Can Myanmar make it easier for SMEs to do business locally?

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Can Myanmar make it easier for SMEs to do business locally?

The World Bank released its Doing Business report for Myanmar in 2017.

Based on the findings, Myanmar ranks 170 in ease of doing business this year, up from 171 in 2016. The country now has a population of almost 54 million, and a gross national income per capita US$1,293 per year.

At 170, Myanmar actually trails all its neighbours in ASEAN in the ease of doing business (see Chart 1). But it is aiming to raise its rank to at least 100 or less within the next few years.

Published every year, Doing Business sheds light on how easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations. It measures and tracks changes in regulations affecting 11 areas in the life cycle of a business.

The report then presents results for two measures, a distance to the frontier (DTF) score and a ranking for the ease of doing business. The ranking of an economy is determined by sorting the aggregate distance to frontier scores. An economy’s distance to the frontier score is indicated on a scale from 0 to 100, where 0 represents the worst performance and 100 the frontier.

Among the 11 areas highlighted in the report, regulatory changes and procedures in starting a business is an important indicator affecting a country’s rank in the ease of doing business index.

We discuss four out of the 11 areas here:

Chart 1. Myanmar ranks 170 out of 190 countries and is the least favourably ranked among comparable economies in the region on ease of doing business. It wants to raise its rank to 100.

Starting a business

In 2017, Myanmar made starting a business easier by reducing the cost to register a company. It also simplified the process by removing the requirement to submit a reference letter and a criminal history certificate to incorporate a company.

This was over and above eliminating the minimum capital requirement for local companies and streamlining corporate procedures in 2016, according to Doing Business.

Today, starting a business here requires 11 procedures, takes 13 days and costs 40.4 percent of income per capita for both men and women (Chart 2). Income per capita is the average income earned per person in a given area. In Asia, Myanmar ranks higher than Indonesia, India and Laos when it comes to ease of starting a business.

Chart 2. What it takes to start a business in Myanmar: 11 procedures, 13 days and 40.4 pc of income per capita.

Getting electricity

Access to affordable and reliable electricity is also vital for businesses to conduct their operations here. In Myanmar, Doing Business finds that getting electricity requires a total of six procedures, takes 77 days and costs 1270pc of income per capita (Chart 3).

Chart 3. What it takes to obtain an electricity connection in Myanmar: 6 procedures, 77 days and 1,270 pc of income per capita

Myanmar has not done so well on this front and more action is needed. It now ranks above just Laos in ease of getting electricity in the region.

“Myanmar cannot produce electricity itself. If the electricity tariff is increased, people cannot pay. If tariff is not increased enough, investments cannot be made,” said Dr Soe Tun, a local businessman.

“Hydropower involves a huge investment, but producing electricity from coal can damage the environment. It is like a vicious cycle. Without electricity, it is difficult to implement other plans,” he said.

Getting credit

Chart 4. Economy scores on strength of legal rights for lenders and borrowers. Myanmar’ scored the lowest among other comparable economies in the region.

Access to credit is another important area in the ease of doing business. However, Myanmar is far behind every country in Asia when it comes to getting credit. Currently, legal rights for borrowers and lenders are almost non-existent and there is no credit information available in the market (Charts 4,5).

“It is very difficult to get loans in Myanmar because the interest rate is too high. So, starting a business is very difficult. Without solving this issue, businesses will not be able to do proper business,” Myanmar Rice Federation executive member U Thaung Win said.

“Myanmar must reduce its interest rate on loans. To do so, it must reduce the interest rate on deposits. Inflation must be low and stable. When inflation can be managed, it will be easier to reduce the interest rate on loans,” said economist Dr. Aung Ko Ko.

Chart 5. Economy scores on depth of credit information index. Myanmnar has a score of zero, implying no information is avaialble for lenders.

Cross border trade

In most economies, trading across borders has become faster and easier over the years as governments introduce processes like risk –based inspections and electronic data interchange systems to facilitate trade and competitiveness and reduce illegal dealings.

But Myanmar is at the bottom of the list when it comes to trading across borders. In 2017, it actually made cross border trade more difficult with delays and higher process costs for incoming cargo at the Yangon port, according to Doing Business. Illegal trade is also a big issue for the countr (Chart 6).

Chart 6. Summary of Myanmar on the ease of trading across borders. It’s getting harder to engage in cross border trade with the country. Source for charts: Doing Business

From 170 to 100

So can Myanmar hit its target rank of 100 or less in ease of doing business? What needs to be done? Here’s what some experts told The Myanmar Times:

Vice President U Myint Swe at the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office on July 20:

“Some [countries] may have good rankings but their prospects are not good. For example, in our neighboring countries, there are frequent damages to assets due to floods. Although Myanmar is low in the ease of doing business ranking, our prospects are better. We have fewer natural disasters, cheap labor and talent. Some are very eager to invest in Myanmar.”

Dr Soe Tun, local businessman:

“To raise our rank in the ease of doing business, problems with basic infrastructure, transaction cost and bureaucracy must be resolved and legal and systematic border trade must be established. Everything can’t be done at once, but we should solve what we can first.”

Dr Aung Ko Ko, economist:

“It’s great that there’s an ambition to do something. We won’t know exactly what the improvements are going to be. But, I’m sure that it will be better than the current situation. The constitution will have to be changed. Every sector will have to be reformed. If we do these things, I think things will improve gradually.”

U Tun Tun Naing, permanent secretary of the Ministry of Planning and Finance:

“The submission of work approvals takes a long time, so we can set up a faster one-stop service than the previous one. But, there are still many other things left. For example, getting electricity, and submitting the recommendation letters. The plans are set in motion and all the ministries are also cooperating.”

Ref:https://www.mmtimes.com/business/27082-can-myanmar-make-it-easier-for-smes-to-do-business-locally.html

Knowing the history of Small and Medium Enterprises, SMEs in Myanmar

Posted on October 5, 2016 by Myanmar Capital

Myanmar has adopted the market – oriented economic system in 1988. Appropriate measures has been undertaken, the underlying aspect in doing so are decentralizing the central control, encouraging private sector development, allowing foreign direct investment, initiating institutional changes and promoting external trade by streamlining export and import producers. According, laws, orders, rules, regulations and notifications which had prohibited or restricted the private sector from engaging in economic activities were replaced and many laws and rules were amended to be in line with the change of time and circumstances.

