Last evening, SK Jewellery Group announced that it could accept six different kinds of cryptocurrency at its stores, under a new deal with a point-of-sale system provider.
Under a memorandum of understanding with Bizkey Network, the jeweller will roll out these payment methods across its entire range of stores, it said. It has more than 60 outlets, with brands including Soo Kee Jewellery, SK Jewellery and Love & Co.
Vendor Bizkey was described as “an intelligent blockchain-based payment platform that supports a variety of powerful applications to streamline and re-integrate merchants into the digital era”.
Accounting and Corporate Regulatory Authority records show that Bizkey, which has an office in Republic Plaza, was set up in 2018. It reportedly held a “Token Day” campaign that year with partner retailers – including SK Jewellery – to promote Ethereum, Binance Coin, Aelf and Zilliqa cryptocurrency transactions.
The deal – which will begin with the new SK Gold branch at The Shoppes, Marina Bay Sands – is not expected to have a material impact on the group’s net tangible assets or earnings per share for the year to Dec 31, the board said.
Daniel Lim, Chief Executive Officer of SK Jewellery and Ken Huang, Chief Executive Officer of Bizkey
Mr. Daniel Lim (“林雍胜”), Chief Executive Officer of SK Jewellery said, “As a forward-looking company, it is important for us to keep ourselves abreast of current developments in the market, so as to stay relevant with changing times. We are excited about the new opportunities it could potentially bring to the company, allowing us to reach out to a wider pool of customers, namely, the millennials and the more tech-savvy generation.”
Mr. Ken Huang, Chief Executive Officer of Bizkey said, “With the decentralisation of today’s marketplaces, services and networks, this has created numerous opportunities in retail for us to tap into. Specifically, through our partnership with SK Jewellery, a renowned jewellery retailer in Singapore, we seek to reduce possible inefficiencies present in payments and improve our service quality to customers. All in all, we are exhilarated with this tie-up and look forward to what the future will bring.”
(Photos: SK Jewellery Group)