Recently appointed Minister of Science and Technology Wu Tsung-tsong has high hopes for Taiwan’s technology industry. On July 15, Minister Wu spoke at an AmCham Taipei luncheon, titled “台灣2030 – 邁向智慧國家 Taiwan 2030 – Striding Toward a More Innovative Country” at the W Hotel, where he outlined his vision of the future for the island’s tech sector, developing Taiwan into a “sustainable human-centric smart nation.” He emphasized that improvements to the tech sector should also improve Taiwan as a whole.

The COVID-19 pandemic has caused unprecedented disruption and affected planning for the future in countries around the world. Nevertheless, Minister Wu is focusing on what Taiwan will be able to accomplish with technology. His presentation at the luncheon covered four main areas:

  • Challenges and opportunities: An aging society, rapid digital transformation, and declining natural resources, among other trends will make a well-developed circular economy and inclusive society especially important in the coming years.
  • Preparing Taiwan for the Digital Age: Furthering the government’s goals for industrial upgrading and structural reform as part of its 5+2 Innovative Industries initiative.
  • Industrial innovation, digital transformation: From 5G to renewable energy, Taiwan is gradually becoming adept at balancing development with sustainability. The usage of drones for agricultural purposes and a growing reliance on AI technology has demonstrated Taiwan’s ability to build on its existing strengths.
  • Building toward a “smart sustainable nation”: The 5+2 initiative and Minister Wu’s new plan to target six core areas for future development both seek to position Taiwan on the world stage as a key economic power. By focusing on advanced network foundations, precision health initiatives, and satellite communications, Taiwan will be able to reach its goals by 2030.

Minister Wu emphasized the importance of industry integration, both domestically and internationally. Collaboration at each level is critical to technological development; otherwise, industries are destined to fail. Nevertheless, he expressed optimism that Taiwan’s tech sector would continue to make great strides in the future.

Minister of Science and Technology Wu Tsung-tsong, AmCham President William Foreman, and co-chairs from AmCham Digital Economy Committee and Technology Committee.

 

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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.

Discussing the Future of the Digital Economy in Taiwan

On July 8, AmCham Taipei welcomed Central Bank of China Deputy Governor Chen Nan-kuang and National Taxation Bureau Director-General Hsu Tzu-mei to speak at a Tax Committee luncheon.

Deputy Governor Chen’s talk focused on his vision for the future direction of Taiwan’s central banking system. Central banks have grown in abilities and influence due to public trust in electronic payment systems, giving central banks an essential role in the digital era, Chen said.

Central Bank of China Deputy Governor Chen Nan-kuang

Chen also spoke about the growing importance of central bank digital currency (CBDC), which many countries have begun to rely on for its efficiency and resilience. He pointed out the increased dependency on electronic transactions, which has given rise to different kinds of payment methods. Chen introduced Taiwan’s Common Platform for Electronic Payment Institutions, an online tool that incorporates electronic payments into the interbank financial information system.

Director-General Hsu explained Taiwan’s tax structure, giving examples that demonstrated its consideration of a variety of domestic and international factors. She described Taiwan’s strategy of ensuring that all product, information, and cash flows are registered and tracked, strengthening the development of digital finance on the island.

National Taxation Bureau Director-General Hsu Tzu-mei

Both Chen and Hsu emphasized the development of digital finance and how it applies to banking systems, yet also reminded attendees of the potential vulnerabilities involved.

 

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.

New FSC Chairman Outlines His Goals and Plans

Although just month into his new role as Chairman of the Financial Supervisory Commission (FSC), Huang Tien-Mu (黄天牧) has a clear vision for his organization. On June 29, the former FSC Vice Chairman Huang spoke at an AmCham joint committee luncheon about the agenda FSC would cover on his watch.

As Taiwan faces numerous financial issues, including challenges arising from the aging of the society and the need for its financial institutions to embrace fintech, Huang listed four main goals for his mission statement: strengthen financial resilience, push for innovation, develop a long-term financial strategy, and diversify a low-barrier entrance market. To achieve these goals, he laid out a six-step plan:

  1. Long-term business planning – increase the availability of English-language information and reports on companies with listed stocks.
  2. Green finance – a new version is in the works to drive greater contributions from the financial sector.
  3. Fintech advancement blueprint – FSC will propose a new development plan that targets the foundations of open banking, information sharing, etc.
  4. Insurance and debt – motivate Taiwan’s insurance industry to comply with international standards.
  5. Trust industry – beyond money trusts, trust service providers are encouraged to offer a variety of programs.
  6. Financial security – reinforce information security, which is critical to the development of Fintech.

Huang said he will follow a business model that includes gaining respect, building trust, and enabling transparency between the financial sector and the public. The overall goal is to be sustainable and financially inclusive.

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.