TAIPEI (Taiwan News)—There has been much activity in the FinTech industry in Taiwan lately following Apple and Samsung’s launch of their mobile payment apps, but before that Taiwan’s Depository and Clearing Corp. (TDCC) already launched an advanced business to business (B2B) mobile app targeting investors, stock brokers, consultants, financial institutes, and companies.
TDCC and its app development partner Chunghwa Telecom (中華電信) officially launched the latest version of the ePASSBOOK app on Friday at Songshan Cultural and Creative Park (松山菸文創區) in the Xinyi district of Taipei.
The ePASSBOOK app, which has been available for download since March 29, 2017, received about 70,000 applicants from financial institutes, and more than 60,000 users have downloaded the mobile app,” said TDCC Chairman Sherman Lin (林修銘).
ePASSBOOK is an advanced multi-functional FinTech app that allows investors to register their passbooks from every bank into the mobile app, which is compatible with iOS and Android phones.
In addition, the app allows users to check their bank account, investment portfolio, the stock market in real time, and receive investment information updates from industries they are interested in, and even includes an e-voting system for company board members and shareholders.
“Currently, the e-voting system is open to 1,100 companies, with 600 voluntarily using the feature and 500 that are regulated by laws to mandatory use the system,” Lin added. “By 2017, all listed companies on Taiwan’s bourse will have to adapt the e-voting system.”
TDCC collaborated with six major local financial institutes including Yuanta Securities (元大證券), Masterlink Securities (元富證券), Sinopac Financial Holdings (永豐金控), Shin Kong Group (新光金控),Taipei Fubon Bank (台北富邦銀行), and KGI（凱基銀行) to promote the app to investors.
The company has been working with international partners including Clearstream and JP Morgan, but Lin did not specify whether the partnership was for ePASSBOOK developments.
As for the next phase of app developments, ePASSBOOK will take the leap from being a financial B2B app to a business to consumer (B2C) app making it widely available for public usage, which will be a challenging task, said Lin.
TDCC convened 34 securities companies in Taiwan in October 2016 to launch the complex financial app platform, which took years of research with the aid from technology partner Chunghwa Telecom to develop.
Taiwan’s largest telecom company had to gather specialists from 10 different fields, including Internet, mobile software, cybersecurity, FinTech, and others to make the complicated multi-functional ePASSBOOK app, said Chunghwa Telecom representative.
Development of the app and a new anti-money laundering platform originated from the Tsai Administration’s FinTech technology and anti-money laundering policies, said Lin.
“We are now also offering our client list and information on an anti-money laundering platform that grants non-financial sector personnel to search their investment data, verify and evaluate financial investment records,” he added.
The platform will be accessible to securities companies, securities investment trusts and consulting associations, Farmer and Fisherman Associations (農漁會), credit unions.
To meet the government’s anti-money laundering goals next year, the company is working with the Financial Supervisory Commission (FSC) (金管會) to make the platform accessible to non-financial sectors, such as law firms, jewelers, accounting and auditing firms.
Other honorable guests at the initiation ceremony of TDCC ePASSBOOK included FSC Vice Chairman Cheng Cheng-mount (鄭貞茂) and Taiwan Securities Association Chairman Chien Hung-wen (簡鴻文).