Kinesis Launches Government-Backed Monetary System In IndonesiaApril 16, 2021
Kinesis, together with the Indonesian government, has announced the soft launch of PT Pos Indonesia’s physical gold-based digital Sharia product, PosGO Syariah.
The project is the first national project of its kind whereby the Indonesian government is integrating gold exchanging technology into its financial infrastructure, and in a system which is fully Sharia compliant because it is not a debt-based system.
According to Kinesis, PosGo Syariah is the first Islamic mobile ecosystem business in Indonesia, as supported by the Sharia Supervisory Board formed by the National Sharia Council. With full backing from the Government, the Sharia-compliant platform enables Indonesia’s predominantly Islamic population to manage their wealth, trade, save and transact in the debt and interest-free gold bullion via mobile device.
“Through integrating the Kinesis technology and monetary system, the PosGO Syariah app provides Indonesian citizens with ‘PosGold”, a digitalized physical gold trading platform and ‘Switch’ for real-time peer-to-peer transfers of both gold and fiat balances,” Kinesis said. “The platform also offers ‘Pos Pay’ a payment gateway and E-Wallet service and ‘Gold To Mecca’ a gold-based community savings program for Hajj and Umrah pilgrimage trips.”
The platform is live and being rolled out firstly to PT POS’s 45,000 employees. In subsequent months, the platform will be rolled out nationwide across Indonesia. Key representatives, including the President Director of PT POS and top government officials, will present the mobile application along with the vision for Indonesian financial services at a press conference on May 7th 2021. This project marks a significant milestone for Indonesia as it will provide vital financial access to unbanked citizens across the country, and support Indonesia’s efforts of achieving the UN’s Sustainable Development Goals (SDG) in numerous ways.
“This a pivotal moment in the Kinesis journey. We are proud to be working with the Indonesian national government and all the partners involved in this momentous project. People are increasingly moving away from traditional currencies and I am humbled to present Kinesis as a robust and scalable solution for digitalised and mobilised gold as a currency,”said Thomas Coughlin, Chief Executive Officer of Kinesis. “Crucially, this project shows just how the Kinesis technology can be applied in the real world at a national level. Through public private partnerships, which are a core part of our DNA and driver for innovation, we will continue to work with nations across the world to deliver viable solutions for the transformation of an outdated monetary system.”
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