Reuters quoted an official of the Financial Supervisory Commission (FSC) as saying that it was considering the possibilities of allowing Taiwanese to open accounts at Hong Kong or mainland branches of Taiwan banks without having to go to the banks in person.
The FSC official also said that with the help of the plan, individuals will be able to invest directly in yuan products, though several legal issues remain to be addressed.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
After a trade deal that was signed by Taiwan and China in June 2010, the two sides are yet to sign a currency swap agreement that could lead to the establishment of a clearing system which will enable banks to engage directly in the yuan business.
Reuters also reported the FSC official as opining that the opening of wealth management accounts for individuals could lead to the development of more financial products and that it could enhance the diversification of investments.
As a part of the plan, FSC is also considering to allow bank’s head offices in Taiwan to handle the setting up of the individual accounts at the branches, the Reuters report says.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
