The amendments to the three revised statutes governing the operations of banks, insurance companies and securities houses were enacted yesterday, paving the way for Taiwanese banks to file applications to branch into China.
The Financial Supervisory Commission (FSC) was to start accepting applications yesterday afternoon.
FSC Chairman Sean Chen (陳冲) said that it would take about two months for the FSC’s Banking Bureau to screen applications filed by local banks to invest in China and that it would take another four to six months for Chinese authorities to process the applications before granting licenses.
“Taiwanese banks will be able to formally venture into China by the end of the year at the earliest,” Chen told the legislative finance committee yesterday.
All the local state-owned banks, including Taiwan Cooperative Bank (合作金庫), First Commercial Bank (第一銀行), Land Bank of Taiwan (土地銀行), Chang Hwa Bank (彰化銀行), Business Bank of Taiwan (台灣企銀) and Hua Nan Commercial Bank (華南銀行), said they would submit applications as soon as possible.
Meanwhile, Banking Bureau Director-General Kuei Hsien-nung (桂先農) said screening and supervision of Chinese banks making inroads into Taiwan would be a “dual track” mechanism, with the FSC and the Investment Commission under the Ministry of Economic Affairs in charge.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) secured a record 70.2 percent share of the global foundry business in the second quarter, up from 67.6 percent the previous quarter, and continued widening its lead over second-placed Samsung Electronics Co, TrendForce Corp (集邦科技) said on Monday. TSMC posted US$30.24 billion in sales in the April-to-June period, up 18.5 percent from the previous quarter, driven by major smartphone customers entering their ramp-up cycle and robust demand for artificial intelligence chips, laptops and PCs, which boosted wafer shipments and average selling prices, TrendForce said in a report. Samsung’s sales also grew in the second quarter, up
LIMITED IMPACT: Investor confidence was likely sustained by its relatively small exposure to the Chinese market, as only less advanced chips are made in Nanjing Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) saw its stock price close steady yesterday in a sign that the loss of the validated end user (VEU) status for its Nanjing, China, fab should have a mild impact on the world’s biggest contract chipmaker financially and technologically. Media reports about the waiver loss sent TSMC down 1.29 percent during the early trading session yesterday, but the stock soon regained strength and ended at NT$1,160, unchanged from Tuesday. Investors’ confidence in TSMC was likely built on its relatively small exposure to the Chinese market, as Chinese customers contributed about 9 percent to TSMC’s revenue last
LOOPHOLES: The move is to end a break that was aiding foreign producers without any similar benefit for US manufacturers, the US Department of Commerce said US President Donald Trump’s administration would make it harder for Samsung Electronics Co and SK Hynix Inc to ship critical equipment to their chipmaking operations in China, dealing a potential blow to the companies’ production in the world’s largest semiconductor market. The US Department of Commerce in a notice published on Friday said that it was revoking waivers for Samsung and SK Hynix to use US technologies in their Chinese operations. The companies had been operating in China under regulations that allow them to import chipmaking equipment without applying for a new license each time. The move would revise what is known
UNCERTAINTY: A final ruling against the president’s tariffs would upend his trade deals and force the government to content with billions of dollars in refunds The legal fight over US President Donald Trump’s global tariffs is deepening after a federal appeals court ruled the levies were issued illegally under an emergency law, extending the chaos in global trade. A 7-4 decision by a panel of judges on Friday was a major setback for Trump, even as it gives both sides something to boast about. The majority upheld a May ruling by the Court of International Trade that the tariffs were illegal. However, the judges left the levies intact while the case proceeds, as Trump had requested, and suggested that any injunction could potentially be narrowed to apply
RSS