Over the last few days, major moves have been made by a handful of top ecommerce players in Southeast Asia in efforts to cement a position in payments. Each company is already well aware: if you want people to buy or use your services, it makes sense to have direct influence over their spending.

Owning the payments chain has become so important (thanks to what was witnessed in China), that Amazon announced it would pass discounts to retailers if they used its online payment service.

Earlier this week, ShopBack, a cash back ecommerce aggregator, acquired Singaporean personal finance startup for an undisclosed amount. The stated reason being it wanted to help millennials ‘better handle their money‘, but with a new team of developers, no doubt the company is looking to optimise its existing system.

What was more interesting this past week were the new discoveries made by Go-Jek and Grab users in Southeast Asian markets.

Go-Pay

The on-demand market leader in Indonesia has expanded its reach to the most unexpected locations – street food vendors.

Tweet translation: “Interesting find this afternoon: Some street vendors on the alley beside Bank BNI Kebon Sirih have accepted payment with Go-Pay. When I bought ayam penyet [fried chicken] at my regular place, I just have to scan a QR code, show the payment slip, and that’s it. So cool!”

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The popularity of Go-Jek in Indonesia is almost legendary and this example shows how far its reach goes. The difficulty for Go-Jek will be expansion outside of Indonesia to other markets in the region, where similar on-demand companies exist.

GrabPay

With Uber officially out of the picture, Grab is doubling efforts to increase the adoption of its e-wallet, GrabPay. On a trip to Manila May 7th, an ecommerceIQ Community member shared with us app screenshots of Grab promoting a new cash ‘top up’ feature. Riders can add money to their Grab accounts by simply handing their drivers cash.

This is hardly innovative as Go-Jek has offered cash top ups since 2016, a large contributing factor to its success in Indonesia, but it shows Grab’s seriousness in evolving its payments product to the local market.

 

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This new feature follows Grab’s launch of three other services the company introduced to the Singapore market: GrabAssist, GrabCar Plus, and GrabFamily.

“Grab’s vision is to be an everyday app for consumers,” said Tarin Thaniyavarn, country head of Grab Thailand.

Regulations stand in the way of Grab’s vision in Southeast Asia as most countries lack any solid regulations to ride-hailing companies. Currently, the company is unsuccessfully trying to acquire a microfinance licence from the Bank of Thailand.

What drives the adoption of new technology?

Grab is targeting hawker stalls in Singapore, Go-Jek has already successfully penetrated local vendors in Jakarta. Grab is offering cash top ups, Go-Jek has been doing so for the past two years. They both offer on-demand services, taxis, cars, bikes and the technology and mechanics of an e-wallet are not all that different player to player. They are essentially going toe to toe, what is going to push further adoption?

The real winner will be the company’s capability in effectively communicating the benefits of its payments service to users. How aware are users of its existence and its importance? How can it make their lives easier versus using good old fashioned cash or swiping a credit card?

In developed markets like the US, Apple Pay, Samsung Pay, Google Wallet have single digit adoption rates compared to credit card usage. Why? Because the country already fares well with credit cards, there is no reason to change habits.

The same case can be made for relatively cash-less markets like Singapore. The real opportunity to dominate payments is in developing markets like Indonesia and Thailand, where credit card ownership floats around only 4 percent and majority of the population owns a smartphone.

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“To enhance awareness, you really need advertising — one thing that’s not well understood [by consumers] about Samsung Pay is that it has more utility the Apple Pay; you can use it at a non-NFC terminal and that’s a huge advantage I don’t think Samsung is doing a good job of promoting.”

When Singaporeans shop online, they tend to buy products sourced from outside the lion state.

Overall, it’s estimated that 55% of all ecommerce transactions in Singapore are cross-border – meaning the items were listed on etailers in the US or China, for example – and then shipped to their eventual destination.

The statistic is higher than corresponding figures for cross-border online trade in Japan, South Korea, and China.

This is undoubtedly strengthened by the fact that the overwhelming majority of ecommerce purchases in Singapore are prepaid with credit card and Singaporean consumers are exempt from GST and import duties as long as the total value of their order is below S$400.

Singapore is also a high-income country, meaning residents can afford to splurge, while also bereft of the same logistical challenges that stymie higher adoption of ecommerce in countries like Indonesia and the Philippines. Next-day delivery is the norm.

