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Indonesia eyes greater financial inclusion with gold-based blockchain system
By Tracy Hu and Rebecca Isjwara
S&P Global, New York
Monday, May 31, 2021
The Indonesian government's plan to launch a blockchain-based, precious metals-backed payments and savings platform outside the banking system will likely drive financial inclusion further in a country where about 51% of adults, or 95 million citizens, are unbanked.
Developed by Indonesia's state-owned postal service, PT Pos, and foreign token provider Kinesis, PosGO Syariah is a Shariah-compliant mobile platform that allows users to trade gold and silver with physical delivery, as well as save, transact, and manage their wealth in digital tokens without bank accounts.
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PosGO, supported by the country's National Sharia Council, offers digital access to gold and is touted as the first Islamic mobile ecosystem business in Indonesia.
The supply of physical gold, which the developers believe will likely attract most volume due to affinity among the locals, comes from Kinesis' partner and founder, Allocated Bullion Exchange, an online trading platform. Kinesis and PT Pos are building a vault to store the physical gold inside the country. Kinesis CEO Thomas Coughlin also heads the Allocated Bullion Exchange. ...
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