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Kinesis Launches Sharia-Compliant, Gold-Based Digital Money System in Indonesia

Kinesis, the 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 Sharia product, PosGO Syariah.

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.

The nationwide reach of the 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.

PT POS Corporate Spokesman said: “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.”

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.

Thomas Coughlin, Chief Executive Officer of Kinesis, said: “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.”

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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