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Rush Gold to power gold payment services for mobile network operators across ASEAN countries

By Leandra Monteiro

March 30, 2021

  • Malaysia
  • Rushgold
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Rush Gold, Mobile Network Operators, FinTech, ZAFA, Malaysia, ASEAN  Rush Gold Global, a FinTech platform providing digital access to physical gold to retail and business markets, has signed a new partnership with the Malaysian-based ZAFA Group to bring gold savings and payments to Mobile Network Operators (MNOs) across the ASEAN region.

Rush Gold’s agreement with Malaysian-based ZAFA will enable MNOs across the ten ASEAN nations to offer gold payment services using gold as a common currency. This telco-based model has enabled super-apps like m-Pesa to dominate large portions of Africa.

The Dnar.Cash super-app, developed by ZAFA’s subsidiary MVNX Alliance, opens a potential market of 650 million mobile users across the ASEAN region, enabling them to invest in gold, use it to pay for mobile top-up, pay zakat (tithing), and earn gold rewards and cashback.

“We looked at a number of digital gold companies,” said MVNX Director Aimi Aizal Bin Nasharuddin, “But only Rush Gold had the full complement of technical, security, asset ownership, and operational capabilities we need. The support of the Rush team has been excellent at every step of the way.”

“We built our platform to enable companies like ZAFA, as well as banks and loyalty programs, to quickly integrate gold into their offerings,” remarked Rush Gold Director Mark Pey. “Australia offers strict financial controls and property rights, world-class technology innovation, and is now the world’s largest producer of gold bullion, which we feel are our critical competitive advantages.”

MVNX has signed a launch partner in Malaysia, a provider of electricity and telco services with nine million customers, with distribution agreements in process across Thailand, The Philippines and Indonesia. This partnership announcement is on the back of Rush Gold’s launch of its Rush Mastercard with EML through the major mobile wallets.

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