Sovereign Union Announces CBDC Pilot Partnership with Apollo Fintech

Sovereign Union

A partnership with Apollo Fintech brings financial blockchain options, corresponding to CBDCs, to the Pacific.

Ngerulmud, Palau, Sept. 18, 2020 (GLOBE NEWSWIRE) — Blockchain corporations Sovereign Union and Apollo Fintech are asserting a brand new partnership to bid and purchase blockchain-related authorities contracts throughout 26 Pacific island international locations. The initiative contains pilot packages in Palau and Micronesia. The corporations’ proposed ledger functions embody the National Payment Platform for the issuance of Central Bank Digital Currencies (CBDC) and the Apollo E-Government Platform. In an effort to transition Pacific-area territories and their largely unbanked inhabitants in the direction of an environment friendly, cashless financial system.

Last month, Apollo Fintech introduced the completion of its National Payment Platform (NPP), an modern settlement system that permits a central financial institution to challenge a sovereign, digital forex (stablecoin) for nationwide adoption. This is a pivotal know-how that has the potential to energy an financial system by means of using CBDCs, Pacific governments are exploring methods to train rights as an unbiased jurisdiction and challenge a sovereign digital forex.

“This exciting partnership brings communities in the Pacific the ability to utilize a cashless economy without the traditional barriers of ePayments, allowing any nation to take part in the cashless revolution,” says Sovereign Union founder Tridib Nandy. “Frictionless commerce via digital stablecoins will empower economies across the Pacific to create new prosperity and to achieve a better economic future.”

Bringing CBDCs to Pacific Nations

Since 2018, Sovereign Union has established relationships and educated Pacific-area governments about public ledger applied sciences, together with Central Bank Digital Currencies (CBDC) that make the most of the ability of digital and ledger-secured funds that obtain huge efficiencies at scale.

Features of the partnership:

Bring plug-and-play blockchain options to present connections for an unbiased territory to challenge a sovereign digital forex or CBDC. 

  • Design and implement a nationwide forex and financial system for Pacific governments whose issuance fosters financial development and worldwide commerce through digital platforms.
  • Conduct a pilot program in Palau. A letter of intent by the Palau Government was signed by Finance Minister Elbuchel Sadang and CEO of Sovereign Union, Mr. Tridib Nandy inviting choose blockchain corporations (Apollo Fintech) to current options and conduct testing and assessments.
  • Demonstrate comparable options to the Federal States of Micronesia.
  • Showcase platforms for all Pacific-area governments with whom Sovereign Union operates in.

Most pacific nations use bodily U.S. {dollars} for every day settlements and with out entry to fashionable infrastructure or banking programs. Thus, nationwide authorities are conducting intensive research on CBDCs as a approach to deliver monetary inclusion to under-banked communities, and pave a approach to create their very own sovereign forex, all whereas transferring in the direction of a cashless society. Officials are participating in talks with Sovereign Union, in addition to formally investigating blockchain applied sciences to facilitate ledger-run settlements as a way to scale their financial system. 

Apollo Fintech:

Apollo Fintech is a number one blockchain innovator that develops world-shaping fintech options for a worldwide financial system. The firm has places of work in Africa and North America with plans to increase in Asia, Europe, and Latin America. Apollo Fintech is turning into a worldwide chief in authorities blockchain options, in addition to a pioneer of worldwide mass adoption.

For updates, go to Sovereign Union:

Sovereign Union is establishing e-government options in over 25 international locations within the Pacific. The management staff contains blockchain consultants and affords custom-made civil options that allow governments to run a fully-functioning, safe digital nation. These public ledger options are aimed in the direction of unbiased nations searching for to drastically enhance effectivity and management over their financial system. 

Contacts:

Website: sunion.io

Email: Tridib@sunion.io

Phone: +91 88008 40363

Country of Source: Ngerulmud, Palau

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