Peng Jin-long: Kaohsiung Special Zone Trial Extended by One Year, Family Office Advisory Services to Expand Nationwide

(Central News Agency reporters Su Ssu-yun and Lu Yen-tzu, Taipei, June 16) Financial Supervisory Commission (FSC) Chairman Peng Jin-long announced today that the trial period for the Kaohsiung Special Zone, originally set to expire at the end of June this year, will be extended by one year. He also stated that due to positive outcomes from pilot programs on family office advisory services and life insurance products within the zone, the FSC is considering expanding these initiatives nationwide.

Speaking at an FSC press conference today, Peng said the Kaohsiung Special Zone, launched in July last year, will extend its trial period by one year beyond the original June 30 end date. He emphasized that because the pilot programs for family office advisory services and life insurance products have performed well, the FSC plans to move these services beyond the special zone and implement them across Taiwan.

Regarding future new services in the Kaohsiung Special Zone, Peng mentioned cross-border service expansion, the cap of 99 investors for private fundraising of unregistered funds, and prepaid insurance premium products. However, many supporting measures are still under discussion, with further details expected to be announced in July.

Peng also noted that over the past two years, Taiwan's three major financial sectors—banking, insurance, and asset management—have delivered strong performance. The FSC continues to strengthen regulatory frameworks, and all sectors have developed positively. To ensure that the financial industry's growth benefits society, the FSC is drafting a 'Financial Industry Giveback Guidelines' framework. After consultations with financial institutions, it plans to jointly release the guidelines in July.

Peng added that the Virtual Asset Service Act draft is currently under legislative review and has a chance of passing in the current session, which would diversify Taiwan's financial market. Over the past two years, the FSC has advanced reforms to help the insurance sector align with new regulations, included financing companies under the Financial Consumer Protection Act, established clear guidelines for financial mergers and acquisitions, and strengthened life insurers' foreign exchange risk management systems to better withstand market volatility.

Peng stressed that beyond addressing immediate challenges, the FSC is proactively preparing for future issues and has proposed the concept of 'Lifelong Financial Services,' aiming for the financial industry to play a broader role in society. (Edited by Lin Shu-yuan) 1150616