The blockchain revolution is catching the world by storm. As the adoption of latest technology in banking and financial sector picks up in the developed nations, other countries are preparing themselves for the eventual shift from conventional platforms to distributed ledger based applications. Taiwan has now started to explore new technology solutions for its financial sector.
Yesterday, a Taiwanese news publication reported the country’s securities industry’s interest in new-age financial technologies to expand its business operations. The securities industry representatives have expressed the need for an upgrade in a recent seminar on fintech development organized at the Taiwan Stock Exchange.
According to reports, some of the participants in the seminar referred to the developments in foreign securities industry while discussing the future roadmap for the domestic industry. When compared with fintech innovation in the international market, the implementation of blockchain technology in the domestic market is the most logical choice for Taiwan’s securities industry.
The brokerages and affiliates in Taiwan already have some of the advanced IT infrastructures like cloud-based platforms, big data and social analytics in place. However, compared to the rapid changes in the international scenario, these infrastructure components will soon be categorized as legacy systems.