Coda Bridge has launched a groundbreaking initiative in Hong Kong with the introduction of Purpose Bound Money (PBM), marking a significant milestone in charity endeavors within the region.
Partnering for Social Impact
Ronald McDonald House Charities Hong Kong has been chosen as the inaugural beneficiary of the pilot program. Under this initiative, eligible families will receive electronic meal vouchers worth HK$500, with a limited quota of 200 families, to dine at Dignity Kitchen, a renowned social enterprise in Hong Kong known for its employment of physically challenged and disadvantaged individuals.
Innovative Distribution Method
The pilot project utilizes blockchain smart contract technology and a user-friendly web-based PBM platform to distribute and manage the vouchers effectively. PBM ensures precise allocation of funds to designated causes and locations as specified by donors. This mechanism not only upholds the donors’ intentions but also establishes unprecedented transparency and integrity in the donation process.
Fostering Social Good through Technology
James Loh, Chairman of Coda Bridge, emphasized the significance of leveraging innovative technology for social good through the collaboration with RMHC HK and Dignity Kitchen. This partnership underscores the transformative impact of technology in advancing charitable initiatives.
Expanding Applications Beyond Charity
The versatility of the PBM platform extends beyond charitable endeavors. It is poised to revolutionize various sectors including education fund management, government disbursements, e-commerce, prepaid packages, and cross-border payments. By digitizing money and making it programmable, the PBM platform ensures precise utilization of funds for specific purposes, thereby enhancing transparency and control over financial transactions.
Through initiatives like Purpose Bound Money, Coda Bridge aims to not only revolutionize the charity landscape but also contribute to the broader advancement of financial technology for social and economic development.