CURRENCY BENEFITS: Commission chairman Wellington Koo said that as Taiwanese firms’ registrations might not be approved abroad, they could open accounts here

Taipei Times
Date: May 19, 2020
By: Kao Shih-ching / Staff reporter

The Financial Supervisory Commission (FSC) and the central bank reached an agreement allowing local companies to open offshore banking unit (OBU) accounts at domestic banks to borrow foreign currency funds, FSC Chairman Wellington Koo (顧立雄) said yesterday.

Koo, who is to leave his post to serve as secretary-general of the National Security Council, told a meeting at the Legislative Yuan that he has proposed deregulation since November last year and reached an agreement with the central bank.

The two agencies are to discuss whether to limit the amount of foreign currency-denominated lending, Koo said.

FSC Vice Chairman Huang Tien-mu (黃天牧), who is to become chairman tomorrow, would announce when the deregulation will take effect, Koo said.    [FULL  STORY]