The Union of Myanmar Foreign Investment Law (FIL) was enacted in November 1988 and the procedures prescribed in December 1988 encouraging foreign direct investment. Myanmar has opened the doors to foreign investment to participate actively in exploiting the natural resources thereby enhancing long – term mutually beneficial cooperation. 

Myanmar has been implementing the National Development Plan with the aim to accelerate growth, achieve equitable and balanced development and to reduce socio – economic development gap between rural and urban areas of the country. A country’s economic development depends on micro economic stability. The country would see an increase in micro economic indicator, which generates more job opportunities, more exports and increase in balance of payment (BOP) ratio.

Myanmar is home to 70% of rural population and 30% of urban population, and most of the rural people are in poverty. The government is undertaking eight – point task of development and poverty alleviation for providing assistance for the rural people. According to the calculation of UNDP and UNICEF, poverty rate of the nation declined to 26% in 2010, compared with 32% in 2005. At present, those eight tasks of rural development and poverty alleviation campaign are being implemented with the aim of reducing the poverty rate to 16% in 2015.

Government is making great strides in carrying out necessary reforms with might and main for participating democracy correctly in all sectors and in every corner of the country. Regarding lifting of most economic sanctions against Myanmar, foreign investors are packing their suitcase for visit the Southeast Asia country in pursuit of business prospect. Recent changes in Myanmar can draw the attentions of foreign investors. Based on the foreign investments, domestic companies’ productivity would increase, thereby spurring the country’s economic growth. But, investments of foreign companies alone cannot increases productivity not including the domestic companies. All countries in the world have agreed the Foreign Direct Investment can push the economic development.

Current economic situations in Myanmar (Burma)

As Myanmar is still an agricultural country, the contribution to GDP by agriculture, livestock, fisheries and forestry accounted to 41.2%, while the processing and manufacturing sector accounted for about 21.7% and service sector account 37.1% at 2011-2012. For the Industry sector, principal manufacturing activities are related to the processing of agricultural resources with food and beverage production generating more than half of the gross manufacturing output followed by construction material industries contribution 7.58% and Garment industries contribution 4.83% of the total. Actually, Myanmar’s economic structure is early stages of industrialization.Thefollowing table shows the number of registered enterprises in each state and region of Myanmar according to the SMEs definition based on 2011 Private Industry Law.

Number of Registered Enterprises in States and Regions up to February, 2015

Ref:https://myanmarcapital.wordpress.com/2016/10/05/knowing-the-history-of-small-and-medium-enterprises-smes-in-myanmar/#more-316

World Trade In Goods Of The ASEAN Countries (2011)

Published On February 25, 2013 In EU-ASEAN Trade Relations ⋅ 

World trade in goods of the ASEAN countries (2011)

The graphics show the trade in goods of the ASEAN countries with the world, and in particular with China, EU27 and the NAFTA countries (USA, Canada and Mexico). The green section above refers to exports and the red part, below, to imports. Data are presented in euros after conversion from dollars using the annual average conversion rate from Eurostat.
The pie chart shows the share that China, EU and NAFTA countries represent for the ASEAN countries in terms of exports/imports of goods. For example, the ASEAN countries export merchandise to the world worth €887 billion. The part that goes to the EU represents 10.7% of their total exports, with a value of €95 billion.
The bar chart represents the total value of exports/imports from/to the ASEAN countries to/from China, EU and NAFTA in billion euros, with a breakdown for each of the ASEAN countries. For instance, the value of exports from Singapore to the EU27 was €28 billion, while Singapore’s imports from the EU amounted to €33 billion.

EU27 Trade In Goods With The ASEAN Countries (2011)

Published On February 25, 2013 In EU-ASEAN Trade Relations ⋅ Full Size Is 1685 × 1167 Pixels ⋅ Leave A Comment

EU27 trade in goods with the ASEAN countries (2011)

The graphic represents the exports/imports of EU27 countries to/from each of the ASEAN countries, with a breakdown by SITC (Standard International Trade Classification) product group.
SITC 0, 1: food, drink and tobacco
SITC 6, 8: other manufactured goods
SITC 2, 4: raw materials
SITC 7: machinery and transport equipment
SITC 3: mineral fuels
SITC 5: chemical and related products
SITC 9: other goods
The green part represents exports and the red imports.
For both sections the units used are billion euros, shares of the total of the ASEAN country, and shares of the ASEAN countries in the total trade of the specific SITC product. The share has been calculated based on extra-EU trade, i.e. excluding trade between Member States. 

As an example, total EU exports to the ASEAN countries amounted to €69 billion. €27.2 billion of merchandise has been exported to Singapore, with this amount representing 1.74% of total EU exports. In terms of product group, the EU exported €34.8 billion of “machinery and transport equipment” to the ASEAN countries, which represents 5.3% of all EU exports of this product category to the world.
The sum of the SITC product categories are less than the total due to confidentiality reason.
NB Variations between figure 1 and 2 are due to the data coming from different sources and currency conversion.

Ref:https://epthinktank.eu/2013/02/26/eu-asean-trade-relations/fig-2/

Myanmar Government Prioritizes the Development of SMEs

The Myanmar government is making efforts to transform the political, economic and social environment to be in line with global changes, and to promote sustainable economic growth. This includes promoting small and medium-sized enterprises (SMEs), which play a pivotal role in the economic development of both developing and developed countries.

Myanmar has a vision to develop SMEs, based on the policy to create regionally innovative and competitive SMEs across all sectors, to stimulate income generation, and contribute to socio-economic development. Various studies estimate that SMEs in Myanmar account for 50-95 percent of employment, and contribute 30-53 percent of the country’s GDP. According to the Small and Medium-Sized Enterprises (SME) Development Bill (SME Bill), which was launched in January 2014, “small enterprises” are defined as those with K50 to K500 million in capital, or with 30-300 employees. “Medium-size” firms are defined as those with K50 million to K 1 billion in capital, or with 60-600 employees. As a result, 99.4 percent of business in Myanmar are approximately classified as SMEs, and there are now 50,694 SMEs altogether in the regions and states on Union territory.

