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Expanding Access to Allocated Gold Across Indonesia

Partnerships with Indonesian Institutions

Kinesis has formed long-term public-private partnerships with national and government-linked organisations in Indonesia. The first of these is with PT Pos Indonesia, the state-owned postal service. The collaborations focus on supplying Shariah-compliant access to physical gold, delivered through the company’s technology systems. The arrangements are presented as a way to combine official distribution networks with digital tools for holding and moving gold.

Launch of PosPay Gold

In the third quarter of 2023 the PosPay Gold application went live. It was built on Kinesis technology and launched at an event attended by Indonesia’s Vice President, K.H. Ma’ruf Amin. At the moment the app allows users to buy, sell and store allocated gold. Plans listed for later stages include remittances and the ability to make payments in gold, though those features have not yet been released. A second platform, NUNOMICS, is mentioned in the same context and appears to share a similar technical base.

Efforts Toward Financial Inclusion

Both PosPay Gold and NUNOMICS are described as attempts to reach people who have little or no contact with formal banking. The Indonesian government has publicly backed the projects, treating them as one answer to persistent gaps in financial access. The apps are mobile-based, which is intended to lower the barrier for users who live far from bank branches or who find traditional account requirements difficult to meet.

Problems the Initiatives Target

First, a share of the population still has restricted or no access to basic banking services. Without accounts or nearby branches, depositing and saving money remains harder and less secure. 

Second, cross-border remittances carry high costs. Conventional providers often charge around 5 percent of the sum transferred, which is a noticeable burden for households that rely on money sent from relatives working overseas. 

Third, religious rules create another obstacle. Most Indonesians observe Islamic principles that prohibit interest and certain debt-based products. Standard banking services built around those features therefore sit outside the reach of a large part of the population.

How the Platforms Are Designed to Respond

Mobile delivery is the first. PosPay Gold lets users open an account, purchase gold and hold it through a smartphone, which is meant to serve areas where physical bank branches are scarce. 

Lower-cost international transfers form the second element. The system is set up so that fees stay under 1 percent when a phone and internet connection are available, a figure presented as cheaper than the rates charged by many conventional remittance services. 

The third element is compliance with Islamic financial principles. PosPay Gold operates under the oversight of the Sharia Supervisory Board (DSN-MUI). Established in 1999 by the Indonesian Ulema Council (MUI), the DSN-MUI is the country’s principal authority for Islamic finance, issuing Sharia rulings (fatwas) on financial products and overseeing compliance with Islamic principles across banks and other financial institutions.