In the Pacific there has been a currency exchange system since 2009 that allows individuals to sent funds directly to each other. Payments in the same currency can be made instant and free of charge, swapping currencies takes no more than 5 minutes (to allow time for market orders to accumulate so that the best exchange rate possible is achieved) and has very low fees. This system is called KlickEx. It only deals in cleared funds, so all users (or banks) have an account at KlickEx, which can be excessed from a computer or mobile phone for deposits and withdrawals.
At this moment it deals in Pounds Sterling, Australian Dollars, New Zealand Dollars, Samoan Tala and Tongan Pa’anga. Currencies coming soon are the Euro, US Dollar, Hong Kong Dollar and Japanese Yen. Let me introduce you to the CEO of KlickEx, Robert Bell.
Whoohaa, this is huge! Endorsements from central banks, the European Union and the United Nations. Instant payments in your favorite fiat currency shortly available in Europe, the United States and Asia. But wait, it gets better..
In November 2013 Mr Bell gave a presentation on the latest developments at his company. The birth of a new global asset-backed currency.
Did he really say IMF, SWIFT, SDR and asset-backed?
From the Finovate website:
After extensive testing in the Pacific, KlickEx is pleased to announce the development of a new asset-backed and algorithmic crypto-currency for institutional and retail use. A stable, international risk-free asset is a key foundation for efficient financial markets, and KlickEx’s award winning interbank payment network has an exemplary track record in stability, and efficiency. Having eradicated the significant systematic deficiencies of Bitcoin, then bridged the portfolio limitations of the IMF’s SDR, the new base asset is a proactive response to recent negative public sentiment towards banking in general, and recent global events including The GFC, Euro-Crisis, BASEL II, III, and fiscal & political instability in Prime currencies.
KlickEx believes in efficient, effective, and accessible financial markets. Our products enhance transparency, stability, inclusion, and systematic velocity by eliminating counter-party risks from central bank balance sheets, informal remittance networks, and mitigating cash inefficiencies for commercial banks, mobile operators and regulators. KlickEx has taken the best, and made it better.
Key Investors: SWIFT, EU, AusAID, United Nations Capital Development Program (UNCDP/PFIP), HM NZ Treasury, Private Investors, Friends and Family & Management
I’ve had email contact will Mr Bell in which he wrote me extensively about his view on economic theory and how his company is developing new solutions for the problems we face. Because they’re still in a developing phase I’m not comfortable writing about the details of their new project (at this moment I have more questions than answers), but if there is more clarity I wil most certainly publish additional information. Mr Bell also told me it will be a slow process as he requires central bank approval in each currency before he is allowed to offer his basic platforms, from which he builds the interesting stuff. This won’t happen over night.