Taiwanese could soon be able to open bank accounts denominated in foreign currencies on the Internet after the central bank on Thursday gave its go-ahead to the plan.
Local banks could seek approval for the new accounts by the end of this year, or 60 days after the introduction of the new regulations, the central bank said in a statement.
Under the deregulation, Taishin International Bank’s (台新銀行) Richart and Hua Nan Commercial Bank’s (華南銀行) SnY online services could add foreign-currency accounts to their online services.
Taishin, the banking arm of Taishin Financial Holding Co (台新金控) and the nation’s largest online lender by the number of accounts, told reporters that it aims to be the first applicant when the notification period begins.
The central bank also relaxed rules governing foreign-currency trust funds, financing, debenture issuance and other operations, the statement said.
In addition, the monetary authority lowered its on-the-job training requirements for those businesses, it said.
However, the central bank has reminded lenders to comply with its money laundering rules when capitalizing on the regulatory easing.
The Bankers Association of the Republic of China (銀行公會) can invoke disciplinary measures and limit foreign-currency operations among its members in line with its risk control requirements, the central bank said.
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