Cathay United Bank (國泰世華銀行) yesterday said it has been granted permission by the Chinese authorities to conduct yuan-based business with China-based Taiwanese firms at its Shanghai branch.
Cathay United, the lending unit of Cathay Financial Holding Co (國泰金控), said in a statement that the addtion of yuan-based businesses would allow it to better serve Taiwanese businesses in China, increase the scope of its cross-border financial services as well as expand its presence in China.
Cathay United opened its Shanghai branch in December 2010, after Land Bank of Taiwan (土地銀行), Chang Hwa Commercial Bank (彰化銀行), First Commercial Bank (第一銀行) and Taiwan Cooperative Bank (合庫銀行) became the first Taiwanese banks to obtain China’s approval to open branches there.
As of the end of last month, Cathay United’s Shanghai branch reported a pretax income of US$4.45 million, compared with the US$2.79 million for the whole of last year, with deposits totaling US$21 million and US$130 million for overall loans, acccording to the bank.
Cathay United’s announcement came after the Bank of China (中國銀行) opened its first branch in Taiwan on June 27 in Taipei and the Bank of Communications (交通銀行) launched its Taiwan branch yesterday. Taiwan gave approval last month to the two Chinese lenders providing corporate financial services in the country.
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
Microsoft Corp yesterday said that it would create Thailand’s first data center region to boost cloud and artificial intelligence (AI) infrastructure, promising AI training to more than 100,000 people to develop tech. Bangkok is a key economic player in Southeast Asia, but it has lagged behind Indonesia and Singapore when it comes to the tech industry. Thailand has an “incredible opportunity to build a digital-first, AI-powered future,” Microsoft chairman and chief executive officer Satya Nadella said at an event in Bangkok. Data center regions are physical locations that store computing infrastructure, allowing secure and reliable access to cloud platforms. The global embrace of AI