In 2016, the World Bank declared Singapore the fourth-best country for logistics infrastructure in the world noting it’s an important hub for regional and world trade, located conveniently in the heart of major shipping lanes.

There are other factors at play, too. Amazon and Singpost have a collaboration to facilitate the delivery of overseas purchases within three days – roughly the average time it takes to deliver a domestic order in Indonesia.

Despite the fantasized utopia of a truly open world economy – a scenario where goods and services can move unhindered to where demand is – the reality is that cross-border flows still involve a great deal of friction.

Cutting down cross-border fees for Singaporeans

The first problem is that there’s a high degree of financial inefficiency, with banks and payment processors trying to capitalize on arbitrage opportunities to bump up their own bottom line. Foreign exchange rates also work against consumer interest with banks routinely charging far more than official rates. And lastly, consumers are simply unaware of the available discounts and promotions that may be applicable to their purchase.

Jake Goh, CEO of RateX.

“Consumers are still paying unnecessary fees when they shop online, e.g. they pay 2%-5% in transaction fees on top of the price of the goods they purchase due to the frictions in existing payment networks,” explains Jake Goh, CEO and co-founder of RateX, a Singaporean payments startup that’s trying to iron out these inefficiencies and level the playing field.

RateX, which recently raised a US$2.3 million pre-series A funding round, has built a free browser extension – currently available on Chrome and Firefox – where users can get the lowest exchange rates for overseas purchases on Amazon and Taobao.

The extension also aggregates coupon codes, applying it directly to applicable sales. It leverages partnerships with Sephora, Zalora, ASOS, and more.

The extension is currently only available for consumers in Singapore, but the team expects to add Taiwan and Indonesia to its roster later this year. The long-term goal like most companies is to dominate the region.

“Southeast Asia is the world’s fastest-growing internet market. Gross merchandise value of ecommerce will rise to US$65.5 billion by 2021, up from US$14.3 billion in 2016,” outlines Jake referring to a study by Frost & Sullivan.

Jake claims RateX has helped shoppers save S$500,000 in both foreign exchange conversion fees and coupon codes since launch. He adds that they’re expanding at 30% month-on-month but doesn’t specify whether that’s in terms of users or transaction value.

A cursory examination of the website reveals the number to be actually S200,000 though.

Leveraging blockchain

The founder accepts that while the ultimate goal is to simplify cross-border commerce for all of Southeast Asia, a key hurdle the company faces is siloed infrastructure when it comes to payment and settlement mechanisms. There are significant overheads and fees involved when dealing with multiple currencies and paying merchants in different countries.

So what’s the solution to this problem? Jake believes blockchain can minimize the intermediaries involved in cross-border settlements. The team’s already working on the Rate3 token – a proprietary payment network built on top of the Stellar horizon platform that specifically looks to solve problems in fintech.

“This significantly reduces the risk and fees associated with different banks in various countries […] RateX eventually leverages on [it’s] own payment network to scale in a much more efficient way compared to existing methods,” explains Jake.

The eventual aim is for the Rate3 token to be used pervasively across the ecommerce ecosystem, bridging together shoppers, merchants, 3PLs, wholesalers, and manufacturers.

“We believe that blockchain technologies are key to creating this [enabling network],” affirms Jake.

The key challenge for the team will be convincing the disparate players in the ecosystem to come onboard by accepting this token as a payment mechanism. It’s unclear what the incentive structures will be for them to move away from existing structures towards Rate3.

At the moment, however, the primary mode of monetization is via affiliate sales, where merchants give RateX a commission of the sales it brings to them. The RateX browser extension will suggest products as users browse sites and the site has an updated list of trending deals.

“This business model allows us to give consumers zero markup on exchange rate conversion fees and transaction rate fees,” outlines Jake.

Singaporean shopping preferences

The startup’s been facilitating shoppers in Singapore for a couple of years now. What has it noticed about trends in the country?

Jake reiterates the view that Singaporeans are one of the top cross-border shoppers in the world. Despite a thriving mall culture, the sheer variety of international brands and fast-fashion trends means that all products cannot be found in local stores. Even when they are, it’s sometimes cheaper to purchase from overseas via online shopping even after factoring in shipping fees.

The two largest segments for its user base are consumer electronics and appliances – which are primarily sourced from either the US or China – as well as clothing and fashion brands that haven’t established a presence in Singapore yet.

