Ethereum-Based Blockchain Payings adopted in Taiwan Bank

A private commercial Taiwanese firm - the Taipei Fubon Commercial Bank, has run a blockchain-based payments system for retail usage, a first in the country
15 May 2018   1999

As reported by the Taipei Times, this bank declared about the adoption of the payment system for local restaurants and merchants on Sunday. The bank is rolling out the blockchain fees system in merchant companies and eateries near the National Chengchi University, a national research university placed in the country’s capital.

The bank first started a partnership with the university in March 2017 revealing a joint-project dubbed the ‘Key Technology and Engineering R&D for Blockchain Payment Network’. While being tested at the university’s own campus, the blockchain payment platform assisted transaction volumes among participating merchants selling lunch-time food to students grow four-fold.

The payments platform works on the Ethereum blockchain by utilizing the Istanbul Byzantine Fault Tolerance algorithm, making it able to scale and substantially decrease transaction times and costs. The bank affirms that transaction times take less than a second on the network, pointing out the advantages of adopting a blockchain-powered system. The project in the whole took six months before the bank began accepting the system in October 2017. In recent weeks it has been using as a payments platform all around the university.

Taipei city officials have already confirmed their intention to use blockchain technology in order to make the city’s capital into a “smart city” with an amount of applications in such spheres as health care, electric vehicle charging using feeless micropayments, monitoring air quality for pollution levels and others.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   297

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.