SKYBIT’s Blockchain Recipe for Sustainable Economic and Social Transformation in Myanmar

Myanmar is looking to shed its image of an isolated country and is entering the global economic mainstream. Technology is helping it take that leap. SKYBIT is the very first enterprise that is continuously building a blockchain-powered ecosystem to support Myanmar’s official transformation initiatives and help its businesses, individual traders and aid organizations enjoy the fruits of global prosperity, opening up limitless opportunities of Myanmar to the world, and the world to Myanmar.

SKYBIT – Current status and future plans

The SKYBIT ecosystem was founded by techpreneur Philip Lim in 2015 with a vision to transform the lives of the underserved people of Myanmar and Southeast Asia, who had remained cut off from the benefits of the global economy.

SKYBIT incorporated its parent company in Singapore as SKYBIT PTE. LTD. and its subsidiary SKYBIT LIMITED in Myanmar, where its primary business operations are бconducted.Currently, SKYBIT operates:

• A fully functional digital asset conversion platform that allows traders to convert their holdings between bitcoin and MMK (Myanmar Kyat).
• QuickBuy and QuickSell platform where users can buy bitcoin using MMK or sell bitcoin to get MMK without needing to deposit or withdraw.
• Donation campaign advertising and payment processing platform that allows aid organizations in Myanmar to advertise their fundraising campaigns to an international audience.
• Goods and services advertising and payment processing platform that Myanmar businesses can use to advertise their goods and services to a global customer base. 
• The crypto-based payment processor that allows easy payments through digital assets that can be converted into MMK and credited to the merchants’ bank.

The short-term development plans of SKYBIT include,

• A new Digital Asset Conversion Platform. This will replace the current platform and will be a bigger, better and more comprehensive platform to attract a large number of traders to easily convert MMK into digital assets, and vice versa.

Popular digital assets will be listed, such as Bitcoin, Ether, and other Ethereum-based tokens such as 0x, Aternity, Basic Attention Token, Bytom, Golem, Holo, Maker, OmiseGO, Pundi X, and Zilliqa. Stablecoins, including Libra, would also be added.

The major feature of this platform will be to support unrestricted and direction-agnostic coupling of pairs between different listed digital assets and Myanmar Kyat.

• A new QuickBuy and QuickSell platform that uses the liquidity of the new digital asset conversion platform.

In the coming future, SKYBIT will also create:

• A fundraising (IEO) platform for small and medium businesses to raise funds from an international pool of investors.
• An international crypto-powered remittance platform for sending money to any recipient in the world.
• A dynamic funding platform designed to support and serve aid organizations that help the underprivileged.
• A comprehensive international platform designed to appeal and will be used by ordinary people.

SKYBIT is a legally compliant business entity

SKYBIT has partnered with ZICO Law, since 2018, to comply with the relevant legal framework for its business activities in Myanmar. ZICO Law, that has clients like Jetstar, Hilton Hotels and Resorts, as well as Hitachi, among others, has performed thorough due diligence and legal review of the regulatory issues of SKYBIT’s business model in Myanmar. The legal firm continues to guide SKYBIT as they progress with their developmental roadmap. SKYBIT is completely compliant and follows all rules and regulations laid down by the Central Bank of Myanmar for businesses. SKYBIT also has extensive business networking and endorsements from local and international business owners.

It must be noted that ZICO Law is headed by Dr. Maung Maung Thein, a former deputy minister for finance in the government of Myanmar and has rich experience of over four decades in the public and private sector.

Local markets benefit from SKYBIT

SKYBIT is targeting the current 21 million active internet users (39 percent of the total population); a number that is set to swell to 85% by 2020.  

The unique value proposition of SKYBIT’s offerings is the potential they hold to open up the Myanmar market to the world through a faster, secure, and seamless blockchain platform. SKYBIT is the first digital asset trading platform to list Myanmar Kyat (MMK) that allows the local people to gain access to the exciting world of digital assets through local currency.

The SKYBIT platform can become a boon for domestic aid organizations that can now receive monetary assistance directly from a global audience and not simply rely on local donations. It is obvious that by using the SKYBIT platform, aid organizations can receive a substantial amount of donations that will eventually be used for the betterment of underprivileged and at-risk populations across Myanmar in an effort to uplift and empower them.

This prosperity can also come to the doorsteps of small businesses in Myanmar who can now sell their goods and services to a global audience using SKYBIT’s advertising and payment processing platform.

SKYBIT will also cater to local businesses, especially the Myanmar tech startup ecosystem, that seek to reach a global audience and also help raise funds through IEO so that a larger investor pool can participate in the fundraising.

How can international businesses take advantage of SKYBIT’s ecosystem?

SKYBIT doesn’t only help local Myanmar businesses reach global clientele, but it also allows international businesses to enter Myanmar to benefit from its potential. Banking sector reforms will allow international financial institutions to offer their services in Myanmar. Fintech service providers – QR code payments, mobile money, e-governance – can help drive the growth of Myanmar’s financial sector.

Infrastructure development companies can help set up medium-to-large scale infrastructure projects such as electricity generation and distribution. With an expected inflow of USD 220 billion foreign direct investment in the next two decades, it will be a tremendous boost for the fledgling economy of Myanmar. 

SKYBIT is looking to raise funds for the development of the platform

In all of the above-mentioned sectors, SKYBIT will play a vital role as an established blockchain-powered platform to support public-private partnerships. To this end, SKYBIT is hosting its own IEO in an effort to raise funds to develop the next level of this ecosystem.

SKYBIT is keen on spending a substantial portion of the funds raised from the IEO for product development and operations, while also spending on marketing, business development and education so as to popularise the opportunities provided by the ecosystem to target audiences. 

The SKYBIT team is committed to strictly follow their developmental roadmap to create an ecosystem that will eventually bring value to SKYBIT tokens. Participation in the SKYBIT IEO is a gateway to investing in a truly transformative project that seeks to change the status quo of Myanmar with regard to opening up its doors to the world. With its “first-mover advantage,” SKYBIT is all set to be the pioneer platform that can be used by other innovative projects that will greatly benefit the investors and early backers of SKYBIT. 

About SKYBIT

SKYBIT is Myanmar’s leading blockchain services platform that includes a payment processor for financial transactions, an advertising platform for businesses of all sizes and a digital asset conversion platform. SKYBIT seeks to help every person in Myanmar and Southeast Asia to join the global economy without any restrictions.

SKYBIT is soon to hold an initial exchange offering (IEO). If you wish to be part of a promising, growing project, check out its offering details and help the project raise funds to bring smiles on millions of faces.

To know more about the project that is set to change how people can be included in a new, seamless financial and business ecosystem, visit the SKYBIT website. To get regular updates on all the developments, join the SKYBIT public chat groups on Telegram and Kakao Talk.

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

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