Taiwan’s Financial Supervisory Commission (FSC) signed a memorandum of understanding (MOU) Thursday with the Bank Supervision Department of South Africa’s central bank on cooperation in the banking sectors of the two countries.
The areas of cooperation covered in the MOU include information-sharing, confidential agreements, on-site examination and risk management.
It was the second MOU inked between Taiwan and South Africa. The first MOU between the FSC and South Africa’s Financial Services Board was focused on cooperation in the insurance and securities sectors.
Currently, only one Taiwanese banking institution — Bank of Taiwan — has a presence in South Africa, while Standard Bank is the only South African one that has a branch in Taiwan.
The FSC, Taiwan’s top financial regulator, has cooperation agreements with 46 financial regulatory agencies worldwide.
By Wu Chin-chun and Ann Chen