Everest Partners With The Indonesian Government – Everest is a financial technology solutions company which has a unique payment system based on a blockchain. They have their own scalable payment solution, wallet, and identity system. These features have attracted the interest of the Indonesian Government. Hence, they have now entered into a partnership with the firm.
The co-founder of the firm, Bob Reid, disclosed that their firm was working with the Indonesian Government. Furthermore to track and issue energy subsidies, and the system is set up based on a biometric system.
The problem with the Indonesian Subsidy distribution is clearly visible. They distribute $7 Billion among 50 Million people but the count for another $1.3 Billion is lost. Which is a huge amount for the Government. But Reid thinks that they have the solution to this problem through their unique identity system. Which will make the Government able to distribute the funds more efficiently and with increased transparency.
Further on the topic, Reid said: “You have a foundational element, which is identity, and from there you can take people to the middle ages of an economy to a 21st-century economy very quickly.”
Unique identity system
Everest Partners With The Indonesian Government- Everest has been proposing that through its unique identity system and wallet system, the funds will be ensured to reach the right person, at the right time. This is exactly what the Indonesian Government seemed to be looking for to remove the corruption in the process.
Everest was launched in 2017 and it has achieved the feat of partnering with Governments which is a very significant one indeed, considering the number of firms that have not been able to do that. With only 12 employees, they have been able to achieve something very significant. Similarly, hoping to expand themselves in the industry.
Reid thinks that this has enabled his team to perform more enthusiastically, he said “Across the board, we’ve been finding everyone really open to it, The majority of central governments care about their people. We’re seeing a lot of people who are saying this is a great way to Serve our population. Even the Colombian President said blockchain is a great example of how to help people and reduce corruption.”
Reid also mentioned that Malta, Singapore, and Switzerland come under the same jurisdictions. That was serious about having a legal framework for their digital assets and currencies.