Taiwan expands wealth management and digital asset services

Bank of Taiwan has officially launched its high-net-worth wealth management services. The initiative aims to support Taiwan's goal of becoming an Asian asset management center by providing specialized services, including physical gold custody and integrated expertise in investment, trust, insurance, and foreign exchange.

In a related regulatory development, Taiwan's Financial Supervisory Commission (FSC) announced plans to expand the scope of the Asia Asset Management Center. Upcoming measures include opening family office advisory services and relaxing restrictions on certain life insurance products.

The FSC is also introducing a 'three-track finance' model that incorporates decentralized finance through Real World Assets (RWA). This includes allowing banks to pilot the tokenization of bank deposits to improve remittance efficiency for traders. Taishin Bank has expressed interest in being the first to pilot this technology.