Saga, a monetary startup that is aiming to create a new global digital currency by cooperating with banks and regulators, has announced a partnership to manage its bank-held reserves and cash management.
The company partnered with Deloitte to pick FIS’s Integrity SaaS treasury management solution.
The FIS Integrity SaaS solution will support Saga’s treasury unit in managing its reserves among its partner banks. The solution will also support Saga’s simple and complex treasury requirements, including cash positioning and forecasting, foreign exchange, debt and investment management as well as accounting, compliance and reporting with full connectivity to the treasury ecosystem.
Saga is backed by reserves held in the most prominent national currencies, replicating the SDR (Special Drawing Rights) by the IMF and deposited in regulated banks in reputable jurisdictions.
A partnership
Saga worked with global business consulting leader Deloitte to assist in the selection process. After months of evaluating international industry-leading solutions, Saga chose FIS.
Ido Sadeh Man, Saga’s Founder and President said: “Saga believes that as part of establishing a sensible and trustworthy solution, we must meet and implement the highest possible standards. Choosing FIS most certainly fulfils this promise. We’re delighted to partner with a top-tier provider adopted and trusted by many leading financial organisations, and expect this partnership to help us enhance the accuracy and efficiency of our off-chain operations.”
First cryptocurrencies of its kind
Saga has attracted advisors from the ranks of the world’s top financial experts, technologists and economists – including Dr. Jacob Frenkel, Chairman of JPMorgan Chase International; Prof. Myron Scholes, Co-originator of the Black-Scholes options pricing model; Leo Melamed former Chairman of the Chicago Mercantile Exchange (CME) and Prof. Dan Galai, the co-developer of the Chicago Board Options Exchange’s Volatility Index (VIX).
The company’s token, SGA, is expected to launch later this year and will rely on reserves hosted in commercial banks. It will be the first-ever cryptocurrency, governed by its shareholders, to introduce monetary tools modeled by economists and researchers from all over the world. Additionally, it will be among the first cryptocurrencies to apply banking-standard identification and Know Your Client (KYC) and Anti-Money-Laundering (AML) procedures.