Aces EGlobal Inc. (Philippines) and Sedona Development Fund Limited (Bahamas) signs JV on Digital Banking

Aces EGlobal Inc. (Philippines) and Sedona Development Fund Limited (Bahamas) signs JV on Digital Banking over blockchain technology.

Aces EGlobal Inc. (Philippines) and Sedona Development Fund Limited (Bahamas) signs JV on Digital Banking

Manila, Philippines, 3rd February 2020, Tuesday - It was notably a day of a new beginning in fintech when 2 companies signed a joint-venture agreement to merge its’ resources to develop a new digital banking technology using blockchain based on precious metals.

 

Aces EGlobal Inc. (Philippines) and Sedona Development Fund Limited (Bahamas) are relatively new players in the market but possessed a wealth of experiences within the industry to develop an enhanced open source solution in banking that utilizes precious metals as its unit of conversion against fait currency. This digital currency will allow users to trade or mobilize digital funds across the borders without exposing oneself to the need of physical currency, extensive paperwork, currency exchange fluctuations, price variations in products and services, and most crucial of all… time. Aces EGlobal, Inc was established in 2015 under the Philippines Securities and Exchange Commission. Its “Core Banking” products is currently being used by Central Banks as far as Africa.

 

Sedona Development Fund was established in 2014 under the Securities Commission of the Bahamas as an IBC with Investment Fund Management License. Sedona anticipated the coming of a digital age in banking and the financial fraternity as whole, and had invested in a new solution called “IBTA” (InterBank Tech Alliance), which aims to digitize global currency into a single digital unit against precious metals such as gold, silver, bronze and platinum.

 

Eugene Grospe, CEO and Founder of Aces EGlobal Inc., was eager to quipped that the JV meant a lot to him personally, as he can now expand his business into exciting new sectors globally. Eugene is one of the leading technocrats from Philippines and had been successful in its domestic ICT sector for many years. The current JV is anticipated to springboard his company into new territories.

 

Daniel Lim, CTO of Sedona Development Fund, highlighted that Aces EGlobal "Core Banking" system is the ideal partner for IBTA. IBTA will eventually be a complete Digital Banking system encompassing traditional banking with blockchain technology. Dr Chutamas Vongvorakit, Chairman and Founder of Sedona Development Fund further added that the JV would allow users to have more options in their banking activities via digital platform. “It is time we embrace the digital era, 5G and beyond in the world of finance”, she said.