OAKLAND, Calif.--(BUSINESS WIRE)--eCurrency Mint Limited (eCurrency) announced today that it has partnered with PayPro Indonesia 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 technology 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.
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.
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 Store.