After failed 3rd telco bid, Chavit Singson to unveil own virtual currency

Luis “Chavit” Singson’s LCS Group of Companies (LCS) will launch its own virtual currency called GCC, or Gold Chavit Coin, in early 2019 as the group makes its foray into the financial technology (fintech) industry.

The LCS Group recently participated in the bidding for the country’s third major telco but lost out to the Mislatel consortium led by emerging tycoon Dennis Uy.

“Many Filipinos still have no access to a bank account, which prevents them from saving for their future and participating in basic financial transactions, such as simple payments,” Singson said. “GCC aims to change all that by offering a ubiquitous currency that they can use for nearly all types of transactions, both in the country and abroad.”

In mid-2019, LCS will list GCC in local cryptocurrency exchanges, where it can be traded for fiat money or other digital currencies.

According to Singson, a phone application for GCC payments will be introduced that enables bill payments and online and in-store purchases with affiliate retailers and banks, beginning with transactions among companies owned by LCS.

The app is being developed with Billing System Corp., a Japanese fintech company that previously developed the PayB payment app.

“We plan to leverage the entire LCS network, in addition to partnerships with other vendors and firms, to drive mass adoption, which in turn will increase GCC’s market value,” Singson explained.

LCS is involved in several industries, including banking, mining, transportation, renewable energy, and, most recently, telecommunications.”

One non-LCS company that has already expressed interest in GCC’s usage was Hallohallo Inc., an e-commerce company involved in online shopping, property services, and classifieds.

Hallohallo members, numbering over 2.9 million, may start using GCC on their purchases as early as the first quarter of 2019.

“We are delighted to have this opportunity to be part of the Gold Chavit Coin project,” Hallohallo CEO Yasunari Okada said. “As our company and market continues to expand and change, there is a need to provide a service that will offer our customers an innovative way to settle bills. Through this project, our clients will now have another payment method option that will make all their transactions hassle-free, easy and fast.”

GCC will be based on ERC-20, a standard for smart contracts used exclusively in the Etherium blockchain network. Virtual currencies following ERC-20 standards can be shared or exchanged with other tokens and crypto-assets that use the same standard.

Blockchain transactions are secure because they are not stored in a single server, but distributed across a network of computers. Each blockchain transaction requires the consensus of the network, making it difficult for a single entity to tamper with the data.

“Blockchain in the Philippines remains in its infancy, but it has tremendous disruptive potential that can help not only individuals, but also the economy as a whole by further expanding e-commerce access in the country,” Singson said. “GCC is our contribution to that effort.”

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