FOREIGN EXCHANGE BANKS TO HANDLE MORE AGENCY BUSINESS IN TAIWAN
Taiwan’s Central Bank issued a ruling on December 13, 2004 permitting certain so-called foreign exchange domestic banking units (DBUs) to accept payments on behalf of the offshore banking units (OBUs) of banks to which they belong, and also to handle inward remittances for foreign currency deposits and foreign currency remittances sent in from overseas. This ruling marks the fourth time that Taiwan’s Central Bank has increased the business scope of DBUs since May 2000.
This ruling effectively authorizes Taiwan’s seventy domestic banks that have OBUs to offer offshore financial trading services via their respective units located in Taiwan. It is expected that this will significantly liberalize Taiwan’s offshore financial trading activities with overseas commercial banks and provide additional options to Taiwanese companies considering capital transfers, particularly in connection with overseas investment projects.
Search
English