The dynamic goes some way in explaining why Amazon set up shop in Singapore as well as the decision of Lazada to offer merchant goods from Alibaba’s Taobao marketplace. Consumer purchase intent is marked and vivid, why not double down to make the process even more seamless?

Jake also notes that most RateX shoppers display a tendency to purchase things late at night.

Online activity spikes between 10PM – 1AM in Singapore.

Mobile shopping is on the upswing, Jake says, but it’s still not the dominant channel particularly when it comes to big-ticket purchases. Desktop browsing and shopping are deeply ingrained in the Singaporean consumer psyche, a factor that Jake believes is due to the better product comparison features on a larger screen.

Singaporeans are also incredibly plugged in. The average resident has over three connected devices and the overall internet penetration rate is about 85%, one of the highest in Asia, but Singapore isn’t a mobile-first country like Indonesia or the Philippines. Consumers accessed the web on desktops and PCs before the smartphone revolution engulfed the region. It doesn’t seem like these preferences are going away anytime soon.

Bitcoin is the mother of all Ponzi schemes.

It will crash and fade at some point. But on the way to its inevitable death, the journey may make many more insanely rich. This is a global high-velocity bubble, the first in which the entire world can easily participate in.

And so it could be HUGE.

But it will end in tears.

Why? The problem isn’t that Bitcoin is digital. I’m cool with digital.

I do get that paper currency is nothing more than paper printed by a government.

But suppose I started a paper currency, the Asim Dollar, and stated that I legally cannot print more than 1,000,000 Asim Dollars ever, just like the cap on Bitcoin.

The question is would anyone use, or give a value to, Asim Dollars?

If I was the first person to think of this, in amongst a group of cavemen, I might get some traction but once everyone sees others making new paper currencies, the Asim Dollar will collapse.

That applies to Bitcoin too. Bitcoin is open source so it’s damn easy to copy, and those copies can be improved on, which is what we’re seeing happening.

The new copies of Bitcoin address some of the weaknesses of Bitcoin, in particular speed of transaction and the blockchain file size.

So when they’re better where will that leave Bitcoin?

Cryptocurrencies in general also have other fundamental issues. Given they’re decentralised who do you go to if your Bitcoin suddenly disappears? No one.

And can anyone give any assurance that today’s hack of US$64m of stolen Bitcoin will not be the first of many hacks? Nope.

Further, the lack of price stability makes Bitcoin far from ideal as a currency.

The only currencies that have maintained value are ones that are backed by something like gold or ones that are backed by legislation and a government.

Bitcoin is neither.

Bitcoin is a scam. And while blockchain technology has uses, it’s massively overhyped in large part due to Bitcoin itself.

The future of money is digital. But it’s not Bitcoin…

Source: Quora, answered by Asim Qureshi, CEO LaunchPad, 5 $1-10m startups (including Jibble.io)

Financial technology is always evolving in Asia-Pacific Region.

Banks, local telcos, payment solutions providers alike are pushing to increase cashless payment acceptance and integration (e.g. credit cards, mobile wallets, and/or variations of online and offline).

However, a common roadblock faced by most payment systems is that they are often siloed and cannot interact across organizations (e.g. companies or brands) or jurisdictions (e.g. cross-border).

To break to silo? Payment providers across the region are looking to various types of solutions, including blockchain, a decentralized technology, as means to disperse functions and expand global market reach.

1[decentralized technology]: Cryptocurrency is a digital medium of exchange not controlled by any one group or agency and secured by cryptography. Block chains are politically decentralized (no one controls them) and architecturally decentralized (no infrastructural central point of failure) but they are logically centralized.

eIQ sits down with Vansa Chatikavanij, Managing Director of OmiseGO Pte. Ltd., an Omise subsidiary blockchain company, to learn more about the upcoming product, a recent $25 million ICO, and how companies can benefit from this new technology.

What is OmiseGO?

“To put it simply, OmiseGO is a decentralized payment and exchange network designed to disrupt the current payment landscape,” says Vansa.

“The idea is to enable users connected to the OmiseGO network to trade any value (e.g. currencies, store loyalty points, rewards, in-game points etc.) efficiently, securely and at low cost across the internet.”

To allow users to interact with the OmiseGO blockchain, the company will be making its first user interface application, the white-label wallet software development kit (SDK), available towards the end of 2017.

The SDK allows third party programmers to develop a wallet application for its own brand or integrated existing wallets onto the OmiseGO blockchain.

What functions could be possible for a wallet running on the OmiseGO platform?

