MOU yesterday's formal entry into force Bank Insurance Securities licensing measures to be announced in the near future

7 Taiwan banks which set up a representative office in mainland China set up a Taiwan Branch application report is ready. According to the Xinhua news Agency's Cross-strait Financial Supervision Cooperation memorandum (MOU) yesterday, the official entry into force, marking the cross-strait financial opening "firing a gun". MOU includes cross-strait banking, securities and futures, insurance and other aspects of regulatory cooperation, including information exchange, information confidentiality, joint supervision, ex post liaison and exchange visits, as well as crisis management.　　MOU provides financial market access and preferential measures for both sides, opening the door for the long gestation of cross-strait businesses to set up branches, subscribe to shares and mergers and acquisitions. It is reported that after the MOU comes into effect, there will be 7 Taiwanese banks that have set up representative offices in mainland China for 2 years to upgrade their branches.　　Taiwan has also revealed that there have been Bank of China, ICBC, Construction Bank, China Merchants Bank and many other mainland banks want to set up branches in Taiwan. As the first mainland bank to carry out business exchanges and contacts with Taiwan-funded banks, Bank of China is "eagerly awaiting" the business opportunities brought by MOU.　　Last September, Lihui, the president of BOC, came to Taipei's "Jinrongjie", a Lutheran business district, to locate a future Taiwanese branch. Chinese bank spokesman Chao told Xinhua that the bank's report on the establishment of a Taiwan branch was ready and the first time to submit a report after the relevant measures were introduced MOU. She said: "The future branch of BOC in Taiwan will not only provide financial services to Taiwanese companies, but also provide services such as RMB, NT exchange, deposits and personal remittances to the Taiwanese people." "It is also noted that the Taiwan side of the Cross-strait Bank, insurance and securities licensing measures, the MOU, has been sent to the island's administrative authorities approved, is expected to be announced soon." Applications from mainland financial institutions to set up branch offices in Taiwan will be formally accepted.