Palau Launches Blockchain-Based Savings Bonds Prototype System with Soramitsu, Supported by Japan’s METI and the Palauan Government
KOROR CITY, Palau, Oct. 8, 2024 /PRNewswire/ — In partnership with Soramitsu and Japan’s Ministry of Economy, Trade, and Industry (METI), the Government of Palau has officially launched a prototype of its blockchain-based savings bond system, Palau Invest. This marks a significant move towards securing Palau’s financial future. Sponsored by METI’s “Global South Future-Oriented Co-Creation Project,” the initiative highlights Japan’s dedication to supporting emerging economies through innovative technology.
Investing in Palau, For Palau, and By Palau
The digital savings bonds offer Palauan citizens a simple way to invest in their country while earning returns. The funds raised will be allocated to key national projects such as bridges, roads, and public infrastructure, fueling the country’s economic growth and creating widespread benefits for its citizens.
“The savings bonds initiative allows us to fund crucial projects like housing, SME development, and infrastructure with domestically sourced capital. By investing in these areas, we stimulate job creation, enhance business opportunities, and foster a vibrant economy,” said H.E. President Surangel Whipps Jr.
Minister of Finance Kaleb Udui Jr. added, “This digital savings bonds platform is part of a larger initiative that includes ongoing efforts in strengthening our financial systems and improving access to investment opportunities for every Palauan.“
Public Demonstration Phase Before Bond Issuance
The public demonstration of the Palau Invest system has begun, allowing citizens to familiarize themselves with the platform before the official bond issuance. Once the Ministry of Finance finalizes and approves the bond issuance criteria, Palauans will be able to purchase bonds conveniently via a mobile app.
Blockchain Application to Improve Financial Landscape
The system runs on the SORA v3 Hub Chain’s Hyperledger Iroha 2-based network. This open-source blockchain platform is capable of processing Palau’s transactional needs efficiently and cost-effectively.
Global Significance and Future Prospects
Soramitsu has successfully deployed blockchain-based financial systems across the Asia-Pacific region, including Cambodia and the Solomon Islands. The Palau Invest project represents a significant step in reshaping national finance, improving financial accessibility, and promoting economic growth through blockchain technology.
About Soramitsu
Soramitsu is a global fintech company specializing in blockchain solutions that promote innovation and address societal challenges.
SOURCE Soramitsu Co., Ltd.
