Supervision of cross-strait banking to launch in June

The China Post news staff with CNA

Taiwan’s top financial regulator yesterday told lawmakers that Taipei and Beijing have agreed to establish a platform supervising cross-strait banking as soon as possible, hopefully by June at the earliest, to provide oversight to the increasing cooperation between banks from both sides.

At a hearing held by the Legislative Yuan’s Finance Committee, Financial Supervisory Commission Chairman Chen Yu-chang (陳裕璋) said that both sides “have reach preliminary consensus on the topics to be discussed” at the cross-strait banking supervision platform, which also provides a basis for finance officials from both sides to meet on a regular basis. Cross-strait authorities are currently making more detailed plans on the platform’s establishment, he added. Finance authorities from Taiwan and China had been discussing the issue for quite some time, and the FSC was still considering whether to make public their next meeting when the details of the proposed platform are expected to be finalized, Chen said.