By Goth Mohamed Goth
Hargeisa, Somaliland – June 18, 2026 , In a landmark development for Somaliland’s financial sector, the Bank of Somaliland and Taiwan’s Central Deposit Insurance Corporation (CDIC) officially signed a Memorandum of Understanding (MOU) today, cementing a strategic alliance aimed at strengthening deposit insurance frameworks, enhancing financial stability, and modernizing the nation’s banking infrastructure.
The signing ceremony, held in Hargeisa, brought together senior officials from both institutions, alongside distinguished diplomatic representatives. Notable attendees included:
· Ambassador Mahmoud Adam Jama (Ambassador Gallaal) – Somaliland’s Representative to Taiwan
· Ambassador Allen Chenhwa Lou – Taiwan’s Representative to Somaliland
The event began with an opening address by CDIC Chairman Mr. Tien-Mu Huang, followed by a virtual welcome speech from the Governor of the Bank of Somaliland, Mr. Abdinasir Ahmed Hirsi, who joined remotely from Israel.
The formal signing of the MOU was executed by CDIC Chairman Mr. Tien-Mu Huang and Bank of Somaliland Governor Mr. Abdinasir Ahmed Hirsi. Governor Hirsi was represented on the ground by the Deputy Governor and Acting Governor, Mr. Hamse Abdirahman Khayre, who presided over the in-person proceedings.
Key remarks were delivered by:
· Mr. Tien-Mu Huang – Chairman, CDIC
· Mr. Abdinasir Ahmed Hirsi – Governor, Bank of Somaliland (via video link), alongside Mr. Hamse Abdirahman Khayre – Deputy Governor, Bank of Somaliland
· Ambassador Mahmoud Adam Jama – Somaliland Representative to Taiwan
· Ambassador Allen Chenhwa Lou – Taiwan Representative to Somaliland
All speakers underscored the transformative potential of the agreement. They highlighted its role in deepening bilateral cooperation, advancing public deposit protection mechanisms, building institutional capacity, and aligning Somaliland’s financial practices with global standards. The MOU is expected to serve as a catalyst for innovation, transparency, and resilience within the country’s banking sector.
A New Era of Financial Cooperation
This MOU marks a pivotal milestone in Somaliland–Taiwan relations, establishing a structured framework for knowledge exchange, technical assistance, and joint initiatives in deposit insurance and financial oversight.
The partnership is projected to deliver far-reaching benefits, including:
· Strengthened public confidence in Somaliland’s financial institutions
· Enhanced protection of depositor rights and savings
· Increased attractiveness for both domestic and foreign investment
· Long-term stability and sustainability of the national financial system
As Somaliland continues its journey toward economic modernization, this agreement stands as a testament to the power of international cooperation in building a secure, inclusive, and forward-looking financial landscape—one that meets the aspirations of its people and the demands of a growing economy.
