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Approved foreign exchange business in June 2020

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                           Release Date: July 13, 2020                   

Approved foreign exchange business in June 2020

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

  1. HSBC Bank (Taiwan) and King’s Town Bank to provide digital foreign exchange deposit account opening service to customers.

  2. E. Sun Commercial Bank to engage in semi-discretionary individually managed money trust business denominated in foreign currencies.

  3. Standard Chartered Bank to engage in principal protected structured products composed of cross currency swaps between foreign currencies linked to foreign currency principals.

  4. HSBC Bank (Taiwan) to engage in foreign securities trading business provided such trading is neither an investment of proprietary funds nor done to meet hedging purposes.

  5. HSBC Securities (Taiwan) to conduct consigned trading of foreign securities involving receipts and disbursements settled in foreign currencies.

  6. Two branches of one bank to operate the foreign exchange business. As of the end of June 2020, there were 3,462 authorized banks, including 3,424 domestic banks, 3 Mainland banks, and 35 foreign banks.

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