I was honored to be joined by the Somaliland Ambassador to Taiwan, H.E. Mohamoud Adam Jama Galal, and Mr. Mohamoud Ahmed Mohamed, Senior Advisor to the Central Bank of Somaliland, who both contributed meaningfully to these engagements.

Meeting with the Central Bank of Taiwan

At my meeting with Deputy Governor Tzung Ta Yen, Ph.D., and senior colleagues of the Central Bank of Taiwan, we explored areas of collaboration that will help Somaliland strengthen its financial stability. The Central Bank of Taiwan kindly expressed readiness to support us in the following areas:

1. Capacity Building and Technical Support: Training programs, staff secondments, and knowledge exchange to build institutional capacity.

2. Financial Technology Infrastructure: Development of IT systems, cybersecurity frameworks, servers, core banking platforms, switching, and payment systems.

3. Policy and Regulatory Framework Development: Guidance in designing and implementing sound policies, supervisory practices, and regulatory standards.

4. International Payments and SWIFT Integration:  Assistance in accessing modern settlement systems, SWIFT integration, and secure cross-border payment platforms.

I commended Taiwan’s success in building a resilient, technologically advanced financial sector despite diplomatic challenges, noting how much Somaliland can learn from this experience.

Meeting with the Financial Supervisory Commission

I also met with Vice Chairperson Sherri H. Y. Chuang and colleagues of the Financial Supervisory Commission (FSC), where we focused on strengthening Somaliland’s supervisory frameworks and regulatory capacity. The FSC kindly expressed willingness to support us in the following areas:

1. Supervisory and Regulatory Development: Assistance in developing prudential policies and regulatory frameworks aligned with international best practices.

2. Capacity Building: Technical training, knowledge exchange, and staff development initiatives for the Central Bank of Somaliland’s Supervision Department.

I emphasized that a strong supervisory framework is essential for financial stability, credibility, and the long-term growth of Somaliland’s financial system.

Shared Aspirations

Both the Central Bank of Taiwan and the Financial Supervisory Commission expressed their strong desire to support my efforts in modernizing the Central Bank of Somaliland. I firmly believe that these partnerships represent a major step forward in strengthening our financial infrastructure, promoting financial inclusion, and achieving sustainable economic growth.

“By working together with our partners in Taiwan, we are laying the foundation for a more resilient, modern, and inclusive financial system that will safeguard depositors, enable cross-border trade, and contribute to the prosperity of our people.”

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• Abdinasir Ahmed Hersi is the Governor, Bank of Somaliland

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