The relationship between traditional adversaries Taiwan and China is improving.
Agreements such as the Memorandum of Understanding (MOU) and the Economic Cooperation Framework Agreement (ECFA) have increased cross-strait dialogue and trade, which aim to ease political and economic constraints between the countries.
However, Taiwanese banks have supposedly been secretly working on the mainland for years.
An anonymous source told Euromoney how officials at a Taiwanese bank were sent to China to teach and train mainlanders in retail banking.
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One of the main factors to come out of ECFA has been the preferential foreign-entry requirements for Taiwanese banks. As a result, Taiwanese banks have accelerated access to the mainland market and can open up branches and eventually subsidiaries faster than their international counterparts.
However, it looks as if Taiwanese banks already had a head start.
For more in-depth news and coverage from Taiwan and the rest of Asia, don't forget to check out the April edition of Euromoney magazine