In Myanmar, SMEs are considered important to the national economy. They create a lot of job opportunities for the population and contribute to employment and income generation, resource utilization, and promotion of investment. For this reason, the Myanmar government has given special attention to the development of SMEs, support for existing SMEs to become larger industries, and creating a conducive business environment for SMEs. The SME Development Central Committee’s Joint Chairperson, State Counsellor Daw Aung San Suu Kyi, stated at one committee meeting that SMEs cannot be ignored, as they make up 99 percent of Myanmar’s economic force.

With regard to SMEs, the government has prioritized human resource development, support for technical development and innovation, capital funding, better infrastructure, gaining a foothold in the marketplace, reasonable taxes and regulations, and the creation of suitable businesses. A new policy to promote the development of SMEs includes tax relief and tax exemptions, since SMEs in Myanmar suffer from arduous tax and monetary policies. They also suffer from lack of access to capital and protection of intellectual property, as well as high interest rates, and lack of close relations with Myanmar banks. However, on 1 August 2017, the State Counsellor met with the Chair of 22 Myanmar banks in Nay Pyi Taw, and urged them to cooperate with the government in promoting Myanmar’s economic growth. SMEs and businessmen hope that this meeting will benefit SMEs and the business sector.

Financial Support for SMEs.

The Myanmar government provides only non-financial assistance to business enterprises, due to limitations on the government budget. However, thanks to the Financial Support for SMEs policy, the Myanmar Economic Bank (MEB), Myanmar Investment & Commercial Bank (MICB) and Myanmar Industrial Development Bank (MIDB) have provided loans to SMEs since 2004. The state-owned Myanmar Agriculture Development Bank has also provided loans to farmers throughout the country. At the same time, banks are trying to reduce the interest rate on loans in order to contribute to national economic development. They have proposed that interest rates be reduced from 17 percent to 15 percent. Banks and the Ministry of Agriculture are also working together to provide financial support towards the development of rural areas and rural livelihoods. For example, state-owned Myanmar Agriculture Development Bank has provided small loans to farmers, the fishery sector and rubber plantations.

In addition, the Japan International Cooperation Agency (JICA) will provide a K 15 billion loan through the government to develop SMEs in 2017 at a low interest rate. The loan is granted through the Myanma Economic Bank (MEB), and SMEs and businessmen who apply for the loan are required to submit their current business situation and future program of their businesses to the SMEs Development Department. Nevertheless, despite the increasing provision of loans, the lack of financial access and high tax rates still restrict the development of SMEs in Myanmar.

SMEs Development.

Myanmar’s business environment is undergoing a lot of rapid changes. However, SMEs in Myanmar face many challenges during the period of political and economic transition. New trends have to be taken into account continuously, such as growing demand and customers’ expectations on flawless products and services. Moreover, SMEs are facing increasing global competition, the emergence of new technologies and impact on integrated supply chain and production systems among ASEAN member states. In Myanmar, challenges to SMEs are varied and complex, depending on the sector and level of development. Common challenges include financial access, human resource development, R&D in technology, management, and marketing.

The Secretary of the Central Committee for the Development of SMEs, U Khin Maung Cho, explained that in order to promote the skills of employees in SMEs, annual courses, such as mobile vocational training courses, have been arranged and extended to rural areas. To narrow the development gap among regions and states, 53 branch offices to support SMEs development have been opened in 15 regions and states, including Nay Pyi Taw. In addition, Kasikorn Bank (KBank) of Thailand also signed a MoU with the Central Department of Small and Medium Enterprises Development (CDSMED) under the Ministry of Industry, to educate SMEs in financial management, with a focus on business plans and accounting, starting in 2017. The training seeks to strengthen SMEs in market competitiveness, technology, financial management, and market compliance on their products.

In conclusion, the development of SMEs is important for the country’s economic development, as they are major contributors to the economy and job creation. However, SMEs are confronted with numerous challenges, including insufficient financial support, electric power supply and credit guarantee. Given that SMEs form the backbone of the country’s economy, economists have called on the government to improve the banking sector, and encourage banks to provide more loans to SMEs at a reasonable interest rate. At the same time, capacity building in areas such as business management, accounting, taxation, marketing management, human resource management, and capital management are in huge demand for SMEs to promote job opportunities and socio-economic development. Thus, the development of SMEs in Myanmar requires a concerted effort by government, banks, and private sector that can provide training, to help SMEs reach their full potential in contributing towards Myanmar’s economic development.

References:

http://www.moi.gov.mm/moi:eng/?q=news/27/02/2017/id-10038

https://www.charltonsmyanmar.com/myanmar-economy-3/smes-in-myanmar/

http://www.president-office.gov.mm/en/?q=briefing-room/news/2017/03/03/id-7350

http://www.asean.org/storage/images/archive/documents/SME%20Development%20Policies%2 0in%204%20ASEAN%20Countries%20-%20Myanmar.pdf

http://www.asean.org/storage/images/archive/pdf/sme_6.pdf http://texia.co/myanmars-smes-tax-disadvantages/

https://www.mmtimes.com/business/27310-state-counsellor-urges-bankers-to-promote- economic-development.html

https://consult-myanmar.com/2017/08/19/more-smes-tap-myanmars-potential/

https://www.mmtimes.com/national-news/nay-pyi-taw/25525-myanmar-smes-to-get-a-boost- from-thai-bank.html 

Ref:http://www.thaibizmyanmar.com/upload/Non%20paper%2030%20Aug%202017%20SMEs%20in%20Myanmar.pdf

SME in Myanmar

Advising Small and Media Sized Enterprises in Myanmar

Charltons provides focused legal advice to small and medium sized enterprises (SMEs) in Myanmar. SMEs play a crucial role in the economic well-being of developed and developing countries alike. 126,237 or approximately 99.4% of all businesses in Myanmar are classified as SMEs. On average, SMEs in Myanmar account for 50-95% of employment and contribute 30-53% of GDP in ASEAN member states. The Government recognizes that SME entrepreneurship will define the country’s future national economic development. However, international isolation and a lack of private sector investment, among other factors, have left Myanmar playing catch-up with its regional neighbours. Time is of the essence. With the ASEAN Free Trade Area coming into full effect by 2015 SMEs in Myanmar will no longer be able to rely on government tariffs to protect them from overseas competition. By the same token, the opening up of regional markets represents an enormous opportunity for SMEs in Myanmar but only if they are ready and able to meet the new challenges ahead.

