Approved foreign exchange business in November 2008
PRESS RELEASE Release Date: December 15, 2008
Approved foreign exchange business in November 2008
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Sunny Bank to commence internet banking business involving foreign currencies.
2. TaChan Securities Co. Ltd. to handle consigned trading of foreign securities.
3. Fuh Hwa Securities Investment Trust to act as offshore funds’ domestic trustees to manage the sale of funds to specific clients privately.
4. ING Antel Life Insurance Co. to conduct foreign currency loans secured by investment-linked insurance policies settled in foreign currencies.
5. 11 branches of 6 banking enterprises to operate foreign exchange business. As of the end of November 2008, there were 1,314 authorized foreign exchange banks, including 1,227 domestic banks and 87 foreign banks. In addition, 2 branches of 2 banking enterprises to sell/buy foreign currency banknotes and traveler’s checks.