Originally published on APAC CIO Outlook Top 10 Blockchain Technology Solution Providers 2019
Financial institutions have been undergoing an extensive digital transformation for quite some time now and are increasingly embracing online banking. Today, these institutions keep track of users’ complete banking activity and collect their data the way Google and Facebook do, which has a direct impact on consumers’ financial freedom and privacy. In addition, centralized exchanges or trading platforms that function like traditional stock markets are known to maintain control over all transactions and store private keys that users access their accounts with. This makes it simpler for hackers to access sensitive information, thus increasing the risk of identity and asset theft. Enhancing the transparency of transactions and making them secure as well as seamlessly audible is Hong Kong-based TideiSun Group, a provider of enterprise applications based on public blockchain. “Blockchain is beyond pure technological revolution, its outreach will profoundly change the human society’s structure like the steam engine did centuries ago. Creating trust, credibility, and equal opportunity out of the trust-less world has been out goal since the founding of TideiSun in 1992,” states Mr. Chen Ping, Chairman of the company, a well-quoted entrepreneur and scholar most known for satellite station, Sun TV.
TideiSun Group pilots the migration of organizations from traditional systems to new, emerging technologies and facilitates a better and more efficient way of transferring liquid as well as digital assets. “We bridge the gap between digital assets and fiat currencies, promote the exchange and management of digital assets, and accelerate the enterprise adoption of the blockchain,” states Ms. Robin Xie, CEO of the company and former Wall Street veteran. To enable users to start banking with just phone numbers or email addresses, TideiSun offers iSunOne, a banking solution on blockchain offered to 2 billion unbanked population, which combines deposit, trading, withdrawal, global payment into one single step, along with eliminating the threat of cyberattacks. “The distributed and decentralized nature of public blockchain helps the company’s solutions detect frauds more effectively. We use proprietary cryptographically scaling to execute millions of transactions per second at a lower transaction fee on the public blockchain,” states Mr. Jun Ma, CTO of the company and early Bitcoin player, who first adopted the “proof of work” methodology in high-end advertisement service industry since 2008.
In addition, the company offers TideBit, one of the largest and safest fiat-to-crypto currency exchanges in Hong Kong, along with crypto-to-crypto exchange Tideal, that is primarily active in Southeast Asia with more than 100,000 users. With TideBit, the company dominates around 60 percent of the Hong Kong fiat to crypto market, owning up to 50,000 Bitcoin in a city where one to two percent out of six million people buy or trade Bitcoin. “TideBit is the world’s first exchange to offer Hong Kong dollar to Ethereum, EOS and Neo trading, in additions to its ability to receive and send USD, Euro, and Turkish lira,” states Mr. Terence Tsang, COO of the company. All of these exchanges record everything on the public blockchain.
TideiSun functions with fiat currencies, XPA, Bitcoin and Ethereum (an open source, public blockchain-based distributed computing platform that generates the Ether cryptocurrency. Using these currencies as collateral, the company issues its own stable tokens for multipurpose digital transactions. The advantages of these offerings can be best exemplified by TideiSun’s contract with a chain of dentists spread across five different locations in Taiwan. The client had issued their own tokes for transactions without any thorough research of the ecosystem, whereas most go the customers who weren’t aware go Bitcoin or Ethereum preferred to pay using fiat currencies. TideiSun developed a customized business solution that catered to both the crypto and non-crypto payers, enabling point-to-point payment with zero transaction fees. The solution proved easy-to-use and had resemblances with PayPal, except for being based on public blockchain.
TideiSun also offers a decentralized, point-to-point lending platform named Crebit, which allows users to borrow real-world assets or fiat currencies with the interest being paid in Crebit tokens. The platform generates unique credit contracts and creates smart protection funding contracts to help lenders get funding. The company is currently developing a private chatting room to make sure the private key is held only by the respective user and that their sensitive information is not stored or encrypted in any server. “We think it’s significant to combine privacy chatting with peer-to-peer payment system, and the chatting room will hit the market within two months,” concludes Robin.