bank-of-china-seeks-direct-trade-finance-links-with-taiwan

Bank of China seeks direct trade finance links with Taiwan

The Bank of China touts SwiftÆs Trade Services Utility in Taiwan with the aim of tapping into improving cross-strait relations.

As Chinese and Taiwanese financial institutions look to increase cooperation, a mutual interest in lucrative cross-strait trade is creating new trade finance opportunities.

Earlier this summer, the Bank of China travelled to Taiwan on a road show promoting the Society for Worldwide Interbank Financial Telecommunication's Swift open account Trade Services Utility TSU. While no cross-strait deal was reported during the trip, it signalled a step towards greater integration and simplified trade finance flows between the two countries.

More than 50% of mainland-Taiwan trade settlement is conducted by the Bank of China, said Cheng Jun, director of global trade services in the Bank of China's corporate banking unit. We believe that Taiwan will become more...

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