Euromoney, is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Kinesis builds gold-based blockchain system in Indonesia

There are hopes that the innovation will assist with financial inclusion. But is gold ownership the way to achieve this?


A new gold-linked product being distributed through Indonesia’s postal service raises interesting ideas about financial inclusion, parallel monetary systems, blockchainand Islamic finance.

On April 16, a company called Kinesis soft-launched a physical gold-based digital Shariah-compliant product called PosGo Syariah. It is government-backed and run through the 24,000-location network of PT Pos, the state postal service.

Customers use an app to access PosGold, which gives them digital ownership of gold underpinned by physical metal in a Jakarta vault, together with the opportunity to transfer money between gold and fiat balances.

The platform also offers a payment gateway, E-Wallet service and a gold-based community savings programme for Hajj and Umrah pilgrimage trips.

Kinesis's founder is Thomas Coughlin, a veteran of the investment, funds management and bullion industries, and who has long been a believer in the potential to transform global monetary systems through the digital integration of physical gold and silver into the economy.

In this project, Kinesis is working with electronic institutional precious metals exchange Allocated Bullion Exchange – Coughlin is chief executive of both – as well as PT Bullion Ecosystem International, an Indonesian e-commerce and financial technology company.