Based in the Republic of Palau, the Palau International Bank Limited (PIBL) will be launching one of the very first blockchain and fintech projects, “Palau Inclusive”, that the South Pacific region has yet to witness before the end of 2022.
“The campaign, the ‘Palau Inclusive’, aims to work with the Palauan Government on the path to improve the standard of living of the lovely and peaceful people of Palau” said Mr. Luke Fang, President of PIBL since 2020.
According to the spokesperson of PIBL, “Palau Inclusive” is a project that will revolutionize banking the region has ever seen. By investing and deploying blockchain technology, PIBL will be able to provide financial services to the people of Palau and foreign investors with much greater efficiency and at a significantly lower cost.
“One of the basic properties of blockchain is distributed ledger, even with such fundamental application, PIBL will be able to reduce the cost of book keeping and the possibility of human errors or fraud” Fang pointed out.
PIBL is ready to invest USD 3 million on the infrastructure of “Palau Inclusive”, including software development, which will begin with the creation of the new PIBL user website and smartphone app.
“Once installed, our users could experience the latest cutting-edge online services we devised, from money transfer, contactless payment, currency exchange, low-interest loans, and eventually asset management functions such as online investment. We hope to launch this app before the end of 1H 2023.” Fang explained.
“Actually, hoping that the scope of ‘Palau Inclusive’ will go far beyond the current planning. Since it is the nation’s policy to issue government backed stable coin, PIBL will strive for the chance to be the official wallet of that, then develop a series of application scenarios to optimize the potential of a stable coin, in order to maximize the interest of Palau and to best improve the livelihood of the Palauans.” Fang paused, and went on after taking a deep breath: “As a Palau-based banking institute, not only do we hope to profit from this campaign, but also looking forward to benefiting the entire country and its people, eventually, the whole planet and leaving no one behind, that is the true spirit of inclusiveness, and that why named our campaign ‘Palau Inclusive’, and that is the way to fulfill PIBL’s social responsibility to Palau.”