Taipei’s global financial standing increases: index

Taipei has climbed to 42nd place in a global ranking of financial centers released yesterday, up from 73rd two years ago, the Taiwan Stock Exchange Corp (TWSE) said, attributing the rise to the government’s push to develop Taiwan into an Asian asset management hub.

The 40th Global Financial Centres Index placed Taipei 42nd among 139 global financial centers worldwide.

The index assessed financial centers on key policy priorities for the next five years.

A woman walks past Taiwan Stock Exchange logo outside its office in Taipei on Aug. 6, 2024.

Photo: Carlos Garcia Rawlins, Reuters

The latest result showed Taiwan’s continued upward trend, from 73rd in September 2024 to 70th in March last year, 55th in September last year and 51st in March this year in the twice-yearly index compiled by the China Development Institute in Shenzhen, China, and Z/Yen Partners in London.

The latest ranking reflects the rapid transformation of Taiwan’s financial market since the Asian Asset Management Center initiative was launched two years ago, the TWSE said in a statement.

“The improvement reflects growing international recognition of Taiwan’s efforts to open its financial market, promote regulatory innovation, and strengthen global connectivity,” the exchange said.

Since the launch of the initiative, the Financial Supervisory Commission has sought to expand wealth management through deregulation, new business lines, pilot programs and cross-border cooperation, the TWSE said.

Financial institutions have also increased their investment in products, services and talent, helping to strengthen Taiwan’s asset management ecosystem, it said.

Internationally, New York topped the index, followed by London, Hong Kong and Singapore. Shanghai, Tokyo, Seoul, Shenzhen, Dubai and Zurich rounded out the top 10.