In January 2014 the Government published the Small and Medium Sized Enterprises (SME) Development Bill (SME Bill). The SME Bill defines “small enterprises” as those with between K50 million (approximately US$50,000) and K500 million (approximately US$500,000) in capital, or with between 30 -300 employees.

“Medium-size” firms are defined as having between K50 million (approximately US$50,000) and K1 billion (approximately US$1 million) in capital or between 60 and 600 staff.

Pursuant to Chapter 10 of the SME Bill, SME owners need to register their businesses and abide by the law in order to qualifiy for the various incentives contained in the bill. When a company exceeds the SME capital or employee thresholds, it must change its registration details.

SMEs in Myanmar | The Central Committee for SME Development

The Government has recently established a central committee to encourage SME development. The 27-member Central Committee for SME Development (SME Committee) which is chaired by President U Thein Sein has been tasked to formulate and promulgate laws, regulations and procedures to facilitate SME growth. It is also responsible for ensuring that both the government and private banks provide finance to SMEs in Myanmar, and for establishing an SME support networks in both rural and urban areas. Although well intended, it is unlikely that the SME Committee – which will include 20 ministers – will be free of politics. There are already numerous government departments, agencies and institutions promoting SME development in Myanmar. However, to date, a lack of will, inter-ministry cooperation, available finance and meaningful public-private partnerships has meant that in many respects, SMEs in Myanmar have being left to thread their own path.

The SME Committee should recognize the need to establish a semi-state body or authority to implement Government initiatives based on an SME development strategy. It is vital that the SME Committee  be allowed to carry out its work free from excessive government interference. SME development requires the existence of institutions and support structures and the participation of a broad range of stakeholders. A properly funded SME state agency should link government departments, private business community, educational and technological institutions. It should also act as a conduit between SMEs and local and international lending institutions.

The development of Myanmar’s inadequate and degraded infrastructure is a national issue, as is the modernisation of the country’s power and telecommunications industries. Progress is both welcome and ongoing. Similarly it will take years for outdated technologies to be replaced and investment in local R&D to bear fruit. However the Government – or rather a new semi-state agency or agencies mandated to support SMEs – could immediately begin helping SMEs in Myanmar overcome a number of the unique challenges they face. Many companies, especially those hoping to target the export market or even foreign residents need to upgrade their products and services to meet international standards. In this respect the state should actively encourage business visitors and the participation of international suppliers in local trade fairs and exhibitions. It should also seek to curb the monopoly of larger enterprises and where applicable, allow SMEs to enter previously restricted markets. The Government must recognise, through both competition and inter-company cooperation, that SMEs promote innovation and skill levels in an economy. Above all else the Government must urgently pursue policies aimed at securing access to finance for the country’s SMEs. Without access to finance, business will not be able to cycle off inefficiency and low productivity which springs from a lack of capital investment. In tandem with tackling bank lending the government must introduce policies and legislation in relation to management best practices management and corporate governance which reflect international norms. An SME state agency should provide assistance and organise seminars, workshops and exhibitions at home and abroad to facilitate the interaction of its own SMEs with their regional counterparts, suppliers and potential clients. At present the Ministry of Industry is responsible for the development of SMEs in Myanmar and has established The Central Department of Small and Medium Enterprises Development.

Ref:https://www.charltonsmyanmar.com/myanmar-economy-3/smes-in-myanmar/

SMALL AND MEDIUM ENTERPRISE SURVEY MYANMAR 2015 by Than Han on Scribd

The Study of SME’s Contribution to Myanmar’s Economic Development by Than Han on Scribd

Myanmar SMEs’ Participation in ASEAN and East Asia Regional Economic Integration with a focus on the food a... by Than Han on Scribd

Small & Medium Enterprises Development Policies in Myanmar by Than Han on Scribd

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 Belite SkyDock

SkyDock offers the ultimate flight adventure in an ultralight aircraft that is easy to build, affordable and fun to fly.

Your Dreams of Flight Can Come True

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Performance is efficient, enabled by the very clean design. As we continue to test and develop the SkyDock, we'll release more performance features. But since it originates from our other Belite Aircraft, performance will be similar to our other aircraft. Click here to see performance and specifications of other Belite aircraft. http://beliteaircraft.net/aircraft/specifications/

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Learn about accountability on Kickstarter...
Ref:https://www.kickstarter.com/projects/155820066/belite-skydock?ref=category_newest.

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EU-Myanmar investment treaty talks: Where’s the transparency?

 Thursday, October 26, 2017

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Civil society groups say an investment protection agreement being negotiated by Myanmar and the European Union lacks transparency and exposes the government to the possibility of compensation payouts it cannot afford.

By KYAW LIN HTOON | FRONTIER

AS NEGOTIATIONS between Myanmar and the European Union near completion on an investment protection agreement, domestic and foreign civil society groups have criticised the process for lacking transparency.

Some of the groups also say the benefits of the IPA have been highly overstated while its risks have been seriously underestimated.

In a decision linked to the crisis in Rakhine State, the European Parliament’s international trade committee last month indefinitely postponed a visit that was expected to finalise negotiations on the IPA, which was launched in 2014 by the U Thein Sein government.

The postponement, which did not alter the status of the negotiations, was announced on September 14, the same day that the European Parliament condemned the security operation launched by the Tatmadaw in Rakhine in late August after attacks by the Arakan Rohingya Salvation Army.

