Taipei - Taiwan's Financial Supervisory Commission approved Polaris Securities Company's application to set up a branch in Singapore, a newspaper reported Thursday.

Wu Tang-chieh, director-general of the Securities and Futures Bureau, said the commission cleared Polaris to open a branch in Singapore, allowing the company to expand its business abroad, the Taipei Times said.

Polaris is the first Taiwan securities firm to get approval to establish a branch in the city state, in keeping with Taiwan's liberalization and globalization policy, Wu told a press briefing.

Wu said Polaris chose Singapore because of its tax system, financial expertise and large Chinese population. (dpa)