TECO's Smart Card Division is the main contractor and the driving force of Taiwan's latest national health insurance IC card. On July 1, 2003, 22 million of citizens and residents in Taiwan have started to use their new national health insurance cards with an IC chip on it. The IC card project, which is widely recognized as one of the most advanced in the world, is also the largest single issuance project in the world. In order to accomplish this project within two years, TECO has formed a strong partnership with prestigious companies in the world, such as Giesecke & Devrient (G&D), Hitachi, Infineon Technology, and several domestic IT system integrators. That experience has put TECO's Smart Card Division in an excellent position to develop future business in the banking, security, transportation and smart identification markets. 2004 will be a year of expansion, expand into new market sectors as well as new geographical territories, for the Smart Card Division. This, will certainly become another major milestone in TECO's history of transformation.