The Geneva-based International Commission of Jurists is among the groups that have criticised the negotiations for lacking transparency. ICJ legal consultant in Myanmar Mr Sean Bain said transparency was critical for investment negotiations that may affect human rights and the environment.

“Decisions affecting human rights in Myanmar must not be made inside the walls of closed investment negotiations,” said Bain. “Instead this agreement needs to be subject to greater public debate, in the parliaments and through genuine consultations with civil society actors.”

The ICJ is not alone in raising concerns about the negotiations.

Last month, 14 domestic and international civil society groups, including the Transnational Institute, Paung Ku, KESAN, and the EU-ASEAN FTA campaign network, released a paper critical of the negotiations.

Myths and risks of the EU-Myanmar Investment Protection Agreement says that after three years and five rounds of talks, citizens and members of parliament in Myanmar and Europe know nothing of what is in the text of the agreement, as all negotiations have been secret.

“The only attempts at transparency have been briefings for civil society organisations on the outcomes of the negotiation rounds after they have happened – announced with only a few days’ notice and only alerting CSOs in Yangon,” it said.

Responding to the concerns about transparency, U Thant Sin Lwin, deputy director general of the Directorate of Investment and Company Administration, said the draft would be revealed to the public and also be debated in parliament.

He added that the IPA was drafted with input from the Union Attorney General’s Office and other government departments, as well as the Central Bank of Myanmar.

A spokesperson for the European Union delegation to Myanmar said Myanmar had already concluded 10 investment protection agreements and the IPA with the EU had been “by far the most transparent process”.

“The pace of negotiations has deliberately been modest to allow for necessary preparations and discussions on both sides,” the spokesperson said.

“[Consultation] has taken place with civil society both in Europe and in Myanmar,” they added.

“We have held consultations with Myanmar civil society in conjunction with every round of negotiations. Sometimes the dates for the negotiations have been set on short notice, but we have still managed to arrange consultation with civil society each time our negotiators have come to Myanmar.”

However, asked about the extent of consultation with Myanmar businesses, whether a formal consultation would be conducted with the public, how long the public would be given to review and comment on the draft agreement, and whether the agreement would require formal approval from Myanmar’s parliament, the spokesperson referred all questions to DICA.

Transparency is not the only concern, however. The civil society paper warns that the IPA could have major negative effects on democratic development, human rights and sustainable peace in Myanmar, by “depriving it of the necessary policy space to harness investment to serve sustainable development and peace”.

French energy company Total operates the Yadana natural gas project and is one of the largest European investors in Myanmar. (AFP)

The IPA also has the potential to “bankrupt the country” through potential lawsuits filed by foreign companies unwilling to see stronger regulations that may affect their profits, it said.

The paper referred to serious human rights violations against Muslims in Rakhine and people in other parts of the country, and noted that the EU had made upholding human rights an integral part of its external trade relations.

“So if negotiations continue with Myanmar under the current circumstances, this commitment is in question,” it said.

The paper said that although the negotiations may be drawing to a close, there was still time for a “much-needed, wide-ranging public debate among parliamentarians and civil society to close the democratic gap opened up by the IPA negotiations”.

It said that Myanmar should not feel pressured “to prematurely accept” an IPA with far-reaching substantive investor protections and an investor-state dispute settlement.

“There is no compelling reason for Myanmar to sign an investment treaty such as the one proposed by the EU that will only serve to limit future policy space in Myanmar – space that is much needed to make Myanmar’s transition towards a more democratic, equitable and sustainable development a success,” it said.

U Than Aung Kyaw, deputy director general of Myanmar Investment Commission, defended the negotiations on the IPA, saying it was drafted in line with Myanmar’s laws and regulations.

“Who will invest in a conflict zone? Citizens will not do so, and foreign investors are even more scared. What I would to say is that this IPA was negotiated not to breach any existing laws of our country, such as the Myanmar Investment Law,” Than Aung Kyaw said.

The EU delegation spokesperson said that there was nothing in IPA that would limit the ability of the Myanmar government to regulate, including reform of its laws.

“The IPA simply wants to make sure that there is no targeted discrimination of European investors in these laws or in their application, that European investors are treated fairly and that they are also fairly compensated in case of an expropriation.

“[The] agreement would contains explicit provisions that will safeguard the governments' right to regulate in the public interest, be it on labour, environment, health, security or others.” 

However, civil society groups say their concerns are partly based on the experiences of other countries that have signed IPAs with the EU.

Bain said there were many examples of foreign investors challenging laws and regulations passed by elected governments because they posed a threat to their profits. Some such challenges had involved laws tightening pollution controls and strengthening labour rights.

Bain also raised concern over a dispute resolution mechanism for the IPA.

“The Investment Court System potentially takes important policy decisions away from elected governments, and away from judiciary, placing them before an international arbitration panel,” he said.

Ms Pietje Vervest, from the economic justice program at the Transnational Institute, said the system was one way because it only allowed investors to bring cases. Governments or communities could not bring claims against investors.

“Investors have been using the system to challenge new laws adopted by governments, often [laws that are] in the public interest, such as health, environmental or labour laws. Awards are being paid from public budgets,” Vervest said.

The EU delegation spokesperson said the Investment Court System, also known as Investor-State Dispute Settlement, was a “tool that would be applied as a last resort if the standards of protection were not respected”.

The agreement was necessary to attract investment from European businesses – particularly SMEs – that would otherwise be put off by the legal or economic risks.

“The agreement promotes responsible investments from the EU to contribute to Myanmar’s sustainable development,” the spokesperson said. “They can create much needed decent jobs in Myanmar and will set a benchmark for other investments.”

Economist U Khin Maung Nyo said that as few Myanmar companies are big enough to invest in EU countries, Myanmar should not have an IPA with the grouping.

However, he acknowledged that the EU wanted an investment protection guarantee and signing the IPA would help to attract increased European investment.

Some in the business community have expressed strong support for the IPA.

