Since Taiwan reached another level of economic development, services industry has become the engine for Taiwan's economic growth. It is the time for Taiwanese government to adjust the focus of its industrial policy from manufacturing industry to services industry, especially on financial services. With the limited domestic market scale, Taiwan can develop a financial industry with really regional or even international competitiveness only through further internationalization and liberalization on the whole financial sector, following the course its manufacturing industry has done in the past 20 years. Except the efforts made by its industry, Taiwanese government has also provided great assistance on promoting financial internationalization. This article is trying to review the current works on financial internationalization done by the Financial Supervisory Commission, a sole financial regulator established in July, 2004 and provide recommendations for the government while making its policy.