Taiwan Depository and Clearing Corp. (TDCC), the government-sponsored securities clearing and settlement house, said Monday that it has signed a memorandum of understanding with its counterpart in Iran for future cooperation.
TDCC Chairman Sherman Lin (林修銘), who led a delegation to the 20th General Meeting of the Asian-Pacific Central Securities Depository Group (ACG20) in Tehran Dec. 5-9, signed the MOU with the Central Securities Depository of Iran’s (CSDI) Chief Executive Officer Mohammad Reza Mohseni.
The TDCC said it was the 23rd accord signed by the Taiwanese clearing house with a foreign counterpart to forge closer ties in international exchanges in securities clearing and custody affairs.
Under the agreement, the TDCC and CDSI will increase their efforts in business information exchanges, staff training and operations in cross-border business, the TDCC said.
In a statement, Lin said that the firm has been intensifying its efforts to diversify its business by extending beyond securities clearing and custody in the local market to a wide range of new businesses such as cross-border securities custody and settlement, and the establishment of FunRich Securities (基富通證券), which provides an online platform to sell mutual funds.
Lin said that the TDCC’s efforts to expand its business scope have made it necessary for the company to seek more international cooperation at a time when the government has been pushing for a plan to raise the visibility of Taiwan’s equity market.
In addition, Lin went on, the TDCC has set up an international division this year to allow the company to integrate its resources in a bid to boost exchanges globally. So far, the TDCC has been working closely with securities settlement and custody firms in many countries around the region, such as Indonesia, Malaysia, Thailand, Vietnam, South Korea and India.
The CDSI was the host of the annual meeting of the ACG20, which is aimed at meeting rising demand for further collaboration in central securities depository affairs worldwide.
Executives of 27 companies from 21 countries took part in the gathering, in which the TDCC was selected as one of three executive commissioners in the Asian-Pacific Central Securities Depository Group by winning full support from other members of the group.
Source: Focus Taiwan News Channel