Indonesian state-run PosPay taps Kinesis to launch Sharia-compliant physical gold trading
“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 partnered with Indonesian state-run postal service PT Pos to launch PosPay Gold, providing the citizens of Indonesia with instant access to Sharia-compliant physical gold trading.
The Kinesis-powered service operates through PT Pos’s existing PosPay Super App in order to provide a Shariah-compliant offering that enables Indonesia’s predominantly Muslim population to own and trade physical gold bullion via their mobile device.
Kinesis Money is a gold and silver-backed monetary system that facilitates the low-fee investment, trade, management, and everyday spending of physical precious metals and digital assets.
“Enriched choices for people who prioritize sharia principles in investing”
K.H. Ma’ruf Amin, Vice President of PT Pos Indonesia, commented: “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.