The Central Deposit Insurance Corporation of Taiwan (CDIC) and the Kenya Deposit Insurance Corporation (KDIC) signed a Memorandum of Understanding (MOU) in December 2019, establishing a formal cooperative relationship through knowledge sharing and exchange on the issues of deposit insurance systems.
The KDIC planned to send a delegation for a study visit to the CDIC on the issues of a risk-based premium system, an early-warning system, resolution of a problem financial institution and a data warehouse establishment in February 2020, and afterwards cancelled the plan due to the spread of the COVID-19 pandemic. Instead, virtual meetings between the CDIC and the KDIC were proceeded in May 2020.
The virtual meetings were held on 18 and 21 May and chaired by three CDIC Executive Vice Presidents along with presentations delivered by the Risk Management Department, the Resolution Department, the Business Department and the Information Technology Department. Additional materials were provided to the KDIC after the meeting as supporting documents to the questions raised in the meetings.
In the future, the CDIC and the KDIC will carry out ongoing information sharing and personnel exchanges to share expertise and experience, to help respective organizations advance in the deposit insurance systems, and to further protect the rights and interests of depositors.