Kinesis launches gold-based, digital Shariah product in Indonesia
Kinesis, a monetary system based on 1:1 allocated physical gold and silver, has announced the soft launch of PT Pos Indonesia’s physical gold-based digital Shariah product, PosGO Syariah.
PosGo Syariah is the first Islamic mobile ecosystem business in Indonesia, as supported by the Shariah Supervisory Board formed by the National Shariah Council. With full backing from the Government, the Shariah-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.
The nationwide reach of government-run postal service, PT Pos, opens up the Shariah-compliant, economic stability of physical gold to the entire population of Indonesia, including unbanked and underbanked communities. As the largest non-bank institution in Indonesia, PT Pos is positioned to offer the Indonesian population financial access through 24,000 physical service locations across the country.
Through integrating the Kinesis technology and monetary system, the PosGO Syariah app provides Indonesian citizens with ‘PosGold”, a digitalised physical gold trading platform and ‘Switch’ for real-time peer-to-peer transfers of both gold and fiat balances. 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.
This partnership between PT Pos, Kinesis, ABX, ICDX and PT Bullion Ecosystem International is one of the largest public-private partnerships in economic history.
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 21 May 2021.
PT POS Corporate Spokesman says: "PosGo Syariah is a large ecosystem that integrates many parties to be able to actively conduct trade, business, service, utility, financial transactions as well as an ecosystem that integrates the supervisory work processes of all regulatory agencies in Indonesia with the aim of improving the quality of protection for the community as consumers and forming a systematic solution ecosystem for a better community life."
Thomas Coughlin, Chief Executive Officer of Kinesis, says: “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.
“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.”