Coda Bridge, a pioneering Hong Kong-based blockchain platform provider known for its charity project that leverages blockchain technology to ensure accurate tracking of charitable donations, is pleased to announce its expansion into Singapore in collaboration with StraitsX. The upcoming collaboration aims to leverage blockchain technology and smart contract programming to issue Purpose Bound Money (PBM) in the form of meal vouchers to eligible migrant workers and other underserved communities to dine at Dignity Kitchen Singapore.
Coda Bridge’s platform has already seen significant success in Hong Kong, having partnered with Ronald McDonald House Charities (RMHC) Hong Kong, and Dignity Kitchen (Hong Kong), a social enterprise that employs physically challenged and disadvantaged people. The Hong Kong project, which was rolled out in May 2024, saw the distribution of HK$500 electronic meal vouchers to beneficiary families of the local chapter of RMHC, redeemable at Dignity Kitchen Hong Kong. The upcoming pilot in Singapore will see Coda Bridge utilise StraitsX’s platform solutions and its Singapore dollar pegged stablecoin, XSGD to power backend acceptance flows of the PBM digital meal vouchers, guaranteeing that charity donations from Ray of Hope reach the intended beneficiaries and are spent specifically for dining at Dignity Kitchen Singapore. Beneficiaries can then use their mobile phone to scan a merchant-presented QR code at Dignity Kitchen and seamlessly pay using their vouchers. At the end of the project, Dignity Kitchen can redeem the digital vouchers collected from beneficiaries and receive cash through a reconciliation process with Ray of Hope.
PBM is a protocol that specifies the conditions upon which an underlying digital currency (such as stablecoins) can be used, which has the capability for money to be directed towards a specific purpose, and the potential to promote increased donation by providing unprecedented transparency and integrity in the donation process.
Using the StraitsX issued stablecoin that is compliant with the forthcoming Singapore regulatory framework, Coda Bridge highlights their commitment to revolutionise the global charity landscape through digital innovation while ensuring continual compliance with evolving regulatory frameworks. In addition, the versatility of StraitsX-issued stablecoin extends beyond commercial use cases such as the recent go-live of a cross-border solution allowing Alipay+ payment partner apps to pay at GrabPay merchants in Singapore. By tapping on the capabilities of programmable money, StraitsX and Coda Bridge envision a future characterized by groundbreaking efficiency in funds transfer across multiple real-world use cases.
This pilot project will run from November 2024 to February 2025. If successful, this innovation in charity donations will expand the use cases of PBM and XSGD with the aim of including more charities and social enterprises within Singapore.
About Coda Bridge
Coda Bridge, headquartered in Hong Kong and backed by leading venture capitalists, merges the expertise of seasoned financial and IT professionals. Our company harnesses the power of FinTech to innovate and drive efficiency in digital transactions through our blockchain based Purpose Bound Money platform, tailored for specific financial needs.
About StraitsX
StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and is part of Fazz’s ecosystem of financial services which powers business banking in Southeast Asia. StraitsX offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.