Digix (DigixGlobal Pte. Ltd.) announces the official launch of its smart assets with Point-of-Sales solutions provider, Pundi X. This vision is made more possible and practical by the recent partnership between Digix and Pundi X, which will allow users of the Pundi X card to pay for their transactions using DGX at any XPOS-enabled counters.
Digix is the world's first smart asset company harnessing blockchain technology to account for the provenance, verification, and storage movement of physical gold bars to its retail investors. Investors are issued with an equivalent digital proof, called DGX. Each digital equivalent of DGX is registered to a physical unit of gold in Digix's vaults in Singapore or Canada.
Digix works with the goal of unlocking the fungibility of traditionally illiquid asset classes, and to create new avenues of financial inclusion for the future.
Pundi X is the blockchain Point-of-Sales solution provider encouraging the mainstream adaptation of blockchain development for businesses. Pundi X encompasses a fully-fledged payment ecosystem considering of an e-Wallet (XWallet), point-of-sales devices (XPOS) and plastic payment cards (XPASS cards).
As part of this official collaboration, Digix is releasing 3,000 customised XPASS cards to partners, corporates, future event attendees, and customers of Digix. This will allow them to make purchases using DGX as a means of exchange, at Pundi X approved merchants across Singapore.
What does this mean for merchants and Singapore's cashless payment landscape?
The XPOS payment solution has been adopted in over 25 countries across the world including Singapore and popular travel destinations in the region such as Indonesia, Thailand, Hong Kong, Taiwan and internationally in Australia, Canada, France, the Netherlands, the United Kingdom and United Arab Emirates.
"In our philosophy of applying blockchain to dynamically account for the provenance, movement and storage of tradeable physical gold, we have seen the possibility of harnessing gold more flexibly as a means of value exchange beyond a traditional asset class. By allowing our digital credits to circulate on XPOS, we intend to showcase practical and useable payment options, with the safety and accountability of blockchain. This process encompasses Digix's spirit of deeper financial inclusivity for future generations," said Shaun Djie, COO and co-founder of Digix.
"Empowering technology developers to innovate, and businesses to incorporate elements of blockchain, is at the heart of Pundi X's vision. Aligning with Digix has been a natural choice. Our goal of providing more payment flexibility to merchants align with Digix's vision for greater financial inclusion and asset liquidity. We see our partnership as complementary to furthering Singapore's smart-city and cashless payment future," said Zac Cheah, Co-Founder and Chief Executive Officer of Pundi X.