Taiwan’s RTGS system adds renminbi to Swift platform

Is a faster and more efficient way of processing RMB.

Swift has announced that renminbi settlement and clearing services are now available on Taiwan's Real Time Gross Settlement (RTGS) system. Swift is the financial messaging provider for over 10,000 banking organizations, securities institutions and corporate customers in 212 countries and territories

The new service allows banks to directly carry out RMB clearing and settlement in Taiwan. It is a faster, more efficient, reliable and secure way of processing RMB among all participants, while reducing conversion costs associated with offshore clearing and settlement.

The new service will strengthen the overall competitiveness of Taiwan's banking industry and promote wider use of RMB by financial institutions and corporates.

Alain Raes, Chief Executive, Asia Pacific and EMEA, Swift, said a cost efficient, reliable and secure foreign currency clearing and settlement platform is the essential component of any financial market infrastructure.

“We are pleased that the Taiwan RTGS system has been running smoothly since its launch and is now extended to handle RMB. It will help to accelerate the development of financial markets in Taiwan and facilitate the internationalization of the RMB."

Swift is used by payment market infrastructures in 10 other Asia-Pacific countries and territories, including Australia, New Zealand, the Philippines, Thailand, Sri Lanka, Singapore, Fiji, Hong Kong, Macau and Taiwan, and in 70 RTGS systems around the world.
 

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!