“I don’t see this as one-sided protection, and we know that the IPA provides protection in accordance with the current laws in Myanmar,” said Dr Soe Tun, president of the Myanmar Automobile Manufacturers and Distributors Association.

In June, Ma Doi Ra, senior program coordinator from Paung Ku, and Ko Saw Alex Htoo, from the Karen Environmental and Social Action Network (KESAN), travelled to Brussels to discuss the IPA with members of the European Parliament.

“We learned that the EU itself still has no transparency and the MEPs we met were not well informed about each of the steps in negotiating the IPA with Myanmar,” Doi Ra said.

She said she wondered why the government seemed to be in such a rush to sign the IPA and why it did not provide for greater control of foreign investors, rather than giving them what she termed “privileged opportunities”.

She also expressed concern that the IPA could exacerbate conflict between different ethnic groups and have negative implications for the peace process.

Her concerns were echoed by U Ye Lin Myint, national coordinator of Myanmar Alliance for Transparency and Accountability, one of the 14 groups that published the policy paper.

Ye Lin Myint said that as Myanmar continued its transition towards genuine democracy, the IPA could complicate the reform of old laws and policies. Countries that have signed investment treaties are exposed to possible lawsuits when they propose new regulations that affect the profits of investors.

“But Myanmar will be particularly exposed to lawsuits, since it is still in process of building its regulatory framework,” it says.

The paper cites a case brought against the Mexican government in 2009 by Spanish energy multinational Agbengoa after local authorities blocked its plan to build a toxic waste disposal facility near a nature reserve and an indigenous community.

An international arbitration panel ruled against the Mexican government and ordered it to pay the company US$45 million in compensation for lost profits and $1.7 million in legal expenses and tribunal costs.

In 2012, an investment tribunal issued the highest award in history against a government when it ordered Ecuador to pay $2.3 billion to oil company Occidental.

However, another concern about the proposed IPA has been eased by decision of the European Court of Justice. It ruled on May 16 that the investment protection provisions of the EU-Singapore Free Trade Agreement needed to be ratified by each of the EU’s 28 member states.

The ratification of the EU-Myanmar IPA will therefore take longer than initially envisioned. The delay has been welcomed by Vervest from the Transnational Institute.

“This is good for Myanmar; it can use this time to not rush the ratification of the agreement but stick to proper, democratic decision-making. The impact that investment protection agreements have on public budgets should be a serious concern for members of parliament in Myanmar,” she said.

Vervest urged Myanmar’s national parliament, the Pyidaungsu Hluttaw, to engage in meaningful dialogue with Myanmar CSOs on the proposed IPA. She also encouraged MPs to find out why countries such as Ecuador, India, Indonesia and South Africa had canceled investment treaties.

“The Myanmar government can learn a lot from their experiences.”

TOP PHOTO: State Counsellor Daw Aung San Suu Kyi is welcomed by European Council President Donald Tusk in Brussels on May 2. (AFP)

Ref:https://frontiermyanmar.net/en/eu-myanmar-investment-treaty-talks-wheres-the-transparency

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Doing Business reprot full 2017

November 8, 2017, 8:00 pm

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Doing Business 2017 Equal Opportunity for All

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Overview

Doing Business 2017: Equal Opportunity for All, a World Bank Group flagship publication, is the 14th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies—from Afghanistan to Zimbabwe—and over time.

Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures labor market regulation, which is not included in this year’s ranking.

Data in Doing Business 2017 are current as of June 1, 2016. The indicators are used to analyze economic outcomes and identify what reforms of business regulation have worked, where and why. 

Main Findings

• Doing Business 2017: Equal Opportunity for All finds that entrepreneurs in 137 economies saw improvements in their local regulatory framework last year. Between June 2015 and June 2016, the report, which measures 190 economies worldwide, documented 283 business reforms. Reforms reducing the complexity and cost of regulatory processes in the area of starting a business were the most common in 2015/16, as in the previous year. The next most common reforms were in the areas of paying taxes, getting credit and trading across borders.Read about business reforms.
• Brunei Darussalam, Kazakhstan, Kenya, Belarus, Indonesia, Serbia, Georgia, Pakistan, the United Arab Emirates, and Bahrain were the most improved economies in 2015/16 in areas tracked by Doing Business. Together, these 10 top improvers implemented 48 regulatory reforms making it easier to do business.
• Economies in all regions are implementing reforms easing the process of doing business, but Europe and Central Asia continues to be the region with the highest share of economies implementing at least one reform—96% of economies in the region have implemented at least one business regulatory reform.
• Doing Business includes a gender dimension in four of the 11 topics sets. Starting a business, registering property and enforcing contracts present a gender dimension for the first time this year. Labor market regulation already captured gender disaggregated data in last year’s report.
• This year’s report expands the paying taxes topic set to cover postfiling processes—what happens after a firm pays taxes—such as tax refunds, tax audits and administrative tax appeals.
• This year’s report also includes an annex with analysis on a pilot indicator on public procurement regulations.
• The report features six case studies in the areas of getting electricity, getting credit: legal rights, getting credit: credit information, protecting minority investors, paying taxes and trading across borders as well as two annexes in the areas of labor market regulation and selling to the government. The case studies and annexes either present new indicators or provide further insights from the data collected through methodology changes implemented in the past two years. See all case studies.
• 
  

Doing Business report 2017 Full Report by Let's Save Myanmar on Scribd

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First Generation Working Mobile Mining Unit

November 9, 2017, 2:40 am

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Introducing the Future of Smart Decentralized Blockchain Infrastructure

Highly profitable, global crypto-mining-infrastructure - Hosted in mobile, modular CSC containers - Decentralized placement directly at energy source.

Scalability is no issue for us.

Our mining-units are indefinitely scalable due to efficient, available, low-cost hardware. The decentral concept allows unprecedented usage of small- to mid-sized power hubs.
We are the only global mining operation - not tied to problems such as energy price spikes, hardware shortages, governmental issues or stationary fixed locations. We fight centralization. We have access to the world’s lowest priced energy-sources. We make access to the smallest free transformer/inverter stations on the planet.

