February 29, 2024

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New app to change how Indonesians invest in gold

Gold is often seen as a lucrative form of investment. However, most people have the misconception that gold transactions can only be done offline.

That viewpoint is about to change with the launch of the new Treasury app, which provides a new approach to investing gold.

According to a recent report, the app allows users to buy, transfer, sell and save their gold online.

Customers will be able to buy and save gold for as low as US$ 1 (IDR 20,000). They can also print gold bullion with a minimum weight of 0.5 gram.

The CEO of Treasury explained how the grandparents and parents originally believe that the safest way to keep gold is in its physical form.

But, nowadays, many people do it without knowing the exact amount of gold that they actually have.

With the Treasury app, users can view, buy and sell gold in real time after they have signed up for an account with an email and password.

As reported, the app was developed with the aim of simplifying the process of buying and storing gold as well as the tracking of its value in real-time.

The app is also equipped with an e-wallet that should have a minimum balance of US$ 0.50 (IDR 10,000). The e-wallet can be topped up at ATMs.

For this endeavour, the Treasury has collaborated with the Indonesia Clearing House (ICH), which will be processing the transactions; and with PT. Untung Bersama Sejahtera (UBS), which will be acting as the gold provider.

For those who will decide to have their investment printed will receive a certificate and insurance by UBS alongside it.

Most of the app’s features will be activated once the users have completed their profile. This can be done by attaching their identity card, their tax identification number, and their bank account details.

The users will also be given the capability to identify the heir of their gold investment.

The app will be able to help people buy and save their gold. They will be able to keep track of the amount of their gold investment with the hopes of achieving their financial goals.

The Treasury implement a layered authentication system that helps maintain and ensure the confidentiality and security of user transactions.

Each purchase transaction will be automatically converted to its corresponding amount of gold, which will then be displayed on the dashboard.

Moreover, this app provides a safer alternative to physically keeping their golds at home or in safety deposit boxes.

With the advent and popularity of online shopping and e-commerce, buying and selling gold online should not be far behind.

An earlier report highlighted how Indonesia is formulating regulations for digital gold transactions with the aim of protecting the consumers.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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