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Coda Bridge Launches First-of-its-Kind Purpose Bound Money Blockchain Charity Project in Hong Kong

ByE NEWSMay 14, 20241 Mins read116

Pictured above - Mr. James Loh, Chairman of Coda Bridge (right) and Ms. Grace Fung Oei, RMHC Global Board of Trustees and RMHC Hong Kong Chairperson (left).

Supported by Ronald McDonald House Charities Hong Kong and Dignity Kitchen

HONG KONG SAR 14 May 2024 – In a groundbreaking initiative today, Coda Bridge introduced Purpose Bound Money (PBM) — the first innovative charity project of its kind in Hong Kong.

Ronald McDonald House Charities Hong Kong has been selected as the charitable organisation to be part of the pilot program. With this program, every eligible family will receive an electronic meal voucher of HK$500 (limited quota of 200 families) to dine at Dignity Kitchen, a top-notch social enterprise in HK with majority of their employees being physically challenged and disadvantaged.

This pilot project leverages blockchain smart contract technology and a simple web-based Purpose Bound Money (PBM) platform to distribute and facilitate utilization of the vouchers. PBM ensures that all funds are directed precisely to causes and locations specified by donors. This not only guarantees that the donors’ intentions are honored but also introduces an unprecedented level of transparency and integrity in the donation process.

“Coda Bridge’s collaboration with RMHC HK and Dignity Kitchen through this charity project is a testament to the impact of innovation technology for social good.” said James Loh, Chairman of Coda Bridge.

The versatility of the PBM platform extends beyond charity. It is poised to revolutionize the management of education funds, government disbursements, e-commerce, prepaid packages, and cross-border payments, enhancing the precision and efficiency of fund utilization. The PBM platform makes the digital money programmable, ensuring that funds are used for specific purposes and enhancing the transparency and controllability of funds.