It’s back to the banking industry today as we speak to a Taiwanese bank set up nearly half a century ago.

Established back in 1975, our guest for today is Cathay United Bank, a subsidiary of Cathay Financial Holdings.

Cathay Financial Holdings, for context, is a financial conglomerate with businesses spanning insurance, asset management and brokerage, with its Chairman Tsai Hong-tu having a net worth of US$5.3 billion based on the Bloomberg Billionaires Index.

Back to Cathay United Bank, the bank boasts 165 branches throughout Taiwan, placing it as one of the leading players in the island when it comes down to credit cards in force as well as transaction volumes.

Outside of its home market, Cathay United Bank has a presence in 67 overseas locations across mainland China, Vietnam, Cambodia, Hong Kong, Singapore, the Philippines, Malaysia, Laos, Myanmar, Thailand and Indonesia.

But what are we speaking to Cathay United Bank you might ask? Well, the bank is an interesting one to look at because it is now expanding its headcount in Singapore, as their clients double down on their operations and presence in the Southeast Asian region. But what should we know about its expansion plans here?

Meanwhile, Cathay United Bank had in May 2024 saw net income increasing 13 per cent on the year to over US$950 million in 2023. But how is its Singapore business faring thus far? Also – what will the focus areas be for the firm’s operations here in Singapore looking ahead?

On Under the Radar, Money Matter’s finance presenter Chua Tian Tian posed these questions to Winfield Wong, CEO, Cathay United Bank (Singapore).

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Under the Radar: Why is Taiwan-based Cathay United Bank expanding in Singapore? 20:02 Share

Money Matters with Hongbin Jeong and Chua Tian Tian

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Under the Radar: Why is Taiwan-based Cathay United Bank expanding in Singapore?