Deutsche Bank

Corporate Treasury & Banking in South Korea & Taiwan

Report date: 
22 Sep 2026

Commentary

After our call, it seemed as if this summary would be unusually brief. South Korea and Taiwan are both prosperous, business friendly, economies with strong currencies. There are no official exchange controls, and most, if not all, international banks are well established, and can provide most services. So – what complications can there be?

On one level, the answer is everything is fine. Foreign owned businesses can, and do, operate successfully in both markets. Imports can be paid for, and profits repatriated, albeit with a withholding tax penalty. Intercompany loans are permitted, with some bureaucracy.

But it turns out both markets present challenges. These typically result in solutions which are less than optimal. However, things work, and, as these markets, while important, are significantly smaller than the regional giants of the PRC and Japan, peers often decide to leave well alone. There is a list of items peers would like to address – but none is top priority. 

This situation is due, in part, to the history of both markets. Both are on the periphery of China and have, over the centuries, been under varying degrees of Chinese control. Today, Korea is well established as a separate state: as we all know, this is still very much an issue between China and Taiwan. Both markets were Japanese colonies between 1895 and 1945: unlike Korea, Taiwan has a largely positive memory of this experience. In both cases, the Japanese laid the foundations of today’s economies. Finally, both emerged in 1945 in poverty: the subsequent industrialisation and economic development relied, in part, on protective measures and exchange controls. While these restrictions have greatly eased, many of the frustrations encountered by our peers are the legacy of this system.

So, what does the landscape look like?

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Topics covered in this report: 
Bank Relationships, Hedging FX, FX, Cash Pooling - cross border, Trapped cash, Cash - deposits, intercompany netting, Intercompany loans, PromissoryNotes (Korea), Cash Pooling - domestic, Cash Repatriation, PSP, Dividends
Service providers discussed in this report: 
JP Morgan, BNP Paribas, Bank of America, Citi, Standard Chartered, MUFG, Bank Mendes Gans, ING, HSBC, Deutsche Bank, Cathay Bank, Ayden, Matchbox

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Bank Relationships in the Middle East

Report date: 
19 Mar 2026

This report covers:

  • Commentary and Key Findings - please Register / LogIn to access this free commentary - a subscription is required to download the full report, or it can be purchased individually -  Enquire here
  • Bank Presence by Country
  • Banking Strategy and Consolidation
  • Treasurers' feedback on banks
  • HSBC
  • Standard Chartered
  • Citibank
  • JP Morgan
  • Deutsche Bank
  • Local and Regional Banks
  • Saudi Arabia — Structures and Challenges
  • Cash Management and Liquidity
  • Technology and Digital Banking
  • Organisational Structures and Regional Treasury Centres
  • Experiences in individual countries
  • UAE
  • Saudi Arabia
  • Kuwait
  • Oman
  • Qatar
  • Jordan
  • Lebanon
  • Iraq
  • Egypt
  • Turkey

 

 

Topics covered in this report: 
Bank Relationships, Cash Pooling - cross border, Notional Pooling, Cash Repatriation, Funding, Political Risk, Cards
Service providers discussed in this report: 
Amex, Bank of America, Citi, JP Morgan, HSBC, Standard Chartered, Deutsche Bank, SABB

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Corporate Treasury - Bank Relationships in Latin America

Report date: 
3 Mar 2026

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Topics covered include:

  • Bank relationship strategy in Latin America
  • Balancing global and local banking models
  • Managing credit lines and wallet allocation
  • Bank market exits and entries
  • Service levels, pricing and appetite
  • Tax payments
  • Foreign exchange
  • FX documentation and use of proprietary platforms
  • Financial transaction taxes and tax payment processes
  • Payroll 
  • Brazil’s forthcoming tax reform and operational implications

International Banks discussed in the report include:

Bank of America, BBVA, Bradesco, Citi, Itaú, JPMorgan, Santander, Scotiabank, Deutsche Bank, BNP Paribas & HSBC

Topics covered in this report: 
Bank Relationships, FX, Payments - cross border, Payments - domestic, payroll, tax payments, Cash Management, Cash - deposits, Collections - domestic, Working Capital, Supply Chain Finance, Factoring
Service providers discussed in this report: 
JP Morgan, Bank of America, Santander, Bradesco, Itau, Citi, HSBC, Scotia, BBVA, BNP Paribas, Deutsche Bank, Rabobank, ICBC, Banamex, Banco de Bogotá, Banco de Chile, Banco de Brasil, Banco Galicia, Banco Pichincha, Banco Atlantida, Banco Nacional de Panama, First Bank (Peru)

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Corporate Treasury & Banking in China

Report date: 
10 Feb 2026

Log in / Register to read the latest CompleXCountries (CXC) commentary on Corporate Treasury & Banking in China has now been published. It adds to a growing archive of corporate treasury knowledge relating to China - Browse 18 commentaries with associated reports here - all sourced from detailed confidential peer discussions between the treasurers of multinational companies with operations in China - the report  includes approaches and experiences with:

  • Regulatory environment and regulatory uncertainty
  • Engagement with regulators and regional variation
  • Cross-border cash pooling frameworks (SAFE and PBOC)
  • Cash repatriation methods (dividends, pooling, intercompany loans)
  • Trapped cash and liquidity management
  • Use and limitations of cross-border and back-to-back loans
  • Decisions not to implement pooling and alternative structures (notional pooling)
  • Relationships with local Chinese banks versus international banks
  • Service quality and challenges with Chinese banks
  • Role and performance of international banks
  • Domestic cash pooling and cash reporting
  • FX management, interest rates, and bank competition
  • Onshore (CNY) versus offshore (CNH) renminbi markets
  • Short-term investments 
  • Funding structures (equity, intercompany loans, onshore bank loans)
  • Supplier financing programmes and associated regulatory/KYC issues

