Indonesia launches PosPay Gold: a Sharia-compliant physical gold trading app powered by Kinesis
“Partnerships like the just realized POSPay Gold in Indonesia will revolutionize the global monetary system and economy and will enable citizens to have access to trading in gold while being sharia-compliant and having the freedom to realize their everyday financial needs.”
Kinesis Money has announced the launch of a gold trading app in partnership with PT Pos, the Indonesian state-run postal service.
Called PosPay Gold, the app provides digital access to Sharia-compliant physical gold trading in Indonesia, fully backed by the Indonesian government, and operates through PT Pos’s PosPay Super App, catering to the country’s predominantly Muslim population.
Kinesis Money is a monetary system backed by gold and silver, offering low-fee investment, trade, management, and spending of physical precious metals and digital assets. The platform redistributes more than half of its global transaction fee revenue back to users as monthly yields. It also provides the flexibility for users to redeem their metals at any time.
PosPay Gold is fully backed by the Indonesian government
The service was first announced in April and officially launched by Indonesian Vice President K.H. Ma’ruf Amin during a seminar in Jakarta. The Vice President noted the importance of an inclusive and sustainable digital ecosystem aligned with sharia principles. “It is necessary to strengthen the development of an inclusive and sustainable digital ecosystem, and colored by the good values of sharia. The innovation “POSPay Gold” in the SuperApp application owned by PT Pos has added to the ranks of world-class achievements of the nation’s children, as well as enriched choices for people who prioritize sharia principles in investing.”
Thomas Coughlin, Founder of Kinesis, said: “Kinesis is thrilled to be part of this groundbreaking milestone. Partnerships like the just realized POSPay Gold in Indonesia will revolutionize the global monetary system and economy and will enable citizens to have access to trading in gold while being sharia-compliant and having the freedom to realize their everyday financial needs.”
Digital and physical gold-based monetary system for government entities
In July, Kinesis partnered with Valaurum to issue a line of co-branded “Kinesis Aurum” with unique custom designs, beginning with two bills containing one-tenth of a gram (100mg) and one gram of gold, respectively.
The precise, micro-layer of gold enshrined within the Kinesis Aurum will be visible from edge to edge throughout each bill and will enable investors, collectors, and gold enthusiasts to store and use their gold in a new way.
Under the collaboration, the Kinesis Aurum is vaulted, minted, and redeemed through the Kinesis Money platform — including as a physical embodiment of the Kinesis gold (KAU) token — and is fully accepted for deposit and minting in exchange for whole or fractional amounts of KAU. The bills are also independently marketed and sold through the Kinesis online bullion dealer, the Kinesis Bullion store.
Through the partnership, Kinesis and Valaurum will also collaborate to offer a comprehensive digital and physical gold-based monetary system to governmental entities worldwide and seek to elevate the global positioning of gold as a viable currency.
