Taiwan Introduces First Finance Blockchain Platform

Taiwan introduced Global Trade Sharing Blockchain, launched by Cathay Financial Holdings and its affiliate Cathay United Bank, which is a financial platform with the aim to create lower risks in information spread across financial institutions and to halt fraud using encryption as duplicate financial transactions were reported as taking place.

After the announcement of the platform being introduced on September 23, upwards to 7 banks have already began to join the group.

Yang Ming Marine Transport and Evergreen Marine Corporation, two Taiwanese liner operators have also joined and advised they have plans to share their bills of lading on the platform.

Lee Wei Cheng the general manager of Cathay United Bank said  “Cathay United Bank will continue to promote peer and cross-industry cooperation, expand the acquisition of data sources, use digital services to accelerate data sharing, improve the operational efficiency and risk control capabilities of financial institutions.”