Taipei, (Hornpost) – Chairman of the Central Bank of Somaliland held discussion bilateral cooperation with the Central Bank of Taiwan and the Financial Supervisory Commission (FSC) inTaiwan
Press Release from the Central Bank of Somaliland:
The Governor of the Central Bank of Somaliland, Mr. Abdinasser Ahmed Hirsi, to strengthen cooperation with Taiwan’s financial institutions aimed at modernizing Somaliland’s financial system, held a high-level meeting today with two of Taiwan’s leading financial institutions: the Central Bank of Taiwan and the Financial Supervisory Commission (FSC).
The discussions focused on enhancing bilateral cooperation to strengthen financial sector governance, oversight, and to improve the capacity of the Central Bank of Somaliland.
During these meetings, both sides agreed—after extensive dialogue and analysis—to establish a framework for cooperation based on knowledge-sharing and technical support to advance the modernization efforts of the Central Bank of Somaliland.
Chairman was accompanied by the Somaliland Representative to Taiwan, Mr. Mahmoud Adam Jama Galal, and Mr. Mahmoud Ahmed Mohamed, Senior Advisor at the Central Bank of Somaliland.
Meeting with the Central Bank of Taiwan
In the meeting with Deputy Chairman of the Central Bank of Taiwan, Prof. Tzung Ta Yen, and senior officials, both parties discussed establishing full cooperation across multiple areas, particularly to strengthen the role of the Central Bank of Somaliland in ensuring financial stability.
The Central Bank of Taiwan expressed readiness to support Somaliland in the following areas:
Capacity Building & Technical Expertise: Enhancing the knowledge and skills of Somaliland’s Central Bank staff to strengthen institutional capacity.
Financial Infrastructure Development: Upgrading IT systems, national payment frameworks, and ensuring payment security.
Policy & Regulatory Development: Assisting in the preparation of missing policies and regulatory frameworks.
Integration into Global Systems: Supporting participation in international payment systems and SWIFT global exchange platforms.
Chairman Abdinasser praised Taiwan’s achievements in building a strong, technology-driven financial system despite its diplomatic challenges.
Meeting with the Financial Supervisory Commission (FSC) of Taiwan
The Chairman also met with the Deputy Chairperson of the Financial Supervisory Commission of Taiwan, Mrs. Sherri H. Y. Chuang, along with other senior officials.
The discussions centered on strengthening supervisory frameworks and completing critical financial regulations.
The meeting concluded with full understanding, and FSC leaders pledged support for Somaliland in the following areas:
Enhancing Supervisory Capacity: Strengthening monitoring and finalizing regulatory frameworks of financial institutions in line with international standards.
Staff Development: Building technical capacity and expertise through professional training, knowledge exchanges, and staff development programs to reinforce the supervisory department of the Central Bank of Somaliland.
Finally, Chairman Abdinasser emphasized the importance of strengthening supervisory capacity and professional knowledge in financial regulation to ensure stability in Somaliland’s financial system and to enhance public trust in banks and financial institutions operating in the country.
Hornpost staff Reporter
