Taipei, Beijing sign MOUs on financial industry opening

Taipei and Beijing have finalized three memorandums of understanding on opening their financial industries, the Wall Street Journal reported. Three mainland agencies overseeing the financial sector met with Taiwan’s Financial Supervisory Commission to complete the agreements, which will take effect in 60 days, and which will grant access to companies from each side to do business across the Taiwan Strait. Taiwan banks in particular have been keen to expand outside of their saturated home market. The deals cover information exchange, financial inspection and crisis management, but leave other issues, such as investments by mainland banks in their Taiwan counterparts, unresolved. The two sides expect to reach a broader deal next year.