eCurrency Mint Limited says that it has partnered with PayPro Indonesia to provide eCurrency’s digital fiat currency (DFC) solution in Indonesia. 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 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.
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.