Approved foreign exchange business in April 2015
PRESS RELEASE Release Date: May13, 2015
Approved foreign exchange business in April 2015
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1.To amend “Regulations Governing Foreign Exchange Business of Insurance Enterprises”.
2.To cancel the 20% non-forfeiture-value limit on foreign currency denominated insurance policies pledged for collateralized foreign currency loans.
3.The Shanghai Commercial & Savings Bank to engage in foreign currency denominated collective investment trust fund business.
4.UBS AG Taipei Branch to commence trading foreign bonds as an agent.
5.Standard Chartered Bank (Taiwan) Limited to underwrite foreign currency denominated international bonds.
6.One branch of Hwatai Bank to operate foreign exchange business. As of the end of April 2015, there were 3,410 authorized banks, including 3,371 domestic banks, 3 Mainland banks and 36 foreign banks.