Samsung Gold and GAT Foundation in Singapore signed a detailed business agreement with an Indonesian company, PAYAGO (one of the government-approved voucher issuers) in February 2023 regarding the listing of INDODAX exchange in Indonesia.
PAYAGO of Indonesia is a brand company under PT. Bisa Galata Teknologi, affiliated with ID Opentech Group. PAYAGO is a huge platform that provides financial technology and e-commerce systems to ecosystems such as "Koperasi" and "BPR" (Bank Perkreditan Rakyat). PAYAGO started as a digital wallet platform for start-ups of ID-Opentech Group in 2017 and became independent as a technology finance company in 2018.
Today, Payago is better known as a technical and business consultant in handling cryptocurrency projects, especially listings and campaigns in Asian markets. Payago is a platform for Indonesia's cryptocurrency ecosystem, providing financial services such as savings, investment, and a loan system that can be linked to existing cryptocurrency projects.
Mr. Taufik Ganesh and Mr. Raine Renaldi from Indonesia attended the signing of the contract in person as representatives of each company. Mr. Taufik Ganesha is the president of PT. Bisa Galata Teknologi and PAYAGO Fintech, and Mr. Raine Renaldi is currently the chairman of the ID-OPENTECH group and has a wide range of activities in politics and economics, to the extent that he co-founded KSDI (Koperasi Syariah Digital Indonesia) in 2018 with a senior Indonesian bank and financial institution.
In particular, Indonesia is the fourth largest population in the world and has a fast growing cryptocurrency market. Currently, 13 cryptocurrency exchanges are operating under the approval of the Indonesian government. Two of them are recognized as Indonesia's leading exchanges, and INDODAX is said to be considered Indonesia's No. 1 cryptocurrency exchange. Cryptocurrency traders in Indonesia account for a large proportion in their 20s and 30s, and this is because cryptocurrency is highly recognized as a digital asset with high potential for future development among young people.
Through this business contract, Samsung Gold and GAT Foundation in Singapore have minimized the barriers to entry into the Indonesian market, based on market stability and sustainable marketability with minimized risks as it is incorporated into Indonesia's institutional system by signing the agreement with local entrepreneurs familiar with the gold business and cryptocurrency market. In particular, the GAT token of the Singapore GAT Foundation is currently listed on Uznex, the only cryptocurrency exchange in Central Asia operated by the Uzbekistan government and they are confident that the listing on the INDODAX Exchange will be additionally realized through the contract with PAYAGO in Indonesia.
Samsung Gold is a specialized precious metal import/export and wholesale/retail business that has provided smooth supply and demand for precious metal products in Korea and competitive prices based on decades of know-how in Korea. Payago of Indonesia signed a business contract with high recognition of Samsung Gold’s decades-long experts in precious metals. With this contract, Samsung Gold has achieved results in pioneering a new channel to import, export and distribute precious metal jewelry products to Indonesia.
In addition, as a follow-up to the business contract, the GAT Foundation recently signed a joint business contract with Blitz Investment Development Co., Ltd., which has the only ultra-high-speed eco-friendly gold extraction technology in Korea, and will lead to accelerate the progress of the gold mining project for which an MOU was signed with the GOSCOMGEOLOGY of Uzbekistan, where currently owns the world's largest Muruntau gold mine and world's leading gold mines.
The GAT token, which is modeled on the profits related to the gold business, of the GAT (Gold Apple Token) Foundation in Singapore, which signed a business contract together, plans to provide abundant product liquidity in connection with international gold trading and renewable energy sectors.
In particular, through these eco-friendly ultra-high-speed extraction technologies, Blitz Investment Development has been able to have contracts with the world's largest mine development projects and also iron and non-ferrous metal production and extraction business in the United States, Mexico, Chile, Guinea, Australia, and the Philippines. Thus the strategic joint business contract with Blitz Investment Development is expected to further solidify the position of GAT token's dividend-type real asset coin.