Kinesis, the creator of bullion-based currencies traded on the blockchain, has announced a liquidity partnership with Finemetal Asia, a specialist distributor of physical precious metals. Finemetal Asia will be providing liquidity for the soon to be launched Kinesis currencies, which are based on allocated physical gold (KAU) and silver (KAG) and traded on the Kinesis Blockchain Exchange (KBE). Finemetal Asia, in cooperation with Argor Heraeus, is based in Hong Kong and covers multiple Asian physical bullion trading locations. Among its customers are some of the largest jewellery chains and gold dealers in the world. The strategic partnership will boost the liquidity available for users of the Kinesis currencies and enhance relevant real-time price assurance. Ryan Case, Head of Sales & Trading at Kinesis, comments: ‘It is great to see this support coming from the physical bullion industry. We’re setting out to deliver an evolution of the precious metal market and implement a practical and efficient method for physical bullion to be used as a medium of exchange. As we do so, support from key liquidity partners such as Finemetal Asia greatly increases our standing.’ Pádraig J Seif, CEO of Finemetal Asia Ltd, adds: ‘We are excited by the opportunity that Kinesis presents and are ready to participate as gold and silver trading evolve into the digital era. As one of the initial members of the Allocated Bullion Exchange (ABX), we have seen its potential to increase our presence and two-way liquidity across multiple trading hubs. Similarly, we see great potential to add to our physical bullion liquidity by providing liquidity for the gold- and silver-based digital Kinesis currencies.’ Kinesis was founded by Allocated Bullion Exchange (ABX). ABX already has the extensive infrastructure and fully operational technology for the trade and storage of physical bullion in 7 locations around the world. About Finemetal Asia: Finemetal Asia Ltd. is a specialist distributor exclusively of Argor Heraeus (Switzerland) produced physical precious metals. Based in Hong Kong, it primarily serves the Hong Kong market, but has recently expanded into Taiwan, Malaysia and Japan. Among its customers are some of the largest jewellery chains and gold re-sellers.
In partnership with ABX and PT Bullion Ecosystem International, Kinesis has launched the first government-backed, sharia-compliant, gold-based financial infrastructure ever created. Jakarta, London, 16th April 2021: Kinesis, the monetary system based on 1:1 allocated physical gold and silver, today announces 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. 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. Key representatives, including the President Director of PT POS and top government officials, will present the mobile application along with the vision for Indonesian financial services at a press conference on May 21st 2021. 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." 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.”