Consumers from Hong Kong, Macau and Taiwan will have access to cross-border ATM cash withdrawal services, after Joint Electronic Teller Services Limited (JETCO) signed an agreement with Taiwan’s Financial Information Service Co. Ltd. (FISC), Bank of China (Hong Kong) Limited and Bank of Taiwan, according to a JETCO press release. “JETCO has long been proactive in seeking partnerships with leading ATM operating companies overseas to expand cross-border ATM services. Given that travellers from Taiwan are the second-largest group of visitors to Hong Kong representing over 2 million arrivals annually, we are pleased to cooperate with FISC to develop cross-border cash withdrawal services in Hong Kong, Macau and Taiwan that will create great business benefits to banks while providing consumers with a more economical choice of withdrawing cash when they travel abroad,” JETCO Chief Executive Officer Angus Choi stated in the press release. Money withdrawal galore FISC provides interbank operations and ATM services in Taiwan for 50 million cardholders covering a total capital of US$123 million (MOP987 million). The Memorandum of Understanding (MoU) signed with JETCO, which operates more than 3,000 ATMs in Hong Kong, Macau and Mainland China, will create a network of cooperation, allowing Taiwan travellers to Hong Kong and Macau, and vice versa, to withdraw money in the different territories, according to the release. Bank of China (Hong Kong) and Bank of Taiwan will work as the local settlement banks in Macau and Taiwan respectively, with the process being rolled out in two phases. The first phase, to be completed at the end of the year, will allow visitors from Taiwan to withdraw cash and make balance enquiries using their cards from banks covered by FISC – such as Bank of Taiwan, Land Bank of Taiwan, Taiwan Cooperative Bank, Cathay United Bank and E.SUN Bank – and to access the new service at over 300 JETCO ATMs operated by Bank of China (Hong Kong) Limited and The Bank of East Asia, Limited. Then, with the completion of phase two at the end of 2017, JETCO member bank cardholders from Hong Kong and Macau visiting Taiwan will be able to withdraw cash and make balance enquiries at ATMs with the JETCO logo.
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