The simplest application of the decentralized payments network would be transfer of funds between peers without the need of a bank account and/or incurring high third-party fees.

But peer-to-peer payments are only the beginning. The main use cases of OmiseGO appear to be:

1. Remittances
2. Loyalty points
3. Mobile banking
4. Asset tracking
5. Digital gift cards
6. Tokenized fiat

OmiseGO, ecommerceIQ, eIQ Insider

OmiseGO was designed with flexibility in mind.

Take for example two retailers each with a loyalty program. If both are operating on OmiseGO, their users could potentially cash in their rewards points interchangeable at either establishment; creating their own trading market.

Cross-platform transactions means grocery points could one day be exchanged for air miles.

One of the largest markets that OmiseGO will facilitate is cross-border remittance. The World Bank predicts remittances to low and middle income countries are expected to increase 0.8 percent to $442 billion.

“Through OmiseGO, senders and receivers will be able to safely transfer money locally and cross-border to their families, regardless of whichever wallet or payment platform they are on,” says Vansa.

“There is so much opportunity for companies to customize their target users and customers experience and reward online financial transactions,” says Jun Hasegawa, Omise Holdings Pte. Ltd. Group CEO.

“With addition of OmiseGO, we are taking concrete leaps towards realizing the Omise group’s mission of Online Payment for Everyone.”

“Through OmiseGO, senders and receivers can safely go cross-wallet and transfer money locally and cross-border to their families, regardless of whichever account or platform they are on,” says Vansa.

Use of ethereum blockchain makes exchanging digital currency easy and secure as each user has access to their own private keys, making it impossible to manipulate the data.

1[ethereum blockchain]: focuses on running the programming code of any decentralized application.

A $25 million boost for OmiseGO

The company recently made headlines after a successful ICO (initial coin offering) that raised $25 million by selling its OmiseGO network token – OMG tokens.

Similar to kickstarter crowdfunding, a piece of code is granted to contributors that gives them rights to earn fees by helping run the OmiseGO network.

The product sounds promising but having strong backing is useless without educating its users.

“The exciting challenge with OmiseGO is the newness of the technology. Majority of people have heard of blockchain but are either unsure how it can be used to their benefit,” says Vansa.

“Similar to when the internet first started, not many people could have imagined where it would be today.”

The long term goal for OmiseGO is to “Unbank the Banked”; become a new global tool to enable financial inclusion for both the banked and the unbanked.

Its success would be a milestone for financial technology in Southeast Asia but we will have to wait and see as OmiseGO network is slated to officially launch towards the end of 2018.

Thailand has been one of the countries that continues to reduce its dependency with cash. The government has been keen on driving the country towards a cashless society, from launching nationwide e-payment scheme PromptPay to recently announcing a campaign that offers a reward up to 1 million THB ($29,463) for users who adopt cashless transactions.

It may seem like a lot of money to reward people to try more convenient methods of payment but the Thai Bankers’ Association predicted that commercial banks could save $2.18 billion in the next 10 years with a digital payments system as the cost of transportation and insurance that came with the use of cash transactions lowered.

Market value for digital transactions is also expected to reach $23 billion in 2021, up from $11 billion this year so it’s no wonder fintech has become so popular.

A company that was an early adopter and saw Thailand’s potential for digital payments is AirPay, the pre-payments platform by Garena (now Sea), Southeast Asia’s most valuable internet company to date.

Serving the unbanked one internet cafe at a time

AirPay was initially launched in 2014 as an e-wallet to facilitate online transactions for users of Garena’s gaming service and since been downloaded 3.2 million times.

As one of the biggest market for Garena in the region, Thailand was chosen as the product’s launch pad. AirPay Thailand’s Country Product Manager, Supphavit Hongamornsin, shares another reason with eIQ.

“Compared to the other markets in emerging Southeast Asia, we find that Thai people are more open to trying new forms of payment,” said Hongamornsin.

To ensure AirPay was user friendly for the roughly 18.3 million gamers in Thailand – where 26% of are below the age of 20 and have low bank account ownership – the company ended up creating two platforms to complement one another, AirPay Counter and the AirPay app.

AirPay digital payments

Thai gamer demographic shows a population of digitally savvy young people. Source: Newzoo

“An app was created because urban millennials with digital nativity are used to completing all types of transactions directly through their phones,” explained Hongamornsin.

