The Digital Sandbox
FORUS has created a sustainable platform to launch sovereign-based digital tender. As an “independent third party”, FORUS has managed to get enough collaboration amongst competitors and across industries to create the scale to make the service free. An absolute requirement for success.
We believe that the FORUS team, and our group of partners in the Eastern Cape present a unique opportunity to put South Africa at the forefront of economic growth and fintech innovation on the continent.
FORUS is rolling out the technology and infrastructure to make Port Elizabeth a smart cashless city, and the Eastern Cape the nation’s leader in the 4th industrial revolution. Our solution set and use cases cover all aspects of transactional payment processing for both customer present and online transactions. The purpose of the FORUS Platform is aligned to that of the South African Reserve Bank (SARB) and the fiat backed stable coin component has been designed to be issued by central banks. We are aligned with the vision of the SARB to lead in serving the economic well-being of South Africans through price and financial stability achieved and enhanced by the design of the platform liquidity model.
Our rollout in Nelson Mandela Bay will demonstrate the impact of a retail Central Bank Digital Currency (CBDC), introduced complimentary to cash, and will reduce the requirement and cost of cash. The impacts and benefits will be monitored throughout the process. In addition to direct strategic alignment with the vision and mandate of SARB, our 4RX.ZAR CBDC is positioned as a sub-element of the overarching FORUS Platform. The solution has been designed to issue this token. Further to the above, the SARB, as a knowledge institution, is also expected to provide thought leadership in the CBDC domain. To this end, this project will aim to position the SARB to actively and authoritatively influence thinking and decision-making on the topic of retail CBDC – both locally and globally. SARB will be able to monitor and assess the major benefits and risks (including cyber-risks). The lessons learned from practically issuing a CBDC in a live environment will enable SARB to position itself as a global leader.