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Sovereign Union Announces CBDC Pilot Partnership with Apollo Fintech

A partnership with Apollo Fintech brings economic blockchain solutions, such as CBDCs, to the Pacific.

Blockchain companies Sovereign Union and Apollo Fintech are announcing a new partnership to bid and acquire blockchain-related government contracts across 26 Pacific island countries. The initiative includes pilot programs in Palau and Micronesia. The companies’ proposed ledger applications include the National Payment Platform for the issuance of Central Bank Digital Currencies (CBDC) and the Apollo E-Government Platform. In an effort to transition Pacific-area territories and their largely unbanked population towards an efficient, cashless economy.

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Last month, Apollo Fintech announced the completion of its National Payment Platform (NPP), an innovative settlement system that enables a central bank to issue a sovereign, digital currency (stablecoin) for national adoption. This is a pivotal technology that has the potential to power an economy through the use of CBDCs, Pacific governments are exploring ways to exercise rights as an independent jurisdiction and issue a sovereign electronic currency.

“This exciting partnership brings communities in the Pacific the ability to utilize a cashless economy without the traditional barriers of ePayments, allowing any nation to take part in the cashless revolution,” says Sovereign Union founder Tridib Nandy. “Frictionless commerce via digital stablecoins will empower economies across the Pacific to create new prosperity and to achieve a better economic future.”

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Bringing CBDCs to Pacific Nations

Since 2018, Sovereign Union has established relationships and educated Pacific-area governments about public ledger technologies, including Central Bank Digital Currencies (CBDC) that utilize the power of electronic and ledger-secured payments that achieve massive efficiencies at scale.

Features of the partnership:

Bring plug-and-play blockchain solutions to current connections for an independent territory to issue a sovereign digital currency or CBDC.

  • Design and implement a national currency and monetary system for Pacific governments whose issuance fosters economic growth and international trade via digital platforms.
  • Conduct a pilot program in Palau. A letter of intent by the Palau Government was signed by Finance Minister Elbuchel Sadang and CEO of Sovereign Union, Mr. Tridib Nandy inviting select blockchain companies (Apollo Fintech) to present solutions and conduct testing and assessments.
  • Demonstrate similar solutions to the Federal States of Micronesia.
  • Showcase platforms for all Pacific-area governments with whom Sovereign Union operates in.

Most pacific nations use physical U.S. dollars for daily settlements and without access to modern infrastructure or banking systems. Thus, national authorities are conducting extensive studies on CBDCs as a way to bring financial inclusion to under-banked communities, and pave a way to create their own sovereign currency, all while moving towards a cashless society. Officials are engaging in talks with Sovereign Union, as well as formally investigating blockchain technologies to facilitate ledger-run settlements in order to scale their economy.

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