[October 18, 2017] |
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Indonesia Takes First Steps Towards a Digital Fiat Currency Solution with eCurrency
PayPro Indonesia announced today that it has partnered with eCurrency
Mint Limited (eCurrency) to provide eCurrency's digital
fiat currency (DFC) solution in Indonesia. This partnership is a
major step for PayPro, leading Indonesia in delivering a high-security
universal digital payment instrument. Through eCurrency's solution,
PayPro's e-money product delivers a cryptographically protected, secure
instrument that ensures no data manipulation, increasing security and
trust for the consumers.
The digital fiat currency solution initiative is to be part of
Indonesia's FinTech regulatory sandbox designed to promote and
facilitate financial technology innovation in the country. While
multiple mobile money solutions exist in Indonesia, the lack of
interoperability and challenges to regulate them have hindered the
adoption and development of digital financial services and true
financial inclusion for all Indonesians. The eCurrency solution
overcomes these challenges.
eCurrency's digital fiat currency tchnology provides a trusted,
electronic means of sending, receiving, storing and transacting
digitally. It is designed to fully coexist with today's coin and paper
currency and offer the same security status and interoperable function.
It uses high security cryptographic protocols to ensure that it cannot
be counterfeited or compromised, while remaining fully transparent. The
secure digital instrument can be held in all e-money wallets and
transacted across all existing payment platforms.
"eCurrency's mission is to preserve the secure and inclusive
characteristics of physical fiat currency in our rapidly emerging
digital world," said Jonathan Dharmapalan, Founder and CEO of eCurrency.
"PayPro's customers will be able to save and transact using a fully
interoperable and secure digital instrument."
"This launch demonstrates our commitment to bringing digital financial
services and true financial inclusion to Indonesia," said Heri
Sunaryadi, President Commissioner of PayPro. "eCurrency's solution
enhances security and governance of the digital ecosystem. We are very
happy to lead the effort to make digital financial services truly
secure, trusted and affordable for all Indonesians."
In adopting eCurrency's digital fiat currency solution, Indonesia is
joining a group of countries that are on the forefront of driving
financial inclusion. The partnership is leading the way towards the
launch of a universal digital payment instrument within a secure
e-commerce ecosystem with enhanced protection for its partners and
customers.
About eCurrency:
eCurrency Mint Limited (eCurrency) enables central banks to securely and
efficiently issue digital fiat currency to operate alongside notes and
coins. eCurrency has pioneered the world's first end-to-end solution for
digital fiat currency issuance and circulation. The company combines
hardware, software, and cryptographic security protocols to provide
central banks the tools they need to preserve their charter and doctrine
as the sole issuer of the national currency in an increasingly digital
economy. By enabling more secure and efficient digital transactions,
eCurrency supports the huge economic opportunities presented by the
global shift to digital payments, including increased transaction
efficiency, financial inclusion, and economic growth.
About PayPro:
PayPro is a product from PT. Solusi Pasti Indonesia (SPI) and was
launched on May 17th 2017. PayPro is an e-wallet that can be
used for many transactions. PayPro enables its users to transact in
various services such as public transportation, lifestyle merchants and
grocery transactions. PayPro is available at Google Play and Apple (News - Alert) Store.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171018006021/en/
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