IOTA Enters Finance Industry by Joining Forces with SinoPac Financial Holdings Taiwan


IOTA has signed an MOU with one of the largest Taiwan-based banking holding company, SinoPac Financial Holdings. With a global presence and multiple financial services provider, this partnership marks IOTA’s entry into the mainstream industry.

IOTA signs MOU with SinoPac financial holdings

IOTA is slowly but gradually trying to make into the mainstream as it collaborates with companies that are established and has a wide customer base. After automobile industry, IOTA is now entering the financial sector by collaborating with SinoPac. SinoPac Financial Holdings Company Limited is a Taiwan-based company that offers a wide range of financial services like securities, banking, venture capital, leasing, investment trusts among others.

Tina Chiang, Senior Executive Vice President, Chief Digital & Technology Officer at SinoPac commented:

“We are pleased to partner with IOTA in distributed ledger technology.”

IOTA Foundation and SinoPac have signed a Memorandum of Understanding that is effective immediately. By leveraging the Tangle technology of IOTA, the collaboration will be exploring the “new digital innovation landscape”. SinoPac has already been exploring blockchain and DLT, and now trying to work out IOTA Tangle which is “an open-source permissionless distributed ledger technology.”

Also, read: IOTA Provides Transparency on its Future R&D and Project Pipelines

Making a mainstream move

The company has been already utilizing IOTA Tangle and its data immutability for the past few months to develop its notary solution, iCertificate. She further shared,

“With IOTA’s support, iCertificate was developed as a flexible and extensible service, which efficiently consolidates the bothersome landscape of many individual and different digital certification authorities into one platform.”

According to her, iCertificate is a required notary service in a wide range of industries like education, trading, supply chain, and public utilities. In order to lower the risk of sensitive data leakage, it creates a hash as a unique fingerprint which is signed by the private key of the issuer that encrypts the digital document. The Head of Business Development at the Norway office of IOTA Foundation, Wilfried Pimenta de Miranda commented:

“IOTA is thrilled to see SinoPac take their notary certification platform to the next level. It not only demystifies IOTA’s potential to use the Tangle in a wide variety of corporate products and services, but also demonstrates the increasing practical and real world usage of distributed ledger technology in the financial sector.”

She further added,

“SinoPac’s cutting edge innovation is showing how DLT can improve and enhance the security of data-sensitive services and we are looking forward to continue to explore new digital innovation landscapes made possible by the IOTA Tangle technology.”

SinoPac has a global presence with offices in prominent cities like Hong Kong, Los Angeles, Shanghai, London and many more. Collaboration like these certainly widens the scope and adoption of IOTA.

At the time of writing, IOTA has been at $1.07 with a loss of 7.21 percent in the past 24 hours while sitting at 9th position, as per Coinmarketcap.

What do you think of IOTA’s latest partnership? How do you think this will affect IOTA and its prices? Share your thoughts with us!

The post IOTA Enters Finance Industry by Joining Forces with SinoPac Financial Holdings Taiwan appeared first on Coingape.

Written by Anjali Tyagi @ June 22, 2018 Anjali Tyagi

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