“Fintech industry will always be here because people will always have money and will always want to invest it,” explained President Surangel Whipps Jr.of his take on the current market performance of cryptocurrencies and stablecoins.
“What we are trying to do is to create an environment, a good foundation that these activities can operate on,” added Whipps saying he believes “this has potential” to benefit Palau.
President Whipps was in Hawaii last month to pay a courtesy visit to the executives of the Bank of Hawaii to talk about Palau’s plans to establish a stablecoin. The meeting, he said, was just to share Palau’s goals and to be transparent with the partners.
Reacting to the current performance of the crypto market, Whipps said Palau is not investing in cryptocurrency. The proposed stablecoin for Palau will be backed 100% by a US dollar, “unlike other stablecoins that were not fully backed by a dollar,” assured President Whipps. “It will be backed by actual money in the bank.”
The number of Palau’s digital ID residents has increased to 1,500, according to Cryptic Labs, the company hired to manage Palau’s Digital Residency Program. “Slow but steady,” said Whipps of the program’s performance, adding that part of the issue is the need to market Palau’s products because people still don’t know about them.
Getting Palau into the fintech industry is one of President Whipps goals of diversifying Palau’s economic activities. Digital Residency Program was the first to be adopted into law in line with this vision.
Fintech shortened for “Financial technology is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones. Fintech, the word, is a combination of “financial technology.” https://www.investopedia.com/terms/f/fintech.asp(By: L.N. Reklai)