The AirPay Counter, on the other hand, is a more traditional payments option that allow users to top up their AirPay e-wallet through cash payment at an internet cafe, convenience store or regular  mom and pop shop.

“We started the counter service at internet cafes because of their wide network and familiarity – there are around 40,000 of them in Thailand,” said Hongamornsin. “They’ve been highly helpful for residents in rural regions without access to smartphones or bank accounts.”

To date, AirPay has around 100,000 AirPay Counters nationwide in every sub-district of Thailand and partnered with local chain stores like Supercheap and IT Shops like IT City to expand its reach.

“Only 10% of our counters are actually in Bangkok,” said Hongamornsin.

AirPay digital payments

Internet cafe with AirPay Counter facility

Supporting the country’s cashless agenda

Since its inception in 2014, AirPay has evolved from simply facilitating online transactions for the Garena gaming community to providing a wider range of payment services for both physical and digital goods including utility bills, phone credit, movie tickets, and ecommerce.

Hongamornsin said AirPay wants to empower people, especially the younger generation, through better financial capabilities and provide a solution to siloed bank accounts.  

“Right now, there is actually very little that you can do with your bank account. In Thailand, for example, not all debit cards can be used for online payments.”

To combat this, one of the new services provided in the AirPay app is a virtual prepaid card called AirPay Card in partnership with MasterCard.

AirPay digital payments

Setting up an AirPay Card in the AirPay App

“There’s a large population in Thailand that’s still underserved by traditional financial services and unable to complete online transactions. With the AirPay Card, customers can purchase from any merchant in the world that accepts MasterCard,” comments Hongamornsin.

AirPay’s foreseeable future

In 2016, AirPay reported an annualized gross transaction value of $510 million. Although gaming services contributed heavily to the company’s revenue, AirPay is expecting the tide to shift to ecommerce with a goal of one million AirPay Card owners in Thailand by the end of this year.

Hongamornsin, however, admits that there’s still a long way to go before the country can achieve a “majorly cashless” status.

“I think it would take at least five years for Thailand to reach this milestone [80% cashless],” said Hongamornsin.

And unlike Shopee and Garena that have made their marks at a regional level, AirPay’s story is still pretty localized to Thailand.

In other countries like Indonesia and Vietnam where AirPay is present, Hongamornsin says the population is much more underdeveloped when it comes to digital payments creating new challenges.

These markets have complex banking landscapes that make it difficult for AirPay to integrate.

“In Vietnam, there are more than 50 small banks used by the population. Compared to Thailand’s roughly 20 banks, we still need to understand how to connect them all through AirPay.”

“Expansion to another country is definitely in the pipeline, but we want to make sure we are strong in our existing markets first,” said Hongamornsin.

With the pace that fintech is growing in Thailand thanks to the efforts by companies like AirPay, it won’t be long before the millennial becomes well accustomed to plastic over paper.

Financial Technology, or “fintech”, has been at the forefront of Southeast Asia’s growing digital adoption. In 2015 and the first half of 2016, a total of $345 million was invested in fintech startups in the region alone because market maturation and ecommerce adoption have been stagnated by payments.

In recent years, there has been an array of mobile wallets and government initiatives in the region, like PromptPay in Thailand, or Wave Money in Myanmar. Not many initiatives have involved a less explored and more popular technology in the West – blockchain and bitcoin.

eIQ speaks with Philip Lim, the founder of SKYBIT, a bitcoin startup that encourages cross border payments to a frontier market – Myanmar.

He explains the concept behind blockchain, how SKYBIT could possibly change the lives of the Burmese and why he decided to launch his startup in one of Southeast Asia’s less developed countries.

What is blockchain technology and bitcoin?

“A blockchain is a ledger of transactions which are grouped into blocks and tied together one after the other by encryption,” explains Philip.

The bitcoin blockchain is the largest and most active one, it is the token of monetary value that flows in the network.

“A blockchain is immutable, which means you can’t change its history, as the system would reject it,” says Philip. “Immutability also means that the record is seen as permanent. A good non-payments application would be for transfer of assets like land.”

“The number of bitcoin transactions per day around the world has continued to increase and has recently almost reached 370,000. Such increase in transactions could be attributed to media attention, especially of bitcoin’s steep rise in price recently but the technology has actually been around since 2009,” says Philip.

How does SKYBIT utilize blockchain technology?

