Taiwan Banking & Financial Services Q4 2019
Taiwan's stable economic outlook, which is set to benefit from more Taiwanese manufacturing firms return to Taiwanamid the ongoing US-China trade war, is supportive of its highly-developed banking and financial services industry. Across ourforecast period, we see growth continuing in the saturated banking market, where M&A is being actively encouraged by theregulator, and in the established insurance market, where the smaller non-life market is predicted to slow gain a greater share ofgross premiums. The asset management industry is set to see a trend towards investment in offshore funds, while SITCA, theleading industry association, pushes for further regulatory changes to benefit the private equity asset class and individual savingaccount-rated products. Growth on Taiwan's stock market will remain slow but on an upwards trajectory, continuing to offer plentyof upside potential and is increasingly catching the eye of foreign investors. A key and emerging risk to our forecasts are theupcoming presidential and legislative elections in 2020. While expectations that the Taiwanese government will maintain anexpansionary fiscal bias ahead of the elections, which will support growth, cross strait relations will come into focus next year, whichwill have an impact on overseas interest in the banking and financial services market following its outcome. The Hong Kong anti-extradition protests that began in June have resulted in many Taiwanese becoming increasingly wary of growing encroachmentfrom mainland China.
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