Kinesis builds gold-based blockchain system in Indonesia

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Euromoney, April 29 2021

A new gold-linked product being distributed through Indonesia’s postal service raises interesting ideas about financial inclusion, parallel monetary systems, blockchain and Islamic finance.

On April 16, a company called Kinesis soft-launched a physical gold-based digital Shariah-compliant product called PosGo Syariah. It is government-backed and run through the 24,000-location network of PT Pos, the state postal service.

Customers use an app to access PosGold, which gives them digital ownership of gold underpinned by physical metal in a Jakarta vault, together with the opportunity to transfer money between gold and fiat balances.

The platform also offers a payment gateway, E-Wallet service and a gold-based community savings programme for Hajj and Umrah pilgrimage trips.

Kinesis’s founder is Thomas Coughlin, a veteran of the investment, funds management and bullion industries, and who has long been a believer in the potential to transform global monetary systems through the digital integration of physical gold and silver into the economy.

In this project, Kinesis is working with electronic institutional precious metals exchange Allocated Bullion Exchange – Coughlin is chief executive of both – as well as PT Bullion Ecosystem International, an Indonesian e-commerce and financial technology company.

Read the full article here

Chris Wright
Chris Wright
Chris is a journalist specialising in business and financial journalism across Asia, Australia and the Middle East. He is Asia editor for Euromoney magazine and has written for publications including the Financial Times, Institutional Investor, Forbes, Asiamoney, the Australian Financial Review, Discovery Channel Magazine, Qantas: The Australian Way and BRW. He is the author of No More Worlds to Conquer, published by HarperCollins.

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