The LCS Group of Companies of former Ilocos Sur governor Luis Singson will launch its own virtual currency called Gold Chavit Coin in early 2019 as the group makes its foray into the financial technology sector.
“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, LCS Group chief executive, said in a pre-debut event on Dec. 14.
“GCC aims to change all that by offering an ubiquitous currency that they can use for nearly all types of transactions, both in the country and abroad,” he said.
LCS will list GCC in local cryptocurrency exchanges, where it can be traded for fiat money or other digital currencies.
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 said.