Cashless Society 101: Crypto and the Power of Inclusive Finance from Myanmar to Japan, Korea, China, and the World

Our primary mission is to emancipate the people of Myanmar from financial exclusion

There is no doubt that Covid-19 and in particular 2020 has been the year for accelerated digital payments, contactless transactions, and mass adoption of central digital currency strategies, roadmaps, and ultimately normalization of contactless payments in what we can now say is a start of a global movement towards a Cashless Society. While a world in which non-cash payments are the norm is still decades away, the foundation is being built and implemented by innovative founders like Philip of SKYBIT.

SKYBIT's website and team state the following:

"Our primary mission is to emancipate the people of Myanmar from financial exclusion. We strongly believe that doing so would have a direct impact on the quality of life for millions of people in Myanmar. Part of our mission includes educational initiatives to help locals understand the potential of Blockchain technology so that they can identify opportunities to leverage this technology." - SKYBIT TEAM

As a former Wall Street Analyst at The New York Stock Exchange with roots in Uganda, East Africa, home to the world's largest mobile payments network M-PESA, I have come to see and appreciate the untapped value of financial inclusion through digital, mobile, and especially decentralized financial services delivery. SKYBIT presents such an opportunity across its ecosystem of services to connect Myanmar to the South East Asia region and ultimately to the rest of the world. For the Myanmar Diaspora living abroad, SKYBIT is the vehicle and financial bridge to their homeland while also thriving with future economic engine potential. For locals and merchants, SKYBIT offers unique digital asset conversion services including support for Crypto to Myanmar KYAT allowing local vendors to receive patronage from locals, tourist,s and international clients all from a mobile or web client without the complexity of understanding crypto and the wallets ecosystem. For crypto traders and blockchain investors, SKYBIT offers an opportunity through their pre-exchange listing token sales as well the exchange-listed token sales to be part of the owners and stakeholders in a decentralized finance ecosystem player.

The Blockchain, Crypto and Decentralized Finance (DeFi) industry has been underestimated from the start with most people missing out on the 2010's wave and the last 2020s showing the resilience of the underlying infrastructure and architecture despite regulatory misrepresentation and public caution. Day by day, it is becoming clear that what major banks and investors say publicly against Bitcoin and crypto-assets is the opposite of what their investment thesis and strategies are as more are dedicating both human and financial capital towards both centralized and decentralized finance from banking to custodial services and derivative fintech services. This trend will continue to accelerate the normalization and mass adoption of digital assets ecosystems first in the enterprise and e-governance and ultimately in the global trade pushed by mass consumer adoption through companies like Square, Baktt, Coinbase, Paypal and more that are integrating support for crypto trading and user into existing mobile wallets.

This significant industry traction is in line with what SKYBIT sees as an emerging opportunity for Myanmar and South East Asia to be linked to the rest of the world through both centralized and decentralized (DeFi) platforms and blockchain services. To date, SKYBIT has developed and piloted the following services: