Digital Financial Technology Forum in Taiwan

He Qing-Yuan, Deputy General Manager at CTBC Financial Holding, also urged the entire community to get involved in P2P solutions, describing the relevance of this field for the development of the FintTech industry. According to Luisa Monti, member of the CRIF Spa Regulatory & Innovation Development team, CRIF will become an important stakeholder thanks to the rise of blockchain technology and its potential applications.

Zhu Bai-Fan, Baidu General Manager of the Financial Development Department, claimed that the blockchain can effectively establish an anti-fraud and credit risk model, exposing the so-called “black chains” (chains that are potentially at risk). Su Zhi-Cheng, President of Singapore DCTrade Consultants, encouraged banks to deal with terrorist financing, and Joanna Yang, CEO of LnB, stated that the rise of FinTech will bring a new lending experience to the Taiwanese community through P2P services.

In particular, Luisa Monti defined CRIF’s blockchain logic as that of establishing a decentralized and trustworthy system. Since the peer-to-peer trading model on the internet doesn’t have any trusted security check mechanism, CRIF’s current goal is to become an important authentication mechanism in the blockchain, defining a trustworthy environment.

This verification will be implemented to avoid unauthorized alteration of the data uploaded on the internet. Unlike traditional centralized technologies, due to the fragmented nature of the blockchain, CRIF’s transmission mechanism works on the links between every single transaction, helping users fully grasp the independently-controlled management, procedures and sharing process.