In a groundbreaking move set to bolster financial stability and public confidence, the Central Bank of the Republic of Somaliland has officially signed a Memorandum of Understanding (MOU) with Taiwan’s Central Deposit Insurance Corporation (CDIC). The agreement, hailed as a major milestone in Somaliland’s journey toward a modern and resilient banking system, promises to introduce world-class deposit protection mechanisms and deepen bilateral financial cooperation.
The signing ceremony, held today in Hargeisa, brought together high-level officials from both institutions and distinguished diplomatic guests. Among those in attendance were Ambassador Mahmoud Adam Jama Galaal, Somaliland’s Representative to Taiwan, and Ambassador Allen Chenhwa Lou, Taiwan’s Representative to Somaliland.
The event opened with a powerful address by CDIC Chairman Dr. Tien-Mu Huang, followed by a virtual welcome from the Governor of the Central Bank of Somaliland, Abdinasir Ahmed Hersi, who joined from Israel. Due to his absence, Governor Hersi was represented on the ground by Deputy Governor and Acting Governor Hamza Abdirahman Khaire, who formally witnessed the signing alongside Chairman Huang.
Speakers at the ceremony delivered strong messages of optimism and commitment. They underscored the MOU’s critical role in:
Strengthening deposit insurance and protection for ordinary bank customers
Building institutional capacity and technical expertise
Enhancing overall financial system stability
Aligning Somaliland’s banking regulations with international standards
Ambassador Mahmoud Adam Jama Galaal and Ambassador Allen Chenhwa Lou both highlighted the deep strategic importance of this partnership between Somaliland and Taiwan, describing it as a bridge toward greater economic development and mutual prosperity.
A New Chapter for Somaliland’s Financial Future
This historic agreement opens a fresh chapter of strategic collaboration between the two institutions. Officials expressed confidence that the partnership will significantly reinforce public trust in the banking sector, safeguard depositors’ funds, attract both local and foreign investment, and accelerate the creation of a secure, modern, and sustainable financial ecosystem in Somaliland.
The MOU is widely viewed as a timely and transformative step that will help Somaliland’s banking system withstand future challenges while supporting broader economic growth ambitions.
This milestone not only strengthens Somaliland-Taiwan ties but also signals to the international community Somaliland’s serious commitment to building robust, transparent, and globally compliant financial institutions.