An entrepreneur’s grand mission to transcend Myanmar's economic and humanitarian woes using blockchain tech

Years of global isolation and harsh economic sanctions have left Myanmar at a disadvantage as compared to other ASEAN countries. However, the technological revolution that has transformed global communications hasn’t left Myanmar untouched. With 21 million active internet users and many more to join soon – 85% of the total population by 2020 – Myanmar is set to embrace emerging technologies, using solutions designed and cultivated to solve long standing problems of the people.

Why blockchain is the answer to Myanmar’s economic woes

One such technology, with its transformative and innovative capabilities, that is set to bring a real difference to the lives of the average Myanmar person is blockchain. Its 'kung fu' has been proven, blockchain technology can help create a seamless monetary transaction system and help the flow of money between borders without hurdles, securely and in almost real-time.

The unprecedented social enterprise poised to harness the power of blockchain technology to positively transform the lives of the people of Myanmar is SKYBIT, with the uplifting slogan "transcend all boundaries".

The economic sanctions against Myanmar meant that the country was isolated from the global monetary transactions regime and found it difficult to attract foreign banks, investors and even aid in times of need. The common people of Myanmar have had to face the brunt of the long years of isolation, with more than 25% of the country’s population still living in poverty. With less than 0.1% of the total global wealth in the hands of its people according to the Credit Suisse Global Wealth Report Databook 2019, Myanmar, unfortunately, still remains one of the poorest countries in the world.

Myanmar’s banking system has long been hampered by the isolationist scenario prevalent in the country and does not, as yet, have a robust transaction system in place. This makes it difficult for people to gain access to global wealth, and opportunities are sparse. Inward transactions can take as much as a week and not everyone has access to banking and credit cards. But SKYBIT is about to change this bleak scenario to bring about a positive and dynamic change in the lives of millions of underprivileged people of Myanmar and of Southeast Asia.

SKYBIT – a transformative financial ecosystem

SKYBIT has created a borderless financial ecosystem for seamless transactions in and out of Myanmar. Based on blockchain technology, it will be a reliable platform to ease the flow of money into Myanmar, thereby opening up innumerable opportunities for the people and the country.

Individuals and businesses in Myanmar can offer goods and services to a global customer base using SKYBIT’s powerful, flexible and scalable platform. International aid organizations and individual donors can now send donations to organizations or individuals in Myanmar. Money can be sent and received in the form of cryptocurrencies that can be easily converted to the local fiat currency – Myanmar Kyat. 

Apart from the payment processor, the SKYBIT ecosystem will also have the following

• The SKYBIT Digital Asset Trading Platform that allows multi-currency trading of cryptoassets for traders all around the world, by providing exciting features like direction-agnostic and free coupling of pairs.

• Ad Pages platform that will help small businesses who do not have their own website to host their advertisements for goods and services or a donation campaign for a global audience.

• The SKYBIT Payment Button is a simple API that businesses can embed on their own websites and use SKYBIT’s powerful, yet easy, a payment processor to get paid from anyone anywhere in the world.

• The SKYBIT Fundraising Service that lets businesses of all sizes to raise funds from a global audience via Initial Exchange Offerings (IEOs).

SKYBIT endeavors to facilitate large-scale, market-driven positive societal changes, not just in Myanmar, but to the entire disadvantaged population in the South East Asian region. The possibilities of a seamless, borderless, blockchain-powered platform are immense for this region, and the applications of such a technology are only limited by one’s imagination.   

How a techpreneur’s dream became a region’s hope

The pioneer behind this transformative and truly disruptive project is Philip Lim, a digital nomad, and a passionate entrepreneur. Philip was born to Myanmar parents who immigrated to Australia. He received his Bachelor’s Degree in Engineering (Computer Systems) with first-class honors and a Diploma in Engineering Practice from University of Technology, Sydney. He also worked for globally renowned corporations like PriceWaterhouseCoopers (PwC) and IBM. In his own words, he lived a privileged life in a country of opportunities when many of his parents’ fellow country brethren had to face insurmountable hardships just to get past each day, in their native country.

However, a feeling of incompleteness nagged at his conscience. He wanted to do something for the less privileged. He saw the problems that common people of Myanmar faced on a daily basis. He thus decided to apply his extensive expertise in technology to solve humanitarian problems, especially in Myanmar and the Southeast Asian region. SKYBIT was borne out of this longing to bring parity in the lives of millions of underprivileged and underserved people of Southeast Asia.

Parting thoughts

The cycle of time churns history to offer opportunities to every individual and nation. It has been less than a decade since Myanmar has been shedding its historical baggage to come out of isolation and find her rightful place in the league of nations. With techpreneurs like Philip Lim, there is hope for the underprivileged people of the world to partake of global prosperity with confidence. The vista of opportunities that SKYBIT opens up for the people of Southeast Asia are limitless and it is only a matter of when, not if, as SKYBIT brings about the much-needed parity amongst the people of the region.

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 trading 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.