Mr. Luo Feng (left), chairman of IBS, signed a strategic cooperation agreement with the Minister of Finance of the Republic of Djibouti, Iiyas Moussa Dawaleh (right)
On 19 January 2017, International Business Settlement Limited (“IBS”, HKEX Stockcodes:00147.HK) entered into a strategic cooperation agreement of digital currency (the “Cooperation Agreement”) with the Ministry of Economy and Finance of Djibouti.
According to the Cooperation Agreement, IBS will, based on its extensive experiences and technological capability in private cloud technology, blockchain, distributed computing, big data analysis, to establish a basic structure of a legalized digital currency system, and will also develop the management system and distribution platform of applications of the legalized digital currency system for Djibouti, along with the Ministry of Economy and Finance of Djibouti.
The cooperation between IBS and the Ministry of Economy and Finance of Djibouti is to promote the application of private cloud technology, blockchain technology and the legalized digital currency system in Djibouti, and assist the government of Djibouti to manage its currency market efficiently, reduce its cost of monetary liquidity and enhance its budget management. Meanwhile, their cooperation will also result in the upgrade of the government of Djibouti’s capability in cross-border payment and settlement, and facilitate the multilateral
trade between Djibouti and other countries.
The application of IBS’s technology in the legalized digital currency system, private cloud, blockchain and big data within Djibouti will assist the government of Djibouti to be a leader in the fields of financial technology and digital currency, serving as a model for regional countries.
