Taiwan's financial regulator is urging insurers and financial conglomerates to allocate more capital to domestic asset managers to expand the industry's scale amid global competition, Bloomberg News reported Monday.
Taiwan's asset management sector needs stronger internal funding support, particularly from large life insurers and group-linked institutions, to build a size comparable with major regional hubs, Financial Supervisory Commission chairman Peng Jin-lung reportedly said in an interview.
Peng said life insurers, which control about $1 trillion in assets, and large financial groups are key to accelerating growth if they direct more mandates to local fund managers rather than overseas platforms, according to the report.
The push forms part of a broader effort to strengthen Taiwan's financial sector and reduce reliance on foreign asset managers as competition intensifies across Asia, the report said.