The LCS Group will launch its own virtual currency called GCC, or Gold Chavit Coin, in early 2019 as the group makes its foray into the financial technology (fintech) industry.
“Many Filipinos still have no access to a bank account, which prevents them from saving for their future and participating in basic financial transactions, such as simple payments,” Singson said in a statement. “GCC aims to change all that by offering a ubiquitous currency that they can use for nearly all types of transactions, both in the country and abroad.”
In mid-2019, LCS will list GCC in local cryptocurrency exchanges where it can be traded for fiat money or other digital currencies.
According to Singson, a phone application for GCC payments will be introduced that enables bills payment and online and in-store purchases with affiliate retailers and banks, beginning with transactions among companies owned by LCS.
The app is being developed with Billing System Corp., a Japanese fintech company that previously developed the PayB payment app.
“We plan to leverage the entire LCS network, in addition to partnerships with other vendors and firms, to drive mass adoption, which in turn will increase GCC’s market value,” Singson explained. LCS is involved in several industries, including banking, mining, transportation, renewable energy and, most recently, telecommunications.”
One non-LCS company that already expressed interest in GCC’s usage was Hallohallo Inc., an e-commerce company involved in online shopping, property services, and classifieds. Hallohallo Inc. members, numbering over 2.9 million, may start using GCC on their purchases as early as the first quarter next year.
“We are delighted to have this opportunity to be part of the Gold Chavit Coin project,” Hallohallo Inc. CEO Yasunari Okada said.
“As our company and market continues to expand and change, there is a need to provide a service that will offer our customers an innovative way to settle bills. Through this project, our clients will now have another payment method option that will make all their transactions hassle-free, easy and fast.”
GCC will be based on ERC-20, a standard for smart contracts used exclusively in the Etherium blockchain network. Virtual currencies following ERC-20 standards can be shared or exchanged with other tokens and crypto-assets that use the same standard.