萬國法律事務所

United States Dollars (USD) and Chinese Renminbi (RMB) were the first two foreign currencies to be transacted on Taiwan's Foreign Currency Settlement Platform. On January 28, 2015, Japanese Yen became the third foreign currency that can be settled on the Platform. Taiwan's Central Bank plans to include the EURO as the fourth foreign currency in June this year.

Remittance of Japanese Yen will now be time- and cost- efficient. From the perspective of the banks, the inclusion of Japanese Yen lowers the settlement risk and increases handling efficiency for the banks; from the enterprises' perspective, the addition of Japanese Yen helps to lower the remittance cost. For citizens, the remittance of Japanese Yen can be received by the payee on a same day basis and the remittance fee will be much lower. The real-time settlement of remittances is important as it can avoid the foreign exchange rate risks.