British funds transaction network Calastone has strengthened its operations in Asia Pacific (APAC) by opening a new office in Taipei, Taiwan.

The new office, which is in addition to the firm’s current APAC locations in Singapore and Hong Kong, will help Calastone to accelerate the adoption of automation in the sector.

With presence in Taiwan since 2009, Calastone currently offers automated cross-border fund processing solutions to more than 80% of the fund distributors in the area.  

Besides, the company has already formed a tie-up with Taiwan Depository & Clearing (TDCC) to provide its investors with access to various funds in Taiwan. 

In 2021, Taiwan’s fund industry, which has been expanding significantly over the years, grew to $177bn.

Calastone managing director, head of Asia Justin Christopher said: “Taiwan continues to be an important market and we see a lot of potential and opportunities to further support the industry as it continues its digital journey.

“We are excited to announce the opening of our office in Taipei and look forward to extending our services to our existing and prospective customers while drawing on our global expertise in helping clients operate in a fully automated, globally connected and frictionless digital environment.”

In September last year, Calastone announced the opening of its regional headquarters in Singapore.