Fubon Financial

Fubon Financial Holdings Made Breakthrough Application of Blockchain Technology Introducing New Payment Tool - "Fubon e-Wallet"

2017.06.21

Fubon Financial Holdings has once again made breakthrough in the application of blockchain technology! The Company made an announcement today (the 21st) that it will be launching a new intra-group payment tool called "Fubon e-Wallet," which is a bookkeeping/value transfer/information exchange service that takes advantage of the inalterability, encryption, and traceability of the blockchain technology. "Fubon e-Wallet" will first be used internally within Fubon Financial Holdings for the taxi booking service. By utilizing blockchain features, Fubon e-Wallet has the potential to improve the convenience of taxi booking payments and accuracy of the bookkeeping process, and ultimately save time and cost for the Company.

Fubon's internal taxi booking service was launched in collaboration with HelloTaxi, with technical support from Industrial Technology Research Institute. Using Fubon e-Wallet, employees may simply call a taxi and press the confirm button upon arriving the destination without having to enter the amount of payment or pay cash or wave a card at a reader. For employees, this new service simplifies the taxi booking procedures and saves paperwork on expense claims; for the Company, the use of blockchain technology improves the accuracy of taxi booking and bookkeeping; and for taxi drivers, this service saves them the need to install or use additional card readers. By optimizing process and user experience for drivers, passengers and the Company, Fubon e-Wallet is truly a multi-win solution.

Chris Tsai, founder of Fubon Financial Holding ITO, said that the Company is highly invested in the development and application of blockchain technology; it even has an internal blockchain team assembled to coordinate with various subsidiaries on how to apply this new technology. The blockchain technology and application have progressed to a stage that is ready for deployment, and will first undergo a trial run within Fubon Group. Once the laws are passed, the technology will be applied on a greater scale to give everyone a better and more efficient payment experience.

Fubon Financial Holdings is dedicated to pursuing innovative financial service and has invested actively into financial technologies (Finfech). In 2015, the Company founded an "Innovative Technology Office" (ITO) that specializes in the development of electronic payment, financial advisory artificial intelligence, healthcare, big data, biometrics, and cross-industry alliance. Significant resources have been invested to coordinate with elite talents local and abroad to study and experiment the blockchain technology and its applications. In the beginning of this year, Fubon Financial Holdings sponsored "BraveLog," Taiwan's first non-financial blockchain application and world's first sports block blockchain, which was created for the purpose of recording sports data and players' participation history. The recent launch of "Fubon e-Wallet" as an intra-group payment tool shows the level of ambition and determination that Fubon Financial Holdings has with respect to Fintech and blockchain.