CONTENTS 6 American Soy and the Taiwanese Diet Soy products like beancurd and soy JANUARY 2016 VOLUME 46, NUMBER 1 一○五年一月號 milk are a big part of the local diet, and almost all of the soybeans used in their production are imported Publisher 發行人 from the United States. Andrea Wu 吳王小珍 By Steven Crook Editor-in-Chief 總編輯 Don Shapiro 沙蕩 Associate Editor 副主編 14 Taiwanese Cooking – By the Tim Ferry 法緹姆 Book Art Director/ 美術主任/ Using four English-language cook- Production Coordinator 後製統籌 books for guidance, a foreign 陳國梅 Katia Chen national learns to prepare Taiwanese Manager, Publications Sales & Marketing 廣告行銷經理 dishes in what turned out to be not Caroline Lee 李佳紋 just a culinary adventure, but a life lesson. photo: rich Matheson By Jules Quartly American Chamber of Commerce in Taipei 129 MinSheng East Road, Section 3, 7F, Suite 706, Taipei 10596, Taiwan P.O. Box 17-277, Taipei, 10419 Taiwan 18 Buffet Dining in Taipei Tel: 2718-8226 Fax: 2718-8182 e-mail: [email protected] Goes Upmarket website: http://www.amcham.com.tw Top hotels are rolling out elabo- 名稱：台北市美國商會工商雜誌 發行所：台北市美國商會 rate all-you-can eat spreads, gen- 臺北市10596民生東路三段129號七樓706室 erally with lots of fresh seafood, to 電話：2718-8226 傳真：2718-8182 the delight of diners. Taiwan Business TOPICS is a publication of the American Chamber of Commerce in Taipei, ROC. Contents are independent of and do not By Matthew Fulco necessarily reflect the views of the Officers, Board of Governors, Supervisors or members. © Copyright 2016 by the American Chamber of Commerce in Taipei, ROC. All rights reserved. Permission to reprint original material must 22 In Hualien, the Food of be requested in writing from AmCham. Production done in-house, Printing by Farn Mei Printing Co., Ltd. Dreams 登記字號：台誌第一零九六九號 Dedicated restaurant owners 印刷所：帆美印刷股份有限公司 經銷商：台灣英文雜誌社 台北市108台北市萬華區長沙街二段66號 from around the world are enliv- 發行日期：中華民國一○五年一月 中華郵政北台字第5000號執照登記為雜誌交寄 ening the culinary scene in this ISSN 1818-1961 east coast city. Choices include Japanese, Russian, Tex-Mex, Chairman/ Dan Silver Vice Chairmen/ Margaret Driscoll / Daniel Tseng American barbecue, and Dutch Treasurer: Al Chang Secretary: Fupei Wang pancakes. 2015-2016 Governors: By Ian Bartholomew photo: jane chanG Margaret Driscoll, Thomas Fann, Vincent Shih, Stephen Tan, Rodney Van Dooren, Fupei Wang, Lee Wood. 2016-2017 Governors: Al Chang, Christine Jih, Annie Lee, Edward Shober, Dan Silver, Joanne Tsai, Daniel Tseng, Neil Waters. 2015 Supervisors: Albert Chang, Anita Chen, Nick Chen, Arthur Cozad, Joseph Lin COMMITTEES: Agro-Chemical/ Melody Wang; Asset Management/ Christine Jih, Derek Yung; Banking/ Victor Kuan; Capital Markets/ C.P. Liu, Shirley Tsai; Chemical Manufacturers/ Michael Wong; CSR/ Lume Liao, Fupei Wang; Customs & International Trade/ Stephen Tan; Education & Training/ Robert Lin, William Zyzo; Greater China Business/ Helen Chou, Cosmas photo: Li chenG-shu photo: chris stowers Lu; Human Resources/ Richard Lin, Seraphim Mar, Vickie Chen; Infrastructure/ Paul Lee; Insurance/ Arthur Cozad, Joseph Day, Dan Ting; Intellectual Property & Licensing/ 34 In Bangka, Going Back in Jason Chen, Peter Dernbach, Jeffrey Harris, Vincent Shih; 26 Yilan: A Culinary Quartet Marketing & Distribution/ Wei Hsiang, Gordon Stewart; Vignettes of four very different Time Medical Devices/ Dan Silver, Joanne Yao; Pharmaceutical/ Margaret E. Driscoll, David Lin, Jun Hong Park; Private gastronomic experiences: eat- Treat yourself to a walking – and Equity/ William Bryson; Public Health/ Dennis Lin; Real with-your-hands “barrel chicken,” eating – tour through one of Tai- Estate/ Tony Chao; Retail/ Ray Chan, Prudence Jang, Ajit Nayak, Wern-Yuen Tan; Sustainable Development/ an Aboriginal feast, fine dining, and pei’s oldest districts (known offi- Kenny Jeng, Kernel Wang; Tax/ Stella Lai/ Cheli Liaw, Josephine Peng; Technology/ Revital Golan, Jeanne Wang; a special night-market dish. cially as Wanhua). Telecommunications & Media/ Thomas Ee, Joanne Tsai, Ken Wu; Transportation/ Michael Chu; Travel & Tourism/ Anita By Joshua Samuel Brown By Scott Weaver Chen, Pauline Leung, Achim v. Hake. cover photo: Matthew FuLco (taKen at the reGent taipei) 4 taiwan business topics • january 2016 1_16 Contents.indd 4 2016/1/6 1:55:48 PM january 2016 • Volume 46 number 1 COVER SPONSOR photo: Matthew FuLco 38 Going on a Northern Fubon Financial Holdings Overview Expedition Introducing three Taipei restaurants to bear in mind when hankering for the Committed to becoming one of Asia’s first-class financial institutions, food of northern China. By Matthew Fulco Fubon Financial Holdings has built a strong lineup of financial service companies. Its major subsidiaries include Fubon Life, Taipei Fubon 42 The Pineapple Cake Bank, Fubon Bank (HK), Fubon Bank (China), Fubon Insurance, and Chronicles Fubon Securities. As of the end of Sept. 2015, Fubon Financial Holdings East Asia is increasingly caught up in a love affair with Taiwan’s signature had total assets of US$176.9 billion, ranking second among Taiwan’s pastry. publicly listed financial holding companies. It is the most profitable By Matthew Fulco financial holding company in Taiwan. 