Bankee of FEIB and StockGo starts a new business model of supervision sandbox

        The cooperation project “new network fund exchange platform FundSwap” between Far Eastern International Bank Bankee and the science and technology industry "StockGo" has been officially approved by the Financial Supervisory Commission. The cross industry innovation convergence of financial industry and technology start-up was jointly carried out by Far Eastern International Bank Bankee community bank, which was awarded the "best innovative business model digital bank Award" and owns four major initiatives and 23 innovation patents, and financial technology company "StockGo" that has obtained two mutual fund "invention" patents. It is the only new business mode in sandbox, which is expected to be officially launched at the end of 2019 and will redefine the traditional fund trading mode. In the past, people paid 1.5% - 3% commission for buying funds, and it would take another 5-7 days to redeem funds. This sandbox experiment is the first in the world, using blockchain technology, so that investors can trade and exchange mutual funds in real time. "Fundswap" uses the feature of blockchain's account that can’t be changed to conclude the transactions between customers quickly and directly in a safe and trusted environment, even customers are unfamiliar with each other. At the same time, in the experiment, the current service charge framework was broken, and subscription system was adopted. As long as the participants were the clients of the community bank of Far Eastern International Bank, and had opened a security account in StockGo, they would become members by starting subscription. Under certain conditions, no matter how many lines or how many funds are traded or exchanged on the platform, there is no need to pay the service charge and enjoy the experience of real-time trading, which has solved the long-standing weakpoint of fund investment and financing.

        The subscription and fund will be placed in the trust account of Far Eastern International Bank. StockGo will also deposit the business deposit, which is safe and secure. The exchange of funds among members will be conducted on the basis of the net value announced by the fund company at present. During the experiment, there will be a maximum number of experimenters, and the domestic and foreign funds approved by the financial supervision commission can be traded in New Taiwan dollars or US dollars. Yang Shaoming, founder StockGo, said: " StockGo focuses on solving the weak points of fund investment transactions. If this sandbox experiment succeeds, it may become the first case for technology companies to become financial institutions and obtain the limited license of securities firms. The original intention of the core team to leave the comfort zone and enter the business is to inject an energy of iterative upgrading into the financial industry. I'm very lucky to get the support of Financial Supervisory Commission and Far Eastern International Bank this time. I hope this big step from StockGo will drive more financial technology practitioners to be more confident! Far Eastern International Bank set up Bankee community bank enterprise lab in the FinTechSpace. Bankee is expected to be the platform to support the financial and technological start-ups. Dai Songzhi, vice president of the digital financial business group of Far Eastern International Bank, said: "this supervision sandbox test, a point-to-point community transaction mode based on blockchain, reduces the time of transaction of purchase and redemption, which is a breakthrough. After this experiment is passed and become large-scale, it will affect the traditional fund trading ecology. The core of Bankee community bank design is to build an open baap (bank as a platform) to provide the connection between enterprise financial flow and innovative business model. This experiment is an embedded financial model. In the future, Far Eastern International Bank will continue to work with more financial technology industry and strat-ups to create Bankee "financial department store" with an attitude of being an open platform. We will strive to improve the financial service network and create a new and unique digital bank. "This epoch-making cooperation has brought cross-border, innovative, professional and other multiplier benefits to the Far Eastern International Bank community bank platform, and jointly created a diversified financial vision. Wei