Taiwan To Allow Issuance Of Credit Cards
TAIPEI, Taiwan (AP) _ A government agency said Thursday it will allow banks in Taiwan to issue credit cards in a move to liberalize the island’s financial system.
The Council for Economic Planning and Development said the decision was related to trade talks earlier this year with the United States, which urged Taiwan to allow the issuance of credit cards as part of a program to open financial markets.
In a statement, the council said the international credit-card business had become a necessity to Taiwan, which along with Hong Kong, Singapore and South Korea, comprise the newly industrialized powerhouses of Asia.
″This is something we’ve waited for for years,″ said Jacob Chao, general manager of American Express International Inc. He said his company had sought permisison to issue credit cards in Taiwan for five years.