About

About HelloGold Foundation

Objectives

The HelloGold Foundation (HGF) is an organisation that has been set up by HelloGold with two primary objectives:

Accelerate the use of blockchain technology for use by the mass market

Expand the availability of products that help the underserved and unbanked in emerging markets to have better and more affordable access to simple financial products beyond cash; i.e. providing the ability to diversify savings and better preserve wealth

Roles & Activities

HGF will raise funds to provide grants to support its objectives via Token Sales of crypto tokens. HGF's role will include:


Structuring and running of the Token Sale process to raise funds for distribution to appropriate organisations

Creation, management, maintenance and operation of tokens sold during Token Sale, and tokens rewarding supporters

The distribution of grants to appropriate organisations which support the Foundations' objectives outlined above

Deciding on the distribution of any reward to supporters of the Token Sale, including publishing supporting materials as required

HGF Support of HelloGold

HelloGold is developing an application using blockchain for the mass market, where end users benefit from the application of the technology without needing in-depth knowledge of the underlying technology. In the long term, customers will be provided the option of converting their vaulted gold to a digital gold token (GBT). This will enable customers to use the stored gold as value beyond the HelloGold System. Once the digital gold tokens (GBT) are successfully traded on exchanges, the tokens will be available for purchase. This will create a stable cryptocurrency fully backed by physical investment grade gold.

Further information on how HelloGold will deploy funds provided by a grant from HGF is available in the Technical Whitepaper.

Why HelloGold

During the Asian Financial Crisis in the late 90s, Robin Lee (Founder and CEO of HelloGold) saw first-hand how “bad things can happen to good people” as domestic currencies were hit by extreme devaluation. People who had worked hard woke up to find the value of their savings slashed overnight, with a devastating impact on how they could provide for their families. The challenges of saving and protecting wealth today are no less daunting. Even in ‘normal’ times, cash savers have their wealth eroded via inflation.
Those saving in gold are protected from fiat currency devaluation; those who hold gold over longer periods can make large profits, especially in local currencies declining against USD (in which gold is denominated globally). But only the wealthier and more sophisticated savers can buy gold in an affordable way. The unfairness of the economics impacts those least able to fend for themselves.

#1

PRODUCT

HelloGold has developed and launched a product to enable low to medium income customers (mass market) to buy and sell gold, anytime, anywhere. The gold bought and sold are of investment grade (99.99% purity) and are securely vaulted with an independent, LBMA approved vaulting operator in Singapore. Other features include the ability to physically redeem the gold or gift the gold to other account holders. Additionally, customers can use their gold as collateral for loans provided by Aeon Credit Services, giving them access to personal finance when required at best-in-market rates. This product has been recognised as Shariah complaint by Amanie Advisors based on the AAOIFI Shariah Standard on Gold.

#2

TECHNOLOGY

The System has customer mobile applications (native Android and iOS) communicating with a backend built with 2 parts, a core Central Web Service (Ruby) and Agent (Go). The current database uses Postgres technology. Relevant parts of the backend are being migrated to Ethereum smart contracts to improve transparency and security for the customer gold transactions, whilst providing the basis for gold backed crypto tokens. The smart contracts are being prototyped and the test infrastructure put in place. Next comes the integration with the current system which will be balanced between the immediate needs of the business and getting the blockchain to the market in a timely manner.

#3

TEAM

The team is made up of ex-regulators, business experts and technologists who have direct experience in general management, financial management, payments and settlement systems, business development, programming, blockchain technology, financial messaging standards, operations management, financial inclusion, micro-credit, compliance, risk and audit. Previous working experience of the team includes World Gold Council, Boston Consulting Group, Deloitte, KPMG, Bain & Company, Royal Bank of Scotland, Wolff Olins, Bangkok Bank, Malaysian Securities Commission, AEON Credit Services, and AirAsia. An overview of the team can be found here.

Further Information

The consumer app is available for download in both App and Play Stores. As the product is currently only available for use by Malaysian customers, non-Malaysians can download a demo version of the app from the Code Review section of this website

For more information on HelloGold please visit us at our website.

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