Central Bank of the Republic of China （Taiwan）

PRESS RELEASE                               Release Date: December 12, 2019           

Approved foreign exchange business in November 2019

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1.    CTBC Bank to engage in principal protected structured products composed of foreign exchange swaps and forwards between foreign currencies, and foreign exchange rate options linked to foreign currency principals.

2.    Mega International Commercial Bank to engage in foreign securities trading business provided such trading is neither an investment of proprietary funds nor done to meet hedging purposes.

3.    Navigate Investment Consultant Co., Ltd. to act as the domestic trustee of private placement offshore funds to manage the sale of funds to specific clients.

4.    Five branches of three banks to operate the foreign exchange business. As of the end of November 2019, there were 3,460 authorized banks, including 3,422 domestic banks, 3 Mainland banks, and 35 foreign banks.