From Mumbai To Gujarat: Taipei Fubon, Taiwan’s largest Financial Conglomerates, Finds India’s Financial Sweet Spot In GIFT City (Pic: Taipei Fubon Official)
Why settle for Mumbai traffic when you can cruise through a greenfield financial hub? Taipei Fubon Commercial Bank has received approval from Taiwan’s Financial Supervisory Commission (FSC) to set up shop in Gujarat International Finance Tec-City (GIFT City). The bank has shelved its earlier plan to open in Mumbai, despite already securing FSC approval in February 2025. It cited GIFT City’s tax benefits and strategic advantages for serving Taiwanese and international businesses in India. GIFT City offers faster clearances, plug-and-play infrastructure, and an easier regulatory path, making it an attractive choice for global financial institutions.
SEBI’s policy incentives in GIFT City gave Taipei Fubon good reason to pivot. “India’s favourable tax incentives in GIFT City played a key role in Taipei Fubon’s decision to pivot away from Mumbai,” said Hou Li-yang, Vice Director General of the FSC’s Banking Bureau. The bank highlighted GIFT City’s ecosystem for international finance, innovation, and India’s population scale as aligned with its growth objectives. With increasing Taiwanese investment in India, Taipei Fubon expects GIFT City to serve as a critical gateway for cross-border banking, especially as the city rises in global financial relevance.
Taipei Fubon now waits for regulatory clearance from Indian authorities to launch operations in GIFT City. Once approved, it will become the second Taiwanese bank in the zone, after CTBC Bank, which received FSC approval in January 2025 but hasn’t operationalised yet. CTBC already operates branches in New Delhi and Kattupakkam, while Bank of Taiwan and Mega International Commercial Bank run representative offices in Mumbai. Taipei Fubon plans to use its GIFT City branch to support Taiwanese enterprises and provide full-fledged corporate and trade finance services
Taipei Fubon Commercial Bank is part of Fubon Financial Holding Co., one of Taiwan’s largest financial conglomerates. The bank maintains a strong Asian presence, with branches in Hong Kong, Ho Chi Minh City, Hanoi, Binh Duong, and Singapore, and representative offices in Jakarta, Seoul, and Sydney. It also runs a full-scale subsidiary, Fubon Bank (China), headquartered in Shanghai. The bank continues expanding into fast-growing markets with a focus on cross-border banking and corporate finance. Its entry into India via GIFT City marks a strategic step in extending its global footprint.
(With Inputs From ANI)
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