Business / Markets

China's first non-financial currency exchange firm opens

By Liu Zheng ( Updated: 2012-12-06 13:34

An authorization ceremony certifying Transforex Currency Exchange Co Ltd to operate foreign exchange business was launched on Dec 5, 2012 in Beijing.

Authorized by China State Administration of Foreign Exchange, Tianjin Bohai Transforex Currency Exchange has become the first non-financial institution that can manage foreign exchange business in China.

Wang Xiaoyi, deputy administrator of SAFE, Chen Feng, chairman of Hainan Airlines Group, and Lin Tiegang, director of Tianjin Bureau of State Administration of Foreign Exchange attended the authorization ceremony.

As of December 2012, 35 branches have been established by Transforex in 18 provinces around the nation. Jointly invested by HNA Holdings and HNA Tourism, Transforex has become the most influential enterprise with its extensive network and production varieties rely on the resources of HNA Group.

According to a director at Transforex,compared with the traditional banking exchange services, customers will benefit from extended office hours, varied and professional currency exchange services, and a flexible management system.

The exchangeable currencies are not only the Euro, US dollar, British pound, Japanese yen and Hong Kong dollar, but also the Russian ruble, Philippine peso, Thailand baht and other currencies, said Lin.

In addition to the currency exchange business, Transforex's main business scope also includes euro tax refunds and VAT rebate for visitors departing from Hainan province.

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