46 General Tso’s Chicken – No Search Necessary Fubon Financial Holdings’ subsidiaries rank among the top performers An American filmmaker went on a in their respective sectors. Fubon Insurance has consistently led all P&C quest for the dish’s origins, but for insurers with an over 20% market share. Taipei Fubon Bank is one of many in Taiwan there was never a Taiwan’s biggest privately owned banks; Fubon Securities ranks among mystery. By Don Shapiro Taiwan’s top three securities houses; and Fubon Life ranks second in first-year premiums and total premiums. Fubon Financial Holdings has also moved aggressively to extend its reach throughout Greater China. Fubon Financial Holdings acquired a stake in Xiamen Bank through Fubon Bank (Hong Kong) in 2008. Fubon Property & Casualty Insurance began operations in 2010. Founder Fubon Fund Management, a fund management joint ven- ture between Fubon Asset Management and Founder Securities, was launched in July 2011. photo: jaMes charD In January 2014, Fubon Financial Holdings and Taipei Fubon Bank 50 “Homestyle” Suits an acquired a controlling 80% stake in Shanghai-based First Sino Bank, Economist’s Tastes which later changed its name to Fubon Bank (China). Fubon Financial In selecting a place to eat, don’t forget Holdings is now the only Taiwanese financial institution with banking to consider the price/performance ratio. subsidiaries in China, Taiwan, and Hong Kong. By Josh M. Cartin Looking ahead, Fubon Financial Holdings will continue to strengthen 54 Wine: for Health, for Love, our presence in Taiwan and pursue stable growth. At the same time, for Life Fubon Financial Holdings will continue to search for suitable M&A Wine: for Health, for Love, for Life By Timothy Ferry opportunities in Greater China in order to develop a foothold in the regional market and move closer to the goal of becoming a first-class business group in Asia. taiwan business topics • january 2016 5 1_16 Contents.indd 5 2016/1/6 1:55:49 PM terms of volume and 57% in value. Taiwan was the sixth largest export market for U.S. soybeans in 2014. “Total U.S. soybean exports to Taiwan in 2014 totaled US$725 million. Of that 12% was for human food, while 88% was for crushing into oil and soybean meal for animals,” says W. Garth Thor- burn, chief of the Agricultural Section at the American Institute in Taiwan. Other uses, such as using soy to make ink or wax, are so small that these categories are not monitored, he adds. Tofu (豆腐, doufu) appears in classy vegetarian feasts as well as humble lunch- boxes. Dried tofu (豆干, dougan) is a popular snack, and a key ingredient of such dishes as Hakka stir-fry (客家小炒, kejia xiaochao). Very soft tofu, sometimes called bean-curd pudding (豆花, douhua), pHoto: ricH j MatHeson aMerican soy anD tHe taiwanese Diet Almost all of the beancurd and soy milk consumed in Taiwan is made from soybeans imported from the United States. BY STEVEN CROOK pHoto: ricH j MatHeson ew comestibles are more Tai- wanese than tofu, soy sauce, and F soymilk. All three are made from soy, a legume first cultivated in Northeast Asia at least 2,700 years ago. Directly and indirectly, Taiwanese now consume soybeans in far greater quantities than two generations ago, a change in diet caused in part by American influences – and made possible by American imports. Around 97% of the more than 2.4 million metric tons of soybeans consumed annually by humans or animals in Taiwan is imported, with the United States cur- rently having a 55% market share in pHoto: ricH j MatHeson 6 taiwan business topics • january 2016 Soy.indd 6 2016/1/6 10:31:21 AM SOY is a traditional dessert enjoyed with such add-ons boiled peanuts, tapioca balls, adzuki beans, or mung beans. Some Westerners visiting Taiwan have their first direct experience with soyfoods when their local hosts take them to sample “stinky tofu” (臭豆腐, choudoufu). The eponymous host of Travel Channel’s Bizarre Foods with Andrew Zimmern favorably compared this pungent delicacy to Limburger cheese. New Taipei City’s Shenkeng Dis- trict, is considered Taiwan’s stinky tofu capital; the town’s soy delights were described in the April 2011 issue of pHoto: ricH j MatHeson pHoto: ricH j MatHeson Taiwan Business Topics. “Growing up in the 1970s in Mich- igan, I never heard of or encountered tofu until I began shopping at a co-op in East Lansing, where I went to college,” says Robyn Eckhardt, who now writes about food on her blog EatingAsia and for publications including the New York Times. “The first meal my now-husband cooked for me after we started dating was tofu in spaghetti sauce, and I didn’t think much of it,” she recalls.