Its aim was to finance industrial demand in Japanese-ruled Taiwan and also to promote trade between South China, Southeast Asia and the Japanese possessions in the Pacific.

Having lost its former role as a bank of issue, it remains owned by the Government of the Republic of China.

After the loss of mainland China in the Chinese Civil War by the KMT and its subsequent retreat to Taiwan, the Bank of Taiwan kept printing the island’s banknotes until the Central Bank of China assumed that role in 1961.

Branches have also been established in New York City, Los Angeles, London, and South Africa.

In July 2007, the Bank of Taiwan merged with the Central Trust (中央信託局) as part of a government financial reform package.