Monday, February 27, 2017 5:28 AM UTC

SBXbank, a fintech company headquartered in London, is going to launch Coinxmart a unique marketplace where transactions are carried out using cryptocurrencies, Jakarta Globe reported.

Speaking with Jakarta Globe, SBXbank's Asean vice president of marketing Abdul Rahman said that company intends to sink up to Rp 100 billion ($7.5 million) into developing fintech services that offer e-commerce, peer-to-peer investment and lending, all of which will use a cryptocurrency.

Rahman further said that Coinxmart will be launched in Indonesia, alongside its iOS and Android apps, in May. SBXbank's proprietary cryptocurrency SBXCoin will be used in the marketplace.

He noted that the prospects of cryptocurrency is positive in Indonesia as it can also be used in many traditional banking services, including lending, deposit, payment and transfer.

"Soon fintech products will be used widely in all aspects of the financial industry's value-chain," Rahman added.

SBXbank is currently negotiating with Indonesia's Financial Services Authority (known as the OJK) to convince them that fintech services, including its cryptocurrency, are safe for the customers. Rahman is hopeful to convince OJK that the cryptocurrency is safe and cannot be easily used for money laundering activities particularly as SBXbank strictly follows know-your-customer (KYC) policies.

"We have to build public awareness of crypto currency. We have to let the public know the advantages of using crypto currency," he said.

In order to give time to the customers to familiarize with SBXCoin and promote its use, SBXbank intends to allow up to 30 debit cards to be used in the marketplace.

"There's no physical money in the internet, everything will be done using SBXCoin eventually," he said.

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SBXbank to launch cryptocurrency-powered marketplace 'Coinxmart' - EconoTimes