China Unionpay (中國銀聯) began bank card transaction services in Taiwan yesterday, allowing cardholders to withdraw cash from automatic teller machines (ATMs) nationwide with a maximum of 10,000 yuan (US$1,474) per day.
“The launch of the service will not only boost the consumption of Chinese tourists in Taiwan, but it will also promote local tourism,” Chao Yang-ching (趙揚清), chairwoman of the Financial Information Service Co (FISC), said during a service launch ceremony in Taipei.
Chao said that more than 16,100 ATMs out of about 25,600 in Taiwan can provide these transaction services, which are available at the nation’s most popular tourists attractions such as the National Palace Museum and Taipei 101.
“A process fee of around NT$32 will be charged per transaction,” she added.
The Bankers Association of the ROC (銀行公會) said that each China Unionpay cardholder can withdraw up to 10,000 yuan per day with a maximum of NT$20,000 per transaction, making things more convenient for Chinese tourists who are only allowed to bring in a certain amount of cash when entering the country.
Xu Luode (許羅德), chief executive officer and president of China Unionpay, told reporters on the sidelines of the ceremony that around 2.2 billion Unionpay bank cards are in circulation, generating a turnover of around 7.7 trillion yuan a year.
When asked when Taiwanese tourists will be able to withdraw cash from ATMs using Taiwanese bankcards in China, Xu said: “I think, in principle, it should be no problem, but technical problems need to be resolved first. Currently, there’s no timetable for it, but both sides intend to push for it.”
A total of 18 local banks participated in the project, including the Bank of Taiwan (臺灣銀行), Land Bank of Taiwan (土地銀行), Taiwan Cooperative Bank (合作金庫銀行), First Commercial Bank (第一商業銀行), Hua Nan Commercial Bank (華南商業銀行), Chang Hwa Commercial Bank (彰化商業銀行), Taipei Fubon Bank (台北富邦銀行) and Mega International Commercial Bank (兆豐國際商銀).
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Advanced Micro Devices Inc (AMD) suffered its biggest stock decline in more than a month after the company unveiled new artificial intelligence (AI) chips, but did not provide hoped-for information on customers or financial performance. The stock slid 4 percent to US$164.18 on Thursday, the biggest single-day drop since Sept. 3. Shares of the company remain up 11 percent this year. AMD has emerged as the biggest contender to Nvidia Corp in the lucrative market of AI processors. The company’s latest chips would exceed some capabilities of its rival, AMD chief executive officer Lisa Su (蘇姿丰) said at an event hosted by
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
TECH JUGGERNAUT: TSMC shares have more than doubled since ChatGPT’s launch in late 2022, as demand for cutting-edge artificial intelligence chips remains high Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted a better-than-expected 39 percent rise in quarterly revenue, assuaging concerns that artificial intelligence (AI) hardware spending is beginning to taper off. The main chipmaker for Nvidia Corp and Apple Inc reported third-quarter sales of NT$759.69 billion (US$23.6 billion), compared with the average analyst projection of NT$748 billion. For last month alone, TSMC reported revenue jumped 39.6 percent year-on-year to NT$251.87 billion. Taiwan’s largest company is to disclose its full third-quarter earnings on Thursday next week and update its outlook. Hsinchu-based TSMC produces the cutting-edge chips needed to train AI. The company now makes more
RSS