[Blockchain Today Reporter Jang Myeong-gwan] Samsung Gold and Singapore’s GAT Foundation signed a detailed business contract with PAYAGO, one of the Indonesian government-approved voucher issuers, in February 2023 regarding listing on Indonesia’s INDODAX Exchange.
Indonesia’s PAYAGO is PT. It is a brand company under Bisa Galata Teknologi. PAYAGO is a huge platform that provides financial technology and e-commerce systems to ecosystems such as “Koperasi” and “BPR” (Bank Perkreditan Rakyat). Payago started in 2017 as a digital wallet platform for startups of ID-Opentech Group and became independent as a tech finance company in 2018.
Today, Payago is better known as a technical and business consultant in handling cryptocurrency projects, especially listings and campaigns in Asian markets. Payago is a platform for Indonesia’s cryptocurrency ecosystem, providing financial services such as savings, investment, and a loan system that can be linked to existing cryptocurrency projects.
At the conclusion of this contract, Mr. Taufik Ganesha and Mr. Raine Renaldi attended directly as a representative of each company. Mr. Taufik Ganesha is a PT. President of Bisa Galata Teknologi and PAYAGO Fintech, Mr. Raine Renaldi is currently the chairman of the ID-OPENTECH group and has a wide range of activities in the refining world, to the extent that she co-founded KSDI (Koperasi Syariah Digital Indonesia) in 2018 with a senior Indonesian bank and financial institution.
In particular, Indonesia is one of the countries with the fourth largest population in the world and a fast-growing cryptocurrency market. Currently, 13 cryptocurrency exchanges are operating under the approval of the Indonesian government. Among them, two exchanges are recognized as Indonesia’s representative exchanges, and INDODAX is said to be considered the number one cryptocurrency exchange in Indonesia. Cryptocurrency traders in Indonesia account for a large proportion in their 20s and 30s, and this is because cryptocurrency is highly recognized as a digital asset with high potential for future development among young people.
Through this business contract, Samsung Gold and Singapore’s GAT Foundation are incorporated into Indonesia’s sustainable marketability and institutional system, so they can sign contracts with local entrepreneurs familiar with gold business and cryptocurrency based on market stability with minimized risk. By signing the agreement, barriers to entry into the Indonesian market were minimized. In particular, the GAT token of the Singapore GAT Foundation is currently listed on Uznex, the only cryptocurrency exchange in Central Asia operated by the Uzbekistan government. It is said that it is certain that this will be further realized.
Samsung Gold is a precious metal import/export and wholesale/retail business that has provided smooth supply and demand for precious metal products in Korea and competitive prices based on decades of know-how in Korea. Payago was greatly recognized and signed a business contract. With this contract, Samsung Gold has achieved the achievement of pioneering a new channel to import, export and distribute precious metal jewelry products in Indonesia.
The GAT token, which is modeled on the profits related to the gold business of Singapore’s GAT (Gold Apple Token) Foundation, which signed a business contract together, plans to supply abundant product liquidity in connection with international gold trading and renewable energy fields.
In addition, as a follow-up to this business contract, the GAT Foundation recently signed a joint business contract with Blitz Investment Development Co., Ltd., which has the only ultra-high-speed eco-friendly gold extraction technology in Korea, and currently has the world’s largest Muruntau gold mine and world’s leading gold mines. He explained that he would accelerate the progress of the gold mining project for which an MOU was signed with the National Geological Minerals Commission of Uzbekistan.
In particular, the strategic joint business contract with Blitz Investment Development, which has contracts with the world’s largest mine development projects in the United States, Mexico, Chile, Guinea, Australia, and the Philippines, as well as iron and nonferrous metal production and extraction projects through these eco-friendly ultra-high-speed extraction technologies, It is expected that it will further solidify the position of the dividend-type real asset coin.
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