The Central Deposit Insurance Corporation of Taiwan (CDIC) and the Kenya Deposit Insurance Corporation (KDIC) signed a Memorandum of Understanding (MOU) on 2 December 2019. The MOU establishes formal cooperative relations between the two organizations with an aim to promote experience sharing, exchange and cooperation between Taiwan and Kenya.
The signing ceremony was presided over by the CDIC Chairman Michael M.K. Lin. In attendance at the signing ceremony, Ms. Jean Chiu, Director General of the Banking Bureau of the Financial Supervisory Commission (FSC), and Mr. James Teko Lopoyetum, KDIC Chairman, were invited to deliver outstanding remarks. Mr. Dou-Ming Su, Deputy Director General of the Financial Inspection Department of the Central Bank of the Republic of China (Taiwan), also attended the ceremony to witness the signing of MOU. CDIC President William Su and KDIC CEO Mohamud Ahmed Mohamud signed the MOU on behalf of the respective organizations. CDIC and KDIC are both members of the International Association of Deposit Insurers (IADI) and IADI’s Executive Council members. Through the exchange platform provided by the Association, the two sides have established friendly and mutually cooperative relations. The signing of the MOU will further enhance exchanges and information sharing between both sides and pave the way for closer cooperation.
In addition to signing the MOU, the KDIC delegation also had a study meeting with the CDIC to exchange the policy and practical experience of Taiwan's deposit insurance system, resolution and asset management, risk management system. KDIC Team also exchanged experience on mobile banking in Kenya. Furthermore, to gain an in-depth understanding and discuss challenges of financial supervision for domestic banks, the KDIC delegation also paid a visit to the Financial Supervisory Commission on 3 December.
In the future, CDIC and KDIC will carry out ongoing information sharing and personnel exchanges to share expertise and experience, to help their respective organizations advance in the deposit insurance system, and to further protect the rights and interests of depositors.
Group Photo: Baking Bureau of FSC Director-General Ms. Jean Chiu (1st from the right), CDIC Chairman Michael M.K. Lin (2nd from the right) and President William Su (1st from the left), and KDIC Chairman James Teko Lopoyetum (3rd from the right) and CEO Mohamud Ahmed Mohamud (2nd from the left)
CDIC President William Su (right) and KDIC CEO Mohamud Ahmed Mohamud (left) represented the respective organizations to sign the MOU on 2 December 2019