Under Richard and Daniel Tsai, Fubon Financial Holdings reported its most profitable year in 2020, growing revenue by as much as 50 per cent. The conglomerate is set to finish acquisition of Jih Sun Financial Holdings in early 2021, the first successful acquisition of a financial holding company in China, and a move that is expected to raise Fubon’s assets to over NT$9 trillion—inching it closer to Cathay Financial, the leading company owned by their cousins.

Fubon’s family roots go back to 1961, when Wan Tsai Tsai—Richard and Daniel’s father—founded Cathay Pacific Insurance with his brother Wan Lin. Separating in 1979, Wan Lin headed Cathay Financial while Wan Tsai developed the Fubon Group, which has since expanded into life insurance, banking, brokerage, and more.

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