TAIPEI (Taiwan News) — The assets under management of high-net-worth clients at 17 domestic banks in Taiwan totaled NT$1.8 trillion (US$59 billion) at the end of August, according to data from the Financial Supervisory Commission.
The commission launched the program in August 2020, allowing banks to apply to serve clients with assets exceeding NT$100 million. By Sept. 19 this year, 21 banks had received approval, with 17 operating under the scheme as of end-August, per CNA.
Banking Bureau Deputy Director Chang Chia-kuei (張嘉魁) said the number of high-asset clients stood at 16,567 at the end of August, up 995 from July. Asset levels rose NT$108.2 billion in a single month.
Compared with the same period last year, both client and asset levels registered steady growth. Chang attributed the increase to more banks entering the market, talent cultivation, and investment in new information systems.
At the end of August, deposits accounted for the largest share of holdings at 46.7%, followed by funds at 16%, bonds at 13.3%, insurance at 11%, and offshore structured products at 6.3%. Except for deposits, which declined, all categories recorded month-on-month growth.
Chang noted that compared with last year, funds and bonds accounted for a larger share, likely driven by expectations of continued interest rate cuts, prompting clients to increase exposure to overseas bonds and other fixed-income products.
In addition to banks, securities firms have also expanded services for high-net-worth clients. As of August, 10 firms had received approval to provide services through channels such as sub-brokerage, wealth management, and proprietary trading.
The number of clients reached 1,515, with cumulative transactions totaling NT$364.1 billion. Compared with the same period last year, client numbers grew 43% while transactions rose 57%.
Securities and Futures Bureau Chief Secretary Huang Chung-hao (黃仲豪) attributed the growth to the active expansion of high-asset services by securities firms and a more optimistic global outlook for stocks and bonds.
