SKYBIT Bridges the Economic Gap Between Myanmar and the Rest of the World Using Blockchain

The rapid advancements in financial technology, or “fintech”, are starting to bridge the economic disparities amongst the world’s population. The introduction of mobile money has brought many underserved people under the global financial umbrella. And now, blockchain technology is paving the path for a new wave of innovation to bridge the gap even further.

How Fintech Is Helping to Meet Global Financial Objectives

The World Bank and the world’s key decision-makers have set an ambitious objective to reduce extreme poverty in the world to 3% by 2030. It has banked heavily on emerging financial technologies to achieve this goal. And true to their potential, these technologies have helped to reduce the number of people living in extreme poverty by more than a billion from 1990 to 2015. According to a World Bank report, poverty in South Asia dropped to 216 million people in 2015, compared to half a billion in 1990.

A McKinsey report states that not only will fintech help increase the GDPs of all emerging economies by 6%, or $3.7 trillion by 2025, but also help governments to gain $110 billion per year by reducing leakage in public spending and tax collection. Fintech service providers also stand to gain by saving $400 billion annually in direct costs by shifting from traditional to digital accounts. This is clearly a win-win situation for all stakeholders. Such savings can be seen as a massive boost to the fledgling economy of a country like Myanmar.

Mobile money, as an example of a technology that is improving traditional financial models, has seen rapid rates of acceptance. In Southeast Asia, there has been a rise in registered mobile money accounts from approximately 100 per 1000 adults in 2013, to more than 550 per 1000 adults in 2018. With investments of more than $100 billion since 2010, fintech – from transferring money to financial planning – is key to bring the underserved people of the world within the global economic ecosystem to meet the vision of “shared prosperity” as expounded by the World Bank.

SKYBIT – Ushering the Next Wave of Fintech in Myanmar

Myanmar, a nation that endured years of global isolation and lack of internet connectivity, has recently benefited from fintech platforms like Wave Money who have brought mobile money to the hands of millions, thanks to the new regulation on “Mobile Financial Services” issued by the Central Bank of Myanmar in 2016. In tandem with such mobile money operators that offer domestic financial inclusion across the entire country, SKYBIT is using blockchain to offer the people of Myanmar global financial inclusion. Such an ecosystem will bring about strategic transformation and be the missing link in the fintech revolution of the country that can potentially touch the lives of millions.

Through the SKYBIT platform, new business opportunities will be realised by the people of Myanmar. While they were previously focused only on the domestic market, due to the dearth of a robust financial transaction system and connectivity, today they can look at a global customer base to sell their products and services and get paid in Myanmar Kyat, with digital assets being an intermediary instrument of value exchange.

Businesses like import-export and e-commerce can take advantage of the SKYBIT platform to attract global clientele and use the blockchain-connected payment processor to easily receive local currency payments to their mobile money wallet or bank account. A blockchain wallet can serve as their international bank account and be their gateway that they can open to the world.

SKYBIT is working diligently to support and partner with local and international financial institutions to create a modern financial ecosystem in which international transfer of funds becomes effortless, swift and secure.

SKYBIT is perfectly aligned with the economic plans of the Myanmar government which is implementing its financial inclusion roadmap. A key aspect of this roadmap will be the use of fintech to support the advancement of financial inclusion, and the government expects fintech service providers to work towards poverty alleviation. SKYBIT’s unique offerings are in line with the government’s expectations. Moreover, SKYBIT is also aligned with the global objectives of poverty reduction as set forth by global bodies like the World Bank, IMF and UN.

Parting Thoughts

As Myanmar turns a new page in its journey of transition from an isolated state to a global partner, SKYBIT is contributing to the digitization of Myanmar’s economy so that it plays a vital role in the success story of the country and also ensures Myanmar’s continuous growth and prosperity.

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.

For more news and latest updates please visit SKYBIT page in Facebook. Feel free to join SKYBIT community in Telegram, Twitter and Kakao Talk, or just check out their latest videos on YouTube.