Zynesis

We specialize in

• Complex system architecture design
• Scalable system development
• Cybersecurity
• Encryption & cryptography
• Financial & core banking systems integration
• Artificial intelligence

Case study: Sand Dollar

The world's first retail central bank digital currency (CBDC)

Zynesis is the architect and developer of Sand Dollar, the world's first retail central bank digital currency (CBDC) for The Central Bank of The Bahamas. It was launched on December 2019 in Exuma, The Bahamas and subsequently made available countrywide.

Sand Dollar is the digital version of the Bahamian dollar (B$). Like cash, Sand Dollar is issued by the Central Bank of The Bahamas through authorized financial institutions (AFIs). Sand Dollar allows greater flexibility and accessibility for Bahamian residents that want to participate in financial services via either a mobile phone application (iOS and Android) or using a physical payment card to access a digital wallet. It is designed to closely resemble cash, fast, efficient, decentralized, and peer-to-peer. It is also designed to work in an offline setting, allowing for micro-economies to take place during hurricane season where some islands' communications may be cut from the rest of the nation.

Zynesis team delivered all the following to ensure the success of the initiative:

1. Consumer wallet app
   The app acts both as the first consumer app and also a model app that facilitates integration of Sand Dollar with banks and authorized financial institutions.
2. Physical wallet card
   Physical wallet in a form of card that allows users of Sand Dollar without a smart phone to spend and receive Sand Dollar securely.
3. Security by design
   Safety is of utmost important for a financial solution. Incorporated in Sand Dollar itself, is a system that allows actual owner to sign and authenticate securely while providing full auditability.
4. Money management system
   A system that allows the Central Bank to mint and manage money supply by using the similar flow of that of existing non-digital currency system.
5. Core banking system integration
   Sand Dollar integrates well with ISO 20022 to facilitate integration with core banking systems.
6. Offline micro-economy support
   Despite being a digital solution, when being disconnected from the main system, such as during hurricane season, Sand Dollar allows for local use so micro-economy can happen.

Press release from The Central Bank of The Bahamas

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Team

U-Zyn Chua

Chief Technology Officer · Principal Consultant

U-Zyn Chua is a seasoned entrepreneur and technology consultant having more than a decade of experience in IT solutions, consulting and delivering solutions for many large global corporations and government agencies. He is skilled in designing and building systems that cater to specific needs of clients, prioritizing launch and timeline without over-engineering.

U-Zyn was the first Singapore Smart Nation Fellow in 2016, taking a sabbatical to go into civil service to contribute to Singapore's open technology initiative under GovTech. U-Zyn was also selected to be on Tatler Gen.T list 2018. Tatler Gen.T lists 50 of the brightest connectors, creative visionaries, influential innovators and disruptive talents in Asia.

U-Zyn is supported by a team of talented engineers in delivering robust solutions to our clients.

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