OREANDA-NEWS. November 03, 2011. The Bank of East Asia (“BEA”) announces that its Taiwan Offshore Banking Unit (“BEA Taiwan OBU”) has launched Renminbi (“RMB”) services for its customers, having recently obtained approval from the Financial Supervisory Commission of Taiwan (“FSC”), reported the press-centre of Bank of East Asia.

Approval was granted in line with the liberalisation measures promulgated by the FSC in July 2011, which allow offshore banking units and overseas branches of domestic banks in Taiwan to engage in RMB-related businesses. At this initial stage, BEA Taiwan OBU’s RMB services will include account and deposit services, loans and advances, trade finance, remittances, and currency exchange services. The scope of RMB services will be expanded in the future, as policies allow.

Mr. Brian Li, BEA’s Deputy Chief Executive, says, “We are pleased to announce the launch of RMB services by BEA Taiwan OBU. These services further enhance our RMB capabilities in Greater China, which already include well-established RMB platforms in Hong Kong and Mainland China, and enable our customers to enjoy greater flexibility and reduced exchange rate risk when conducting cross-strait business transactions.”