A wholly owned branch of the ANZ Banking Group, the Taiwan business is focused on supporting customers with moving capital and goods across the region, as well as servicing other financial institutions.
According to Hong Swee, about 40 per cent of the Taiwan business’ book is made up of technology customers. Given technology manufacturing is a key industry in Taiwan – 90 per cent of Apple’s key products are made by Taiwanese manufacturers, for example – this is a huge growth space for ANZ.
One customer – Acer – looked to ANZ for help in Taiwan and ultimately opened subsequent operating accounts with the bank in Indonesia, Thailand, India and the Philippines. It also switched all Australian and New Zealand dollar foreign exchange to ANZ.
“This is an example of connecting communities across our network. I cannot emphasise enough the importance of this approach,” Hong Swee says.
“Separately in the financial institutions space, we do a lot with the Taiwanese banks,” Hong Swee explains. “We provide clearing of Australian and New Zealand dollars for all the Taiwanese banks.
“Although it is competitive in Taiwan, there are also a lot of areas we can grow which fit into our strategy.”