E.SUN Bank's establishment of a representative office in Bangkok will support the business development of customers in Thailand, allowing them to seize opportunities amid Thailand's favourable economic and industrial development in the Asean market, says chairman Joseph Nan-Chou Huang.
The bank can now better integrate its global network of branches and offices in the Asean and Greater China markets to build a one-stop service platform, said Mr Huang.
E.SUN Bank wants to meet customers' needs and become a partner for corporate growth and development in Thailand, he said.
The bank opened a representative office in Bangkok in August. The opening ceremony was led by bank founder Yung-Jen Huang and Mr Huang.
The bank wants to participate in the Thai market, but local regulatory policy does not allow foreign bank branches.
E.SUN plans to assess other opportunities to facilitate business development and cooperation in Thailand, said Mr Huang.
COMPETITIVE EDGE
He said the bank's holding company E.SUN FHC has grown rapidly in recent years and currently ranks among the top 20 corporations by market capitalisation in Taiwan.
E.SUN Bank has been developing various financing products for small and medium-sized enterprises (SMEs) since its inception in 1992.
With a rich product line offering, the bank's corporate customers vary from SMEs to large multinationals, said Mr Huang.
The bank has a comprehensive global network of 30 branches and offices in 10 countries/areas, including China, Hong Kong, Singapore, Vietnam, Cambodia, Myanmar, Japan, Australia and the US, he said.
"Bangkok representatives will take advantage of the unique location in Indochina and work together with E.SUN's global network to provide customers with advisory information in Thailand," said Mr Huang.
"Most importantly, E.SUN Bank's distinctive culture of teamwork and core values of integrity and professionalism are our cornerstone for delivering integrated and innovative financial service to customers."
He said Thailand is a transport hub in the Indochinese Peninsula. It is an important member state of Asean and the Regional Comprehensive Economic Partnership, and is the second-largest economy in Asean.
In recent years, Thailand has been implementing its industry transformation policy "Thailand 4.0", developing the Eastern Economic Corridor, and focusing on innovative industries with high added value, such as robotics, logistics, biochemistry and digital technology.
Thailand has complete industrial clusters and has been an important location for multinationals to expand their presence in Asean after the US-China trade war, said Mr Huang.
The sectors of manufacturing, technology and electronics have also posted continuous growth, he said.
Bangkok is a global city and banks from many countries have offices here, convincing E.SUN Bank to choose the capital to complete its network expansion and development in Asia, Mr Huang said.
The bank also places importance on environmental, social and governance (ESG) practices.
He said the bank has rich experience in sustainability-related finance, including project finance for renewable energy, loans for corporations with higher green assets and consultation services in ESG.
E.SUN Bank also takes corporate social responsibility seriously and looks forward to participating in Thailand's energy-saving and carbon reduction policies, said Mr Huang.
Many banks in Thailand are now focusing on promoting ESG practices. In late August, the Thai Bankers' Association declared ESG policies in order to set a direction for the sector.
At the office's opening ceremony, Suo-Hang Chuang, representative of the Taipei Economic and Cultural Office, said Thailand plays a key role in Taiwan's new "Southbound Policy".
He said given the geographic location, the close relationship with other Southeast Asian nations and the continued implementation of industry transformation, Thailand has significant development potential that is attracting many foreign investors.
Sheng-Ching Yu, chairman of the Overseas Chinese Association in Thailand and founding chairman of the Thai-Taiwan Business Association, said innovation and technology are flourishing under the Thailand 4.0 policy, adding that enterprises need more quality financial services to support their growth and transformation.
