Chiayi Bank – the First Bank Founded Exclusively by Taiwanese
In 1904, after completing an extensive land survey in Taiwan, the Japanese government established a modern Land Rights System, and issued “Primary Tenant Compensation Bonds”. The founders of Chia-I Bank counted 23 people, including Wang Chaowen and Xu Dexin, the business men whose wealth came primarily from the sugar industry in Chia-I area. In order to promote prosperity and local economic development, they launched Chia-I bank as a joint venture company with capital raised through the government’s “Primary Tenant’s Compensation Bonds”. The founding meeting was held on November 27, and an application for business approval was submitted to the Chia-I Office on December 5. On February 21, 1905, the Ministry of Finance of the Japanese Government approved their application and appointed Wang Chaowen as Chairman and Xu Dexin as Vice Chairman of the Bank. Chia-I Bank was the first private bank owned by a majority of Taiwanese investors. It officially opened for business on May 1 on Chia-I Street in Chia-I Hall.
