SK JEWELLERY: Merchant payment system ready for Millennials

Daniel Lim, CEO of SK Jewellery Group (left), at MOU signing ceremony with Ken Huang, CEO of Bizkey Network, to offer its cryptocurrency payment platform at the Group's jewelry retail outlets. (Photo: Company) In conjunction with Binance Blockchain Week (21 to 27 Jan), SK Jewellery Group launched its service allowing customers to pay for purchases at its new retail outlet at Marina Bay Sands Hotel. An MOU was signed between the Group and Bizkey Network Pte Ltd last Friday (18 Jan) to facilitate purchases at the Group's retail outlets using cryptocurrencies such as Ethereum, Binance Coin, TrueUSD, Dai, and Bizkey token BZKY via Bizkey's point-of-sale terminal system. Binance Blockchain week is a global conference held in Singapore where the blockchain community gathers to discuss industry trends. The focus this year is on the development of new tools to prevent hacking and theft of users' funds.

"Ours is a business that needs to be ready for the Millennial consumer," said CEO Daniel Lim at the MOU signing ceremony.

"The new-generation consumer has embraced digital currency payment as a lifestyle, including cryptocurrencies. We need to be ready to accept cryptocurrencies and exchange that into real currency for the real goods that we sell," he said.

The Group already offers WeChat Pay and Alipay, digital payment platforms that allow consumers to pay for their purchases directly using their mobile devices.

"Use of digital currencies is becoming more widespread. This is a trend to that has come to stay. A person who owns a cryptocurrency wants to use it in the real world for everyday consumption. He may also want to divest it in hard assets.

"Soo Kee is recognized as a trustworthy merchant in Singapore. We are the best service provider for people who wish to convert their cryptocurrency investments into physical wealth.

"The collaboration with Bizkey allows us to provide a platform for owners of cryptocurrencies to divest his cryptocurrency into gold, silver, and other investable assets.

"The platform also offers convenience to tourists who have run out of Singapore dollars. Such a tourist may own cryptocurrencies that we accept.

"With our cryptocurrency point-of-sales system, he does not need to make a detour to a money changer or bank to pay for his purchase at Soo Kee retail outlets," he said.

♦ Bizkey cryptocurrency Point-of-Sale system

Bizkey POS terminal (Photo: Company)At the point of transaction, the cashier will check the exchange rate for the cryptocurrency that will be borne by the end customer. This is then converted to the cryptocurrency amount on the point of sales terminal. Every cryptocurrency transaction takes only 3 seconds of the end-customer's time. Cash settlement by Bizkey is done one day after the transaction. Soo Kee then becomes a channel of connection between the virtual world and the real world. A small commission is paid by the Group to Bizkey similar to that for a credit card facility. "By working with Bizkey, we do not need to undertake the risk associated with the price volatility of cryptocurrencies," said Mr Lim. "Bizkey has a stable platform. "We believe it is a good avenue for launching our cryptocurrency payment platform," he said.