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IDFC First Bank and ToneTag partner to launch CBDC payments
February 06, 2023
This initiative is in its first phase of implementation with four banks, including IDFC FIRST Bank. The initiative involves issuing the currency in the same denominations through financial intermediaries and distributing them through a digital wallet provided by participating banks.
Madhivanan Balkrishnan, Chief Operating Officer (COO) IDFC FIRST Bank said, “This solution will change how merchants transact, and IDFC FIRST Bank is a proud partner in this collaboration. Digitization of cash payments is one more step in making transactions easier for our customers. As a bank that firmly believes in ‘Customer First’ approach this initiative aligns well with the same.” Tone Tag offers sound-based contactless payments, location-based services, and proximity-based customer engagement services, amongst others.
By June this year, Indonesia’s Ministry of Trade aims to launch a national crypto exchange. The country’s earlier target was to launch this by December.
At the opening of Crypto Literacy Month in Jakarta, Indonesia’s Trade Minister shared the new target launch date. According to Coin Telegraph, he informed that government is currently reviewing which companies meet their criteria to become part of the exchange.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/