Coda Bridge, a renowned Hong Kong-based services and application platform solution provider for blockchain that developed an efficient charity project based on the blockchain that helps to track charitable donations is thrilled to debut in the Singaporean market through a partnership with StraitsX.
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The future project uses blockchain technology and smart contract scripting to launch Purpose Bound Money (PBM) in voucher meals to meet requisite migrant workers and other excluded groups at Dignity Kitchen Singapore restaurant.
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Coda Bridge’s platform has proved popular in Hong Kong, having worked with Ronald McDonald House Charities (RMHC) Hong Kong and Dignity Kitchen (Hong Kong), a social enterprise for the employment of physically challenged and disadvantaged people. The Hong Kong project, implemented in May 2024, involved the issue of HK$500 meal electronic vouchers to families benefiting from the local chapter of RMHC to be used at Dignity Kitchen Hong Kong.
The upcoming pilot in Singapore will involve Coda Bridge adopting StraitsX platform solutions, which include the digital currency XSGD, which is pegged to the Singapore dollar, to ensure that acceptance flows of the PBM digital meal vouchers used by Ray of Hope will provide means for charity donations to reach the targeted beneficiaries spending them at Dignity Kitchen Singapore for meals only.
The beneficiaries may then take their mobile phone and use the vouchers to automatically pay for goods by scanning a QR code displayed by the merchant at Dignity Kitchen. In the case of digital vouchers received from beneficiaries during the project, Dignity Kitchen can redeem them and get cash back through physio set off with Ray of Hope.
PBM is a protocol that determines under which conditions the latter can be used; it can have the throughput for money to be targeted to a particular cause; and it has the potential to encourage more donations through unprecedented credibility and purity of the donation process.
With the provided StraitsX-issued stablecoin that will meet the new Singapore regulation, Coda Bridge shows its intention to change the face of global charity through digitization but with adherence to compliance regulations as they emerge. However, the commercial applicability of stablecoin issued by StraitsX is not limited to making purchases or to the recent go-live of a StraitsX cross-border solution that enables Alipay+ payment partner apps to pay at GrabPay merchants in Singapore. In leveraging on the benefits of programmable money, both StraitsX and Coda Bridge dream of possibilities of enhanced efficiency of fund transfer in the following real-world applications.
This pilot project will be from November 2024 to February 2025, as highlighted in the proposal. If successful, then this innovation in charity donations will increase the application of PBM and XSGD with the intent of adding more charities and social enterprises inside Singapore.
About StraitsX
StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. It is a major payment institution licensed by the Monetary Authority of Singapore. StraitsX offers personal and business accounts to transfer and hold funds and to connect accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.
StraitsX issues the Singapore Dollar-backed stablecoin, XSGD, and Indonesian Rupiah-backed stablecoin. StraitsX is a brand under Fazz, backed and supported by prominent investors including Tiger Global, Insignia Venture Partners, B Capital, and BRI Ventures.
