Taiwan's E.SUN Bank Eyes Expansion In Malaysia, Boosted By Nation's Key Economic Role In Region

By Karina Imran

KUALA LUMPUR, July 29 (Bernama) -- Taiwan’s E.SUN Bank will continue to monitor the relevant regulations from Malaysian government agencies to further expand from its current representative office to full branch operations in Malaysia, given the nation’s significant role in regional economic frameworks. 

E.SUN FHC and E.SUN Commercial Bank’s chairman Joseph Huang said the bank, if permitted, plans to actively pursue branch operations and explore opportunities for investment and mergers and acquisitions. 

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“Malaysia is an important member of ASEAN, a member of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the fourth largest economy in ASEAN. 

“Kuala Lumpur, as the political and economic centre of Malaysia, is highly internationalised, with many foreign banks, local Malaysian banks, and enterprises setting up their headquarters here,” he told Bernama. 

Currently, the E.SUN Bank Kuala Lumpur Representative Office is not permitted to conduct banking business due to regulatory restrictions. 

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Its main role is to assist customers with contacts and gather local market information. 

E.SUN’s Debut in Malaysia

E.SUN Bank made its debut in Malaysia with the establishment of a representative office here on July 26, 2024, to further strengthen its commitment to the ASEAN region.

Headquartered in Taipei, E.SUN currently has branches in Singapore, Vietnam, Cambodia, Myanmar, and a representative office in Thailand.

With the addition of the Kuala Lumpur representative office, E.SUN now operates 32 branches in 11 countries and regions.

The representative office in Malaysia is focusing on collecting local economic and financial information. The office is also working to meet the operational needs of large Taiwanese multinational companies (MNCs) in Malaysia, serving as an extension of E.SUN's ASEAN platform.

“The electronics and semiconductor industry clusters in Malaysia have developed comprehensively. Under the trends of supply chain reorganisation and policy support, multinational companies have been attracted to set up operations in Malaysia. 

“This, drive the development of high value-added industries such as electronics, semiconductors, and electric vehicles locally,” he said.

Taiwan’s MNCs in the ASEAN Market

Huang emphasised that Taiwanese companies play a crucial role in the global supply chain, especially in the electronics industry. 

There are many Taiwanese MNCs in ASEAN countries, he noted. 

“Singapore and Malaysia have close trade and investment relationships, with the two countries being each other's second-largest global trading partners last year. Singapore is Malaysia's largest trading partner in ASEAN.

“Additionally, Singapore and Malaysia have announced the establishment of a ‘supply chain cooperation working group’ to explore free trade agreements through regular exchange meetings, enhancing trade flows and supply chain resilience between the two countries, which will further strengthen bilateral economic cooperation,” he said. 

He said E.SUN Bank hopes to leverage its vast experience in environmental, social and governance to practice sustainability in earnest as both Singapore and Malaysia are actively promoting sustainable development and have set goals to reduce pollution and greenhouse gas emissions. 

-- BERNAMA