IOTA and SinoPac Cooperation. IOTA have now established a partnership with SinoPac, a major financial holding company in Asia, which will see both parties explore fintech innovation.
What is SinoPac?
SinoPac Financial Holdings Company Ltd., is a bank company created in 1992 by Samuel Yin and Paul L. who offer financial services with a solid business network and a highly innovative product portfolio.
What is IOTA?
IOTA is a non-profit foundation based in Germany and launched in June 2016, its main objective is to improve the adoption of the protocol with a view to making it a standard.
Currently this association is formed by: David Sonstebo (founder of IOTA), Dominik Schiener, Serguei Popov (Mthcl), Sergey Ivancheglo (Come-from-Beyond), Gianluigi Popov.
Cooperation of IOTA and SinoPac
In a blog post released on Friday, IOTA announced that both parties signed a MoU to innovate using Tangle technology. Holger Kother, Head of Partnership at IOTA Foundation IOTA noted that an effective MoU will soon position both parties as innovation leaders in the sector.
Taiwan-based SinoPac as a major financial player in the Asia Pacific region is one of the companies that has explored ways to improve its service offerings. It uses Tangle technology developed by IOTA to develop its products, iCertificate and hope to explore further as well as other distributed ledger technology (DLTs).
iCertificate can be used both in the private and public sectors to ensure data security, this is achieved through IATA and special hash encryption. Tina Chiang, Senior Executive Vice President, Chief Digital & Technology Officer for SinoPac described the importance of iCertificate. He says:
"ICertificate is a notary service that is always required in digital certification applications, not only in education or public utilities but in the trade and supply chain industries."
Wilfried Pimenta de Miranda, Head of Business Development at IOTA said that IOTA is delighted to see SinoPac bring their notary certification platform to the next level. He continues:
"This not only demonstrates the potential of IOTA to use Tangles in a wide range of enterprise products and services, but also demonstrates the increasing practical and real world usage of distributed technology in the financial sector."
IOTA has many strategic partnerships including agreements with Volkswagen, and more recently, Nordic Semiconductors are continuing to innovate in the field of Internet of Things (IoT)@BPI
