Chao Yang-ching, chairwoman of the Financial Information Service Co., is the driving force behind stable interbank financial transactions財金公司董事長趙揚清 穩定金融跨行交易推手

Chao Yang-ching, former Director-General of the National Treasury Agency, Ministry of Finance, and Commissioner of the Fair Trade Commission, is one of the few outstanding female executives in Taiwan. Almost three years since she became chairwoman of the Financial Information Service Co. in July, 2008, Chao has achieved remarkable results. With regard to fund transfers, in order to revitalize the domestic USD bill market and at the same time make it convenient for corporations and individuals to transfer USD, she started a domestic USD transferring business in December, 2010. This makes it possible for transfers of USD between banks in Taiwan to be cleared directly in Taiwan, saving on time and money that used to go into overseas SWIFT clearance and providing the public with a cheaper, faster and more convenient domestic USD transfer service.

She shared this story: In the past when offshore money transfers had to be done through a third party, a person wired some money from Taiwan to his account in France prior to his trip there, but after he returned to Taiwan two weeks later, the money still had not arrived! It is not hard to imagine how time consuming it is to wire money via a third location, and it could easily cost over NT$1,000 to do so. After the domestic USD transfer business was started, not only did the transfer costs drop to NT$200, the processing time also significantly shortened, helping customers save a lot of time and money. Less than a month after the USD transfer service was launched trading volume had reached as high as USD 200 million.
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