Taiwan state-owned banks strengthen blockchain applications.Fight against the internet-only banks.
【Published by: COMMERCIAL TIMES | Editor: Sun Bin-Xun | Translator: Statecraft 】
FinTech’s business opportunities are endless, and three pure online banks (Future Bank / Rakuten International Bank / LINE Bank) are about to open this year, so state-owned banks are actively strengthening the practical use of blockchain.
First Commercial Bank has launched the “Migrant Worker Remittance Blockchain Platform” and “Interbank Foreign Currency Cash Blockchain Platform”. The “Interbank Foreign Currency Cash Blockchain Platform” is a foreign currency cash transaction platform between First Commercial Bank and its peers. It provides accurate and secure information for both parties and reduces the risk of manual operations. Currently, many peers use this platform for foreign currency cash banknote trading.
First Commercial Bank expects to launch a “Blockchain File Transfer Platform” in the first quarter. Customers can transfer files between this platform and banks to perform financial services, which will provide customers with better service experience and effectively reduce transmission risks.
In order to promote the development of innovative financial technology, Land Bank of Taiwan participated in the “Financial Blockchain Research and Application Development Committee” established by Financial Information Service Co., Ltd. in 2016, and launched the “Financial Blockchain Confirmation Services” in 2019. Sending and replying confirmation of correspondence through the network platform, greatly saving the manpower, material resources and time of data exchange, and solving the loss and re-issuance of paper confirmation, etc. In the future, it will cooperate with government policies and continue to promote the application of blockchain.
In view of the huge potential of the blockchain, Taiwan Cooperative Bank has been a partner of the “Asian Blockchain Summit ABS 2019” last year, be a member of the “Financial Blockchain Research and Application Development Committee” of Financial Information Service Co., Ltd., and members of the “Application Promotion Group” working group of Taiwan Blockchain Academia of the National Development Association. Taiwan Cooperative Bank will continue to pay attention to the development of the blockchain and participate in possible application fields.
Hua Nan Commercial Bank’s current application of blockchain technology in the “Financial Blockchain Confirmation Services”. Using blockchain internet transmission, decentralized account books, encryption mechanisms and other functions, it has greatly reduced the time of confirmation of credit operations and protected data. Security, standardization of data content, low cost, etc. By the end of 2019, 65 accounting firms have cooperated with Hua Nan Commercial Bank, counseled more than 800 companies to go online, and completed more than 3,000 e-confirmation. All performances are among the best in the industry And Hua Nan Commercial Bank only needs 2 business days to reply to an e-confirmation, which takes about 14 business days compared to the traditional paper confirmation, which greatly improves the operating efficiency.
Taiwan Business Bank launched the “Financial Blockchain Confirmation Service’’ in September 2018, participating in the “Financial Blockchain Confirmation Service’’ developed by Financial Information Service Co., Ltd., accounting firms and financial institutions. Using blockchain technology will digitization of paper correspondence to solve the current problem of correspondence operations.
Taiwan Business Bank expects to provide financial blockchain confirmation operations in the first quarter. It interfaces with the Financial Information Service Co., Ltd. “Financial Blockchain Confirmation” system through APIs. The “Enterprise Agreement Authorization” and “Confirmation Reply” cases are incorporated into the bank’s “Correspondence Case Management and Controlled Operating System”, and the system will automatically send relevant units and respond online.
■ Source: COMMERCIAL TIMES
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