Philip developed SKYBIT to create significant social impact in Myanmar by solving difficulties in transferring money to Myanmar as it was one of the factors impeding the country’s and the peoples’  development.

The SKYBIT payment processor helps Burmese businesses and aid organizations receive payments from abroad. A number of charity organizations have already signed up to accept donations from anywhere in the world.

Merchant Accounts dashboard on the SKYBIT platform

Example Ad Item on the SKYBIT advertising platform

A customer who wishes to make a payment clicks on the “Pay with bitcoin” button on the sales page, enters details such as email address and bitcoin address (used in case of refund), and is taken to an invoice page, where they can simply scan the uniquely generated QR code using any bitcoin app such as Copay, Coinbase and Bitcoin Wallet.

Invoice page and QR code generated by SKYBIT.

Payment is detected instantly and the entire process is done in a matter of minutes.

Invoice page and QR code generated by SKYBIT.

Behind the scenes, the bitcoin is received by SKYBIT, and SKYBIT deposits Myanmar Kyat into the organization’s SKYBIT account. The organization doesn’t need to handle or even understand bitcoin at all.

In case of a refund, SKYBIT can send bitcoin back to the bitcoin address provided by the customer and there is a limited amount of time to report a problem related to an invoice or request a refund, during which the merchant cannot withdraw the amount earned from the sale from their SKYBIT account.

“Signing up to use SKYBIT is far easier than applying for a merchant account to accept credit cards, as banks only want to deal with large businesses. This may encourage small merchants and even individuals to use SKYBIT and access a global market,” comments Philip.

“Credit cards also still have many problems, especially fraud and chargebacks, which can cause losses to merchants. With bitcoin, which was designed especially for the internet, transactions are detected immediately and irreversibly settled within minutes, and cryptographic checks prevent fraud,” says Philip.

“Traditional forms of payment are outdated and not entirely secure as they were designed before the internet was even invented,” says Philip.

Cryptocurrency adoption within Myanmar

Bitcoin can be purchased from SKYBIT via its exchange to effectively open up a whole new world of online shopping for the more affluent Burmese.

Myanmar banks have only recently released cards that are accepted internationally, but most locals would not qualify for one or the process takes too long.

“Traditionally, Myanmar is a very cash based society. People have stacks of money kept at home, and most understand it’s not practical,” says Philip.

To address this issue, mobile wallets like Wave Money have been introduced in Myanmar to allow locals to send local currency via smartphone, even in rural areas.

“Since Wave Money can only be used to send Myanmar Kyat, it cannot be used for international payments so Wave Money and bitcoin can actually complement each other,” says Philip.

“It makes a lot more sense to replace USD as the de-facto currency of the internet with bitcoin, as there is too much friction when dealing with traditional fiat currencies on the internet.”

“Businesses also aren’t allowed to display prices in any currency other than Myanmar Kyat. Within the past two years, many businesses in Myanmar, including Swensens and The Pizza Company, began openly quoting prices in USD. Authorities ordered them to stop because of the weakening value of the Myanmar Kyat relative to USD at the time,” says Philip. “They are afraid it will devalue the local currency.”

A social enterprise

“There have been, and still are, so many big problems that need to be solved in Southeast Asia, especially in Myanmar. Poverty is the normal mainstream thing there,” says Philip. “Most people around the world have been oblivious to Myanmar’s problems.”

“I was learning about bitcoin and could really connect with all the things that prominent bitcoin evangelist Andreas Antonopoulos was saying. For example, 5 or 6 billion people have not been cared for by traditional financial systems. He also mentioned that one of the common uses of bitcoin was for donations.”

The sky’s the limit for SKYBIT

Philip, together with a new co-founder, plan to push offline marketing in order to meet organizations face-to-face in Myanmar.

“This is not the kind of thing I can create a Facebook ad for because the technology, even just web pages and email, is so foreign to much of the Burmese,” he says.

Despite currently being one of Southeast Asia’s most underdeveloped markets, Euromonitor predicts the country will become one of the 20 ‘markets of the future’ to offer the most opportunities for consumer goods companies globally.

But opening up Myanmar to the world takes investment and finding such is currently SKYBIT’s highest priority.

“The platform is ready, and ideally will flourish once I have enough funds to open an office in Myanmar filled with a strong marketing and sales team,” says Philip. “The country is full of potential and I’d like to take the next steps in introducing Myanmar’s goods and services to global shoppers, whilst simultaneously helping the people of Myanmar at all levels of society.”