Envion - Disrupting Blockchain- & Energy Industries from Envion on Vimeo.

The Blockchain Boom has just Begun

The exponential growth of blockchain-based applications has led to a similar explosion in the demand of mining infrastructure. Traditional mining competitors have to deal with numerous problems. Few of them apply to our mobile, decentral and scalable strategy!

Fixing Blockchain & Energy Industry Problems

We create a win-win scenario for power plants: We pay power-plants (and other energy hubs) for letting us use their otherwise unused local overcapacities. Win-win for the blockchain: We provide stability by decentralizing mining activities again, letting the community fully participate in mining and making mining-operations immune to local regulations, governmental restrictions, energy price spikes and bringing peace of mind to the global blockchain infrastructure.

 

The above model shows the assumed return using an annual projected token profit based on a 25% reinvestment strategy and current mining difficulty & market conditions. It includes 9% overhead cost for management, R&D and other company cost and takes into account 17% of tokens that are not distributed (see white paper for distribution). Actual results can be higher or lower. The model is a sample calculation. The model should not be regarded as information for an investment in tokens or as an offer of or a solicitation to buy tokens. Token profits will be cashed out on a weekly basis.

Mobile Mining Unit

Check-out our first operating Mobile Mining Unit in action.

..

Creating the World’s Most Efficient Mobile Mining Units.

Our plug-and-play satellite-ready units, an outdoor position on the vessel, and connection to standard board electricity will allow for on-journey mining. Field testing is currently under way.
Our mobile mining units are born in one of the largest Chinese container factories. Taking a short but secret journey to three different factories with increasing supervision and rigorous inspections, all units are equipped with optimized hardware and cooling systems and ready to enter the international port of Shenzhen, finding their way to a destination anywhere in the world.

 

Our Concept: The Mobile Mining Unit

Ultimate mobility: Deployment directly at the energy sources anywhere in the world
Unique cooling system: Unprecedented efficiency
Ready to rumble: Full automation guarantees instant mining once connected to power source
Key Advantages: Flexible, Scalable, Modular, Decentralized, Maintainable.

 

Mechanical Properties

20ft Sea Container	Standardized, internationally accepted standard housing, certified and proven design, seaworthy.
Puristic design	Due to its standardized dimensions, our units are designed to be transported by virtually any transporting vehicle (road truck, vessel, train) capable of accepting 20 or 40 ft containers (TEU/FEU).
Stackability	Being based on stackable standard containers, our units can be stacked on top of each other, to form a powerful, functional array: A stack of 2x3x3 units can be deployed in less than an hour, requires a mere 100 sqm of floor space and provides energy conversion of about 1 Megawatt. A stack can share infrastructural features such as the satellite / 4G uplinks.
Built to last	Built from best established COR-TEN-steel, harsh climate conditions and corrosion are not a problem anymore, since the type of steel has originally been developed to be used without any paint. Also known as “weathering steel”, the material rapidly develops a patina of iron oxide, which protects the steel from further corrosion.
Readily rearrangeable	Using a standard forklift truck, our units can be rearranged any time, for example when used as an auxiliary heater in a warehouse or greenhouse, the units can be moved between in and outside as required by the season. For heating purposes of warehouses or industrial halls, the units can be moved from one place to another depending on the required local air temperatures. Additionally, the units can be moved between transformer stations inside industrial buildings to ensure best use of spare capacities and to avoid the need for large, long, inefficient cables.
Remote Management	Automatic satellite antenna positioning allows for convenient and automated adjustments. The positioning of the satellite antenna is realized on the basis of receiver signal strength indication, ensuring a functionally optimized and autonomous positioning anywhere in the world. For transportation purposes, or in case of severe weather conditions (storms), the antenna can be automatically retracted, laid flat on top of the container or be fully removed manually. All of these features are remotely manageable.
System	Racks inside the container contain the computer systems which are either graphical processing unit (GPU) based or based on the high performance cubic / cylindrical shape of the “antminer”. In the GPU-based computers, the GPUs are the energy-intensive parts, have a “hot(H)” and a “cold(C)” side and are thus placed as separate as possible from each other. In general, the GPUs are arranged along the long horizontal axis of a shelf (width of the shelf). The order of the GPUs is relevant and is ...HC-CH-HC-CH-HC.... alternating order (each GPU rotated by 180 degrees compared to its neighbor), forming CH-HC-pairs, whereas the distance between two hot sides facing each other is increased as much as possible compared to the distance where two cold sides are facing each other. Additionally, each HC-CH pair of GPUs is alternatingly being moved away from the neighbouring pairs of GPUs on the second horizontal axis perpendicular to the axis of the primary direction of the GPU arrangement on the rack shelves (long axis of the shelf). These results are based on a working prototype, where optimization experiments and calculations using thermography and air flow simulations have resulted in the invention of this array.

Technical Data

Input power prerequisites:	3-7x standard CEE 400V alternating current 32 ampères
Input power:	40–138KW
Cooling/aux power:	800–1000W
Cooling efficiency:	12,000 cbm / h
Cooling system:	2x 400VAC motors with 450 mm dia. fans at 250W
Power usage efficiency:	= 1,02 – 1,01 PUE
Output:	40 – 125 KW thermal energy
Return on Invest:	161% per year
Configurations:	Mobile Mining Unit available in three main configurations (low, medium, high density)
Experience it live:	View Mining Dashboard

........ 

Ref:https://www.envion.org/en/mobile-mining-unit/#iframeDashboard

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Women Around the World Are Being Stoned to Death. Do You Know the Facts?

November 17, 2017, 8:27 am

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On July 11, Arifa Bibi, a young mother of two, was stoned to death in Pakistan. Her only "crime" was possessing a cellphone.  In response to Bibi's killing, and others like it, a movement is building. More than 10,000 people have signed a petition calling on the UN to eradicate this inhumane punishment. As Arifa’s story shows, stoning is as prevalent today as it has ever been. Understanding why and how this practice occurs is crucial to tackling it. Here are the answers to common questions about stoning. You can learn more about the fight to eradicate stoning by visiting Women Living Under Muslim Laws.

