Taipei, March 15, 2011 (CENS)--Taiwan's Financial Supervisory Commission (FSC) recently announced new rules to allow Taiwanese bank branches in Hong Kong greater operational freedom, enabling them to handle almost all RMB-based transactions except those violating existing laws in Taiwan.
To date such branches can only transact RMB-based businesses as remittance, deposits/lending, cash exchange, and interbank loans, but will be allowed to, under the new rule, handle securities underwriting, derivative financial products, asset management, investment etc.
K.M. Chang, deputy director of Bureau of Monetary Affairs in Taiwan, said that the new regulation enables domestic banks wider operational room in Hong Kong, as well as enhanced capacity to serve clients in Hong Kong and China.
Some 17 Taiwanese banks have established branches in Hong Kong, including First Commercial Bank, Bank of Taiwan, Land Bank of Taiwan, Taiwan Cooperative Bank, Cathay United Bank, Hua Nan Bank, Mega International Commercial Bank, Chinatrust Commercial Bank, Taipei Fubon International Bank, SinoPac Bank, Chang Hwa Bank, and Shanghai Commercial & Savings Bank.
The branches in Hong Kong are reportedly very motivated to engage in RMB-based asset management, derivative financial products and currency exchange businesses.
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