The Cabinet-level FSC will combine the Ministry of Finance’s Bureau of Monetary Affairs, the Department of Insurance, the Securities and Futures Commission, and the Bank Examination Department of the Central Bank of China.
It will take over supervision and monitoring of Taiwan’s financial industry and also be responsible for policy formation in this field.
Mr Yu praised Mr Kong as having “rich experience in international finance” and as “an upright person” who had no political burdens.
Mr Yu said the FSC chairman could effectively lead the commission’s further liberalisation and internationalisation. Mr Kong would have a high degree of autonomy in choosing his two deputy chairpersons and six other commissioners, he said.
Before taking his current post last December, Mr Kong, 48, served as a member of the board of the Taiwan High-Speed Railway Corporation, the Taiwan Stock Exchange and the Taiwan Thinktank.
