According to a report by Jakarta Globe, London-based fintech company SBXbank is planning to roll out a marketplace operating solely with cryptocurrency. Preliminary information shows that Coinxmart will be a $7.5 million investment into e-commerce and peer-to-peer financial transactions using only digital currency.
The Indonesian market has been selected for the launch due to its positive attitude and openness towards digital currency. The debut will be done using SBXbank’s proprietary cryptocurrency “SBXCoin”.
Negotiations between SBXbank and Indonesia’s Financial Services Authority are currently under way, aiming to convince the regulator of the safety and reliability of the cryptocurrency. The fintech company is essentially showcasing its know-your-customer (KYC) policies and explaining how they can prevent money laundering.
To this end, SBXbank is planning an SBXCoin promotional campaign that will allow up to 30 debit cards to be used in the new marketplace. In his interview for Jakarta Globe, SBXbank’s Asean Vice-President of Marketing Abdul Rahman highlighted the importance of building public awareness about the benefits of digital currency.