Taiwan's Biggest Tech Firms Join to Launch Web Brokerage
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Three of Taiwan's biggest electronics firms, together with insurer Mercuries and Associates, have established a new Internet stock brokering venture dubbed Innovation Network Securities Co.
The technology companies behind the new brokerage, which has a capitalization of NT$300 million (US$9.46 million), are Acer, United Microelectronics Corp and Microelectronics Technology.
Innovation Network Securities is aiming to capture one percent of the total brokerage market by November 2002. As of September this year, online trading accounted for 2.33 percent of total trading volume on the Taiwan Stock Exchange.
Analysts see that ratio increasing rapidly. The high level of Internet penetration in Taiwan is expected to facilitate massive growth in many areas of e-commerce and e-business over the next 12 months. According to the government, the number of Net users will top five million by the end of this year, out of a total population of 22 million.
The contest, which offers a cash prize of NT$1.98 million (US$62,500), is being organized to mark the fifth anniversary of the Republic of China Over-the-counter Stock Exchange (ROSE).
In a similar competition held in July, 15,000 contestants took part and conducted up to 10,000 mock trades a day.