International banks discussed in the report include: HSBC, Standard Chartered, JP Morgan, Deutsche Bank, Mizuho, Commerzbank and Citi

Chinese Banks include ICBC &  Bank of China

Topics covered in this report: 
Cash Pooling - cross border, Cash Pooling - domestic, Notional Pooling, Funding, Money Market Funds, Investments, Supply Chain Finance, Bank Relationships, FX, Hedging FX, guarantees
Service providers discussed in this report: 
Standard Chartered, HSBC, Deutsche Bank, Citi, JP Morgan, Mizuho, Commerzbank, Bank of China, ICBC, amundi

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Corporate Treasury & FX in Brazil

Report date: 
5 Nov 2025

The full report covers current practices in relation to the list below. To read our commentary (analysis and key findings)  please Log In or Register

  • Changes to IOF tax and its impact on FX, loans, and domestic cash structures
  • FX transaction practices 
  • Cross-border funding and capital structure considerations
  • Potential introduction of dividend withholding tax
  • Viability of including Brazil in a notional pooling structure under new rules
  • Use of boletos and e-boletos for collections
  • Adoption and growth of the Pix payment system
  • FX hedging, interest rates and BRL volatility
  • Use of structured products and offshore hedging
  • Investment of surplus cash
  • Payroll practices 
  • Tax payments
  • Working Capital Finance
  • Bank Relationships: local vs. global banks and service levels
  • Regulatory, tax and operating environment in Brazil

Service providers discussed  in the full report: Bradesco, Itaú, Banco do Brasil, Santander, Citi, JPMorgan, Bank of America, BNP Paribas, Bank Mendes Gans, Deutsche Bank, BBVA, Caixa, FXall and 360T

 

Topics covered in this report: 
FX, Hedging FX, Cash Pooling - domestic, Notional Pooling, Funding, Working Capital, Supply Chain Finance, Factoring, Tax, withholding tax, Dividends, Boletos, PIX, Investments
Service providers discussed in this report: 
360T, FXall, BBVA, Bradesco, Itau, JP Morgan, Santander, Bank of America, BNP Paribas, Banco de Brasil, Citi, Bank Mendes Gans, caixa, Deutsche Bank

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Corporate Treasury: Approaches to Cash Pooling

Report date: 
17 Sep 2025

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CXC reports are based on confidential peer discussions between senior corporate treasurers sharing their solutions to complex treasury challenges.

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Topics covered in this report: 
Cash Pooling - cross border, Cash Pooling - domestic, Zero balance accounts, in-house bank, withholding tax, Tax, Notional Pooling, Virtual accounts, POBO/ROBO, Target Balance Account
Service providers discussed in this report: 
Bank Mendes Gans, BNP Paribas, JP Morgan, Deutsche Bank, HSBC, Citi, Bank of America, MUFG, Standard Chartered, Commerzbank, PNC, Bank of Montreal

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Banking & Cash Management Challenges in South East Asia

Report date: 
10 Jul 2025

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CXC reports are based on confidential peer discussions between senior corporate treasurers sharing their solutions to complex treasury challenges.

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Topics covered in this report: 
ASEAN, Bank Relationships, Cash Pooling - cross border, Cash Pooling - domestic, Trapped cash, KYC, Cash Repatriation, FX, Regional Treasury Centre, Regulatory relationships
Service providers discussed in this report: 
JP Morgan, DBS, Standard Chartered, Deutsche Bank, Citi, HSBC, Bank Ayudhya (MUFG), MUFG, Mizuho, Bank of America, Bank of PhilippineIslands, Bank Negara Malaysia, Bangkok Bank, Kyriba, Starfish Digital

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User Experiences with Virtual Bank Accounts

Report date: 
20 May 2025

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Topics covered in this report: 
Virtual accounts, POBO/ROBO, COBO, in-house bank, Cash Pooling - cross border, Cash Pooling - domestic, payroll
Service providers discussed in this report: 
BNP Paribas, Citi, JP Morgan, Wells Fargo, Barclays, HSBC, FIS, Coupa, Blackline, SAP, Deutsche Bank

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Approaches to Investing short-term cash in Corporate Treasury

Report date: 
22 Apr 2025

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Topics covered in this report: 
Money Market Funds, Investing, Risk - counterparty, Bank Accounts
Service providers discussed in this report: 
Westpac, Bloomberg, JP Morgan, Bank Mendes Gans, spotfire, Blackrock, Cachematrix, FIS, 360T, Santander, Itau, Citi, Bank of America, Deutsche Bank, Credit Suisse, Pictet Asset Management

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Corporate Treasury, Banking & FX in India

Report date: 
1 Apr 2025

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Topics covered in this report: 
FX, Hedging FX, Funding, GiftCity, Bank Relationships, Collections - domestic
Service providers discussed in this report: 
DBS, Citi, JP Morgan, BNP Paribas, HSBC, Deutsche Bank, ICICI, HDFC, State Bank of India, Kotak Mahindra Bank, SWIFT, 360T, Bloomberg

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