Sovereign Union, Apollo Fintech announce partnership
Blockchain companies, Sovereign Union and Apollo Fintech, have announced a partnership to bid and acquire blockchain-related government contracts across 26 Pacific island countries. The pilot program will begin in Palau and Micronesia, according to a report on Yahoo Finance.
Pacific governments have been exploring ways to become independent jurisdictions and issue their own sovereign electronic currency. The partnership between Sovereign Union and Apollo Fintech will enable pacific governments, through customized solutions, to have a secure digital nation.
Currently, a majority of Pacific nations use physical U.S. dollars for daily settlements and don't have access to modern banking systems or infrastructure. National authorities are extensively studying central bank digital currencies as a way help the under-banked communities move toward a cashless society, and eventually, create their own sovereign 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," Tridib Nandy, founder, Sovereign Union said in the report. "Frictionless commerce via digital stablecoins will empower economies across the Pacific to create new prosperity and to achieve a better economic future."