The Taiwanese subsidiary of tech giant Microsoft has partnered with tech investment company China Binary Sale Technology and High Cloud to create a platform for enterprise blockchain development, according to a press release from Microsoft June 28.

Microsoft will provide its Azure cloud platform as a base for China Binary’s blockchain service. The three-part partnership reportedly intends to transform various industries such as finance, e-commerce, and entertainment, focusing on the Asia-Pacific region.

Taiwan Microsoft’s general manager Sun Jikang expressed his confidence about Microsoft’s ability to improve the security and operation speed of China Binary’s blockchain service. He also highlighted the technical potential of Taiwan, noting its “solid manufacturing” and Research and Development (R&D) foundation, as well as “excellent geographical location.”

China Binary’s founder Sun Jiangtao noted the crucial role of blockchain technology in fintech, business, science and other industries. Following the newly-announced cooperation, Jiangtao emphasized the importance of combining blockchain applications with other technologies, such as Internet of Things (IoT), biometrics, and artificial intelligence (AI).

In late May, Taiwan’s government created a parliamentary blockchain group to promote the development of the technology. On May 14, privately-held Taipei Fubon Commercial Bank announced that it deployed its blockchain-based payment system, reportedly becoming the first bank in Taiwan to do so.