Hong Kong-based DiGi Holdings Limited's DGCoin Ecosystem Revolutionizes Financial Services for the Unbanked and Underbanked

HONG KONG, July 9, 2018 /PRNewswire/ -- Hong Kong-based company DiGi Holdings Limited and its subsidiary DG Tech Global Limited has announced a strategic partnership with Gold Access HK Limited, Jubilee Fintech Holdings Limited, and Digi Bank to offer a decentralized and widely deployed online infrastructure that would be the foundation for providing cross-border financial services to participants.

This online infrastructure, encompassing the DGCoin Blockchain, the Jubilee Exchange, and the DG Pay app is referred to as the "DGCoin Ecosystem", which through the formulation of a mobile wallet solution, addresses the needs and demands of the unbanked and underbanked population.

The traditional financial world, built upon the foundations of centralized intermediaries such as banks and private financial institutions, has proven to be increasingly inefficient in the face of the globally interconnected economy of today. A large number of cross-border financial transactions require increased infrastructure and manpower costs, resulting in the ever-increasing cost for such transactions.

The birth of Bitcoin in 2008, and the introduction of blockchain technology, a way of creating a distributed common ledger that is both secure and decentralized, has opened up a new paradigm in which transactions can be made. Cryptocurrencies - tokens representing all forms of value and supported by the blockchain's decentralized model, have become increasingly popular for cross-border transfers.

However, traditional banking institutions remain the dominant controllers of the global financial markets, controlling domestic transfers of value in the form of FIAT currencies, which are still the most widely accepted form of payment for products and services used in everyday life. Therefore, the DGCoin Ecosystem intends to serve the needs of the unbanked and underbanked which many banks do not address.

The industry has seen numerous blockchain projects emerging in the market to enable cross-border money transfers. However, none of these are on par with the DGCoin ecosystem in terms of its infrastructure, governance, and transparency. The ecosystem aims to provide both the unbanked and underbanked the opportunity to benefit from the advantages that blockchain brings.