1. What is stoning?

Stoning (also known as lapidation) is a form of execution. It is a method by which a group throws stones at a person until they are dead.

2. Surely that doesn't happen anymore? It's 2013...

Stoning still happens today. There are 15 countries in which stoning is either practiced or authorized by law, even if it has never been practiced. In Iran, Mauritania, Nigeria (in one-third of the country's states), Pakistan, Qatar, Saudi Arabia, Somalia, Sudan, the United Arab Emirates, and Yemen, stoning is a legal punishment. However, out of these countries, only in Iran, Pakistan and Somalia have stonings actually occurred, and all instances in Pakistan have occurred outside the legal system.

By comparison, three of the remaining five countries (Afghanistan, Iraq, and Mali) do not condone stoning in national legislation, but sentences and executions have been carried out by non-state actors. In the Aceh region of Indonesia and Malaysia, stoning is sanctioned regionally but banned nationally.

 

3. Who is stoned to death, and why?

Stoning is used as a punishment for adultery, or zina. It is a method used to control the sexuality and bodies of both men and women, but women are more often the victims. The issue of stoning takes place within the much broader conversation about gender discrimination, women’s basic freedoms and culturally-justified violence against women. Simply put, women are more likely to be found guilty of adultery than men – because the hegemonic interpretations of Islamic law, personal status laws, poverty, and illiteracy among women all increase the likelihood of their conviction, either in a court of law or by the community.

4. Can you give me an example?

Take Aisha’s story, for example. In 2008, Aisha Ibrahim Duhulow, a 13-year-old Somali girl, was buried up to her neck and stoned by 50 men in front of 1,000 people at a stadium in Southern Somalia. Amnesty International reports that her father said she had been raped by three men, but was accused of adultery when she tried to report the rape to the Al-Shabaab militia who controlled the city.

5. So, stoning is religiously justified?

Although Islam and Muslim codes of law are often used to justify the use of stoning as a punishment for adultery, there is actually no reference to stoning in the Koran. Furthermore, there are many prominent clerics and religious scholars who openly oppose the practice of stoning and have called it "Islamically unjustifiable." For example, Grand Ayatollah Yousef Sanei, a very prominent Shi’a cleric in Iran, issued a fatwa (a religious edict) against the practice of stoning

 

 

6. How has the international community responded to the practice of stoning?

Although there is consensus within the international community that stoning violates a host of UN treaties and international human rights laws — including the fundamental right to freedom from torture — there are no legally binding commitments at the international level with regards to stoning.

7. So, stoning is a brutal form of punishment, that profoundly violates human rights, is still in use today, and there is no international law to condemn it?

Yes, that’s exactly right.

8. I had no idea. What can I do about it?

Join the movement. Since 2006, men and women all across the globe have been calling for an end to stoning.  

Stoning is already in violation of a host of international human rights treaties, and has been widely condemned as torture by the international community. By raising this issue in this context, we have real opportunity to bring about the legislative change that ends it.

The organization Women Living Under Muslim Laws is gathering signatures to call upon UN Secretary General Ban Ki-moon and the UN high commissioner for human rights to denounce stoning as one of the most brutal forms of violence against women. If the UN speaks out, it could mean the start of substantive legislative change.

Can you sign the petition urging the Ban Ki-moon to bring about an end to stoning?

9. Where can I learn more?

If you would like to know more, you can see a mapping report on stoning which gives a detailed discussion of the points raised here, a comparative analysis of the Iranian and Nigerian cases, and an excellent article discussing why it is important to address the issue of stoning today.

Ref:https://mic.com/articles/68431/women-around-the-world-are-being-stoned-to-death-do-you-know-the-facts

  Saudi Courts decides to stone mother of two ....

because of illicit affair..

Riyadh Courts in Saudi Arabia has ordered that a Sri Lankan woman who has gone to Saudi Arabia as a house-maid was found guilty of sexual intimacy and
that she be stoned to death. The said woman was a resident of Maradana and a mother of 2 children and she had gone to work as a house-maid in Saudi a few years before.

She had got involved with another Sri Lankan youth employed in Saudi and she had admitted guilty to that offence in courts of that country. It was for that reason that it was decided to stone her to death according to Saudi Law. It is understood that the young man concerned too has been subjected by Saudi Courts to 100 lashes. It was reported that Minister of Foreign Employment Mrs. Thalatha Athukorala has made an appeal to Saudi Government to abate the punishment sentenced to her. Prior to this the Saudi Government had decided to take the life of the child Rizana Nafeek and the Sri Lankan Government was not successful in preventing the sentence until she was prosecuted in a similar manner.

Ref:http://www.english.gossiplankanews.com/2015/11/saudi-courts-decides-to-stone-mother-of.html

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Myanmar has one of the lowest tax takes in the world!

November 18, 2017, 12:33 am

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That makes it hard for the new, democratic government to offer decent public services.

Nov 16th 2017 | YANGON

INSIDE a noodle house in central Yangon, business is buzzing. Customers huddle over tables, slurping down chicken soup or gobbling dumplings. Everyone pays in cash. Few customers ask for receipts. When your correspondent does so, one is handed over, complete with government-issued stickers. But the cost of the meal goes up. On the vast majority of the restaurant’s sales, it seems, no one is paying any tax.

Over the past decade the Burmese economy has boomed. Last year it grew by 5.9%. In the medium term growth is expected to average 7.1% a year, according to the World Bank, making the country one of the peppiest in the region. Poverty, though still stark, has fallen.

Yet Myanmar has the lowest tax take in South-East Asia and one of the lowest in the world, at a meagre 7.5% of GDP. That compares with 16% in Thailand and 14% in Cambodia. Under Myanmar’s military rulers, the picture used to be even worse. In 2011 the government collected less than 4% of GDP. That year, however, Thein Sein, the general who had just become president, launched an economic reform programme that included opening an office responsible for collecting tax from big firms. By 2015 government revenue had more than doubled (see chart). It has since stagnated.

The generals permitted free elections in 2015, allowing the National