Taiwan Depository & Clearing Corporation

Taiwan’s economic performance in 2025 was outstanding, with annual GDP growth reaching 7.37%, the highest level in 15 years. Capital market trading activity also expanded significantly, with the average daily trading value of TWSE-listed, TPEx-listed, and Emerging Stock securities reaching NT$536.8 billion, setting a new historical record. By the end of 2025, the Taiwan Depository & Clearing Corporation (TDCC) reported that the total value of assets under custody—including equities, bonds and bills, ETFs, cross-border custody assets, and onshore funds—had reached NT$130.9 trillion, representing a 21.9% increase year-on-year and marking another all-time high. This performance highlights TDCC’s leapfrog growth driven by diversified and innovative services.

TDCC Chairman Dr. Bing-Huei Lin noted that strong demand for AI and high-performance computing has significantly boosted overall economic activity and corporate profitability, resulting in ample market liquidity and robust momentum. TDCC continues to optimize its core businesses and value-added services while strengthening its cybersecurity resilience. To enhance investors’ digital experience and ensure stable market operations and sustainable development, TDCC is advancing its core operations and innovative services in parallel under three key visions: enhancing the financial asset depository platform; leading digital innovation in financial services; and promoting the sustainable development of financial markets.

Key Initiatives in 2025

I. Building an Asian Asset Management Center

In support of the government’s policy to develop Taiwan into an Asian Asset Management Center, TDCC established the Taiwan Individual Savings Account (TISA) reporting and inquiry platform, which was launched at the end of June 2025. Within six months, the platform attracted over 80,000 participants. Through features such as expert-selected products, dedicated account management, low minimum investment thresholds (starting from NT$1,000), and low management fees, TISA helps investors cultivate long-term, disciplined, and diversified investment habits, thereby strengthening the third pillar of retirement savings and overall financial resilience. With policy guidance and active industry participation, 24 asset management companies have launched 39 TISA-class funds, and 10 distribution institutions now provide related services. Investment channels and product choices continue to expand.

II. FinTech and Tokenization Innovation

TDCC participated in the Financial Supervisory Commission’s Real World Asset (RWA) Tokenization Task Force, contributing to the development of a pilot framework. The Proof-of-Concept (PoC) covered domestic bonds, foreign bonds, and funds. The final report, completed in September 2025, confirmed that RWA tokenization can significantly enhance transaction efficiency, information transparency, and settlement security. In addition, TDCC has supported the Central Bank on pilot projects for securities tokenization and delivery-versus-payment (DvP) settlement using wholesale central bank digital currency (wCBDC). These initiatives serve as prototypes for future tokenized financial infrastructure, strengthening the linkage between digital assets and traditional financial assets. TDCC continues to plan the development, operation, and regulatory framework for an RWA tokenization platform.

III. Upgrading Core Businesses and Digital Services

By the end of 2025, the “TDCC ePassbook” app had reached 6.67 million users. To provide more diverse and inclusive financial services, TDCC took the lead in implementing Open Banking 3.0, partnering with four banks. Since November 2025, investors have been able to use the app to link their banks to conduct NT dollar transfers, convert demand deposits to time deposits, and terminate time deposits.

To promote the digitalization of shareholder services and expand the application of electronic signatures, TDCC launched the “eCounter” shareholder services platform. Shareholders of public companies can now apply online—using digital signatures—for shareholder account opening and basic information updates with the company or its transfer agent, making the process more efficient and convenient. As of year-end, 2,081 companies had signed up for the service, with nearly 40,000 applications submitted. In fund operations, the TDCC Fund Trading Platform processed NT$420.7 billion in cash settlements throughout 2025. TDCC also launched the Multi-Account Payment and Settlement Mechanism for the Onshore Fund Centralized Clearing Platform in 2025, effectively reducing market-wide cross-bank remittance fees by 60% and significantly improving overall fund cash settlement efficiency.

Furthermore, the launch of fund financing collateral services allows investors to use funds subscribed in their own names through securities firms as collateral for margin financing with securities finance companies, thereby enhancing capital utilization flexibility.

IV. Enhancing Market Efficiency and Promoting Sustainability

By the end of 2025, the number of securities accounts in Taiwan had reached 13.53 million. To optimize book-entry transfer operations, TDCC continued to expand straight-through processing (STP) services and automated report filing functions. In 2025, TDCC completed system enhancements enabling centralized report collection at the head-office level, thereby helping securities firms integrate resources and improve operational efficiency. In terms of sustainability, TDCC, working in alignment with the R. O. C Bills Finance Association and the Financial Supervisory Commission’s sustainable finance policies, introduced sustainable commercial paper, guiding enterprises to advance sustainability initiatives while raising short-term funding through the commercial paper market. TDCC also launched the “Digital Stewardship and Due Diligence Service", integrating proposal-by-proposal voting disclosure inquiries, digital stewardship report generation, and financial carbon emissions calculation tools. These services help institutional investors strengthen ESG governance and information disclosure, aligning voting behavior and sustainability performance disclosure more closely with international standards.

Outlook

Looking ahead, under the guidance of the Financial Supervisory Commission, TDCC will actively support the development of the Asian Asset Management Center and advance green and transition finance action plans. TDCC will also implement the “Financial Dividend Program” and promote digital services such as the shareholder meeting eGift service (eGift), ensuring that financial innovation progresses hand in hand with social responsibility and building a key financial market infrastructure aligned with international standards.

In the face of challenges such as global supply chain restructuring, changes in U.S. tariff policies, and geopolitical risks, TDCC remains committed to its core mission of “Financial Infrastructure, Digital Prosperity for All.” TDCC will continue to strengthen system and operational resilience, deepen the application of emerging technologies such as AI and RWA tokenization, and agilely integrate them into its operational processes. By expanding services to financial institutions, issuers, government agencies, and the general public, TDCC aims to deliver innovative, user-friendly, and efficient customer experiences, while sharing the benefits of financial prosperity with society as a whole.