Sakae Holdings announced on Thursday (Feb 8) that it has entered a partnership with e-payment solutions provider Mobile Credit Payment (MC Payment) to jointly develop Southeast Asia’s first F&B digital token called Bitecoin.
Bitecoin aims to provide reliable and secure peer-to-peer transaction between consumers and merchants through an automated process, said a statement.
It will leverage on Ethereum blockchain technology, which can help to create a unified system to collect, sort and manage payment processes efficiently.
“The F&B industry involves a complex value chain across suppliers, logistics providers and retail outlets. Due to the number of parties involved, information loss is a relevant issue to many merchants today,” says Sakae Holdings chairman Mr Douglas Foo.
Sakae Holdings is behind popular F&B brands such as Sakae Sushi, Crepes & Cream and Sakae Express.
“In additon, many merchants are using multiple digital-service systems that require separate equipment to cater to the various payment methods as well as their own membership or stored value cards.”
That’s where Bitecoin comes in.
It will also help reduce time delays and added costs caused by human errors, automate inventory control and streamline fulfilment processes.
When paired with a digital wallet, the usage of Bitecoin will help to collect data, which allows merchants to gain a deeper understanding of their consumer demographics and feedback as well as to implement targeted marketing tools.
Consumers stand to benefit too: They will be able to receive personalised promotions taking into account their loyalty and preferences and provide them with bespoke rewards that suit their lifestyles.
Founder and CEO of MC Payment Mr Anthony Koh said: “We are confident that Bitecoin, while a novel idea, will greatly benefit consumers and merchants by improving efficiency, enhancing convenience and experience.”