Date
20 October 2017

Factoring business eyed for Taiwan banks in mainland, paper says

Taiwan’s Financial Supervisory Commission may allow domestic banks and financial holding companies operating in the mainland to conduct factoring business, subject to approval by Chinese regulators, Economic Daily News reported Monday, citing an unnamed official. China allows such business only in Tianjin’s special zone and Shanghai’s free trade zone. Banks and financial holding companies have to establish separate factoring units if they want to enter other regional markets in the mainland, the report said. Factoring is a type of financial service in which companies sell accounts receivable or invoices at a discount to generate cash. 

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TL/AC/RA

 

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