Introduction

Kinesis has formed a strategic long-term public-private partnership (PPP) with the Indonesian state-run national postal service, PT Pos. The landmark, nationwide integration of Kinesis payments and savings technology opens up shariah-compliant, physical gold as a currency for the entire population of Indonesia.  

Through the PT Pos mobile application - PosGo Syariah - Kinesis offers all Indonesian citizens low-cost access to gold savings programs, as well as remittances and everyday payments in physical gold.

With full backing from the Indonesian government, the payments and savings infrastructure of Kinesis is set to provide the unbanked and underbanked communities of Indonesia with vital financial access.

Challenges

Poor financial access

Across the nation of Indonesia, an estimated 70-80% of all citizens are unbanked or underbanked. These Indonesian citizens are left stranded outside of the financial system, deprived of financial access. Unable to save funds securely, the unbanked and underbanked live with no financial security. 

Exploitative remittance services

Limited remittance provision in the region provides Indonesian citizens with no cost-effective solution for cross-border payments. As a result, Indonesian citizens are left at the mercy of costly and profit-centric providers, with remitters in the region charged an average fee of 5%.

Non-inclusive financial services

With 86.7% of the Indonesian population belonging to the Islamic faith, a large percentage of citizens find themselves excluded from traditional interest-bearing or debt-associated financial services for religious reasons.

Solution

Through the rollout of a bespoke mobile application - the PosGO Syariah app - Kinesis is delivering the financially underserved citizens of Indonesia, low-cost mobile access to vital financial services for payments and savings, in the stable value of physical gold.

Low-cost, mobile remittance services

With the PosGO Syariah mobile app, Indonesian citizens require only a smartphone and internet to access instant, inexpensive cross-border payments. With a flat, <1% fee for international payments, the application presents citizens with a fair alternative to remittance provision in the region.

Shariah-compliant financial services

PosGo Syariah is supported by the Shariah Supervisory Board formed by the National Shariah Council. The Shariah-compliant platform enables Indonesia’s predominantly Islamic population to manage their wealth in debt and interest-free gold bullion via mobile devices.