Taiwan's legislature has elected a new speaker from the independence-leaning Democratic Progressive Party following its landslide victory in elections last month.

Su Jia-chyuan on Monday became the first DPP speaker of the 113-seat body after the party trounced the ruling Nationalists in the polls, winning its first parliamentary majority.

DPP presidential candidate Tsai Ing-wen also won a massive victory over her Nationalist rival and a third party candidate. She takes office in May when current Nationalist President Ma Ying-jeou steps down.

Su is a former interior minister and close Tsai ally.

The DPP rode a wave of discontent with the slowing economy and stagnant wages, along with Ma's China-friendly policies that many say benefit a small class of elites while threatening the economic future of the younger generation.