News & Events
PKF Malta delegation visits Social Good Foundation Inc. in Tokyo
Published: The Times of Malta
Date: 3rd November 2018
From left, PKF Malta Asia Manager, Yolanda Dong, PKF Malta Senior Partner, George M. Mangion , Shuichi Kobayashi PKF Osaka Mergers & Acquisitions Manager and Dr. Marilyn Formosa, PKF Malta Head of Legal.
A delegation of PKF Malta executives recently visited the head office of the Social Good Foundation Inc. in Tokyo, a company whose ICO raised an impressive $30 million from private investors in their ICO held earlier this year. This visit has led to a business relationship between the two organisation which is expected to bear fruit in the not so distant future.
This visit to Social Good Foundation Inc formed part of a series of activities organised during the national trade mission led by Prime Minister Dr. Joseph Muscat to Japan.
Amidst a jam-packed week of official functions and business forums, PKF Malta also paid a visit to their two offices in Tokyo and Osaka as well as met with several reputed Japanese entities active in the blockchain and cryptocurrency space.
Commenting about this visit PKF Senior Partner George Mangion commented that “Malta, as the aspiring blockchain island can surely learn a lot from the Japanese experience on crypto-sphere.”
Social Good Foundation Inc is expected to hold the funds raised from the ICO in reserve in order to maintain the value of the cryptocurrency and establish credibility.
Soichiro Takaoka, CEO (Chief Executive Officer), says that “we aim to be the Amazon or Rakuten of the blockchain era.”
The cryptocurrency allows the holder to receive cash back when shopping at participating stores, part of which is automatically donated to charitable organizations. The Foundation submitted business model patent applications regarding a cashback system utilizing cryptocurrencies in Japan and the United States in January of this year. Initial and monthly costs are free for alliance companies, compensation only being paid to the Company when a product is sold. These commissions form the funds for the cashback to consumers and donations.
Following the provision of services at the end of April, the number of Social Good holders has surpassed 30,000 people worldwide in five months. Starting from 2020, there will be a worldwide franchising development in order to increase alliance member corporations, especially in regions outside Japan. We aim to acquire an Ecosystem and achieve a growth sum of USD $25 billion.