Fubon Insurance Co., Ltd. plans to set up a branch in Xiamen, Fujian, Shih Tsan-ming, chairman of the Taiwan-based insurer, said on November 18.

It has filed an application, which is pending approval from concerned Chinese authorities now. The MoU inked between Mainland China and Taiwan on financial supervision cooperation clarifies coherence of financial supervision across the Straits, reiterated Shih. And it will do good to the company in both its stepping into Xiamen and expansion to the west of the Straits.

Fubon Insurance valued the Mainland China market very much and the insurance unit of Fubon Financial Holding Co., Ltd. stretched out reach to the market via setting up representative office nine years ago. In addition, it established a fund in a bid to boost academic exchange between the Straits. Last July, Fubon Financial bought into Xiamen City Commercial Bank, becoming the first Taiwan-based financial institution to take a stake in a Mainland China bank.