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Place/Date: 77 High Street, Unit 09-11 High Street Plaza, Singapore 179433 – November 28th, 2019 at 1:32 pm UTC · 5 min read
Contact: SKYBIT,
Source: SKYBIT PTE. LTD.

Photo: SKYBIT
Photo: SKYBIT

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.

Kseniia Klichova , 2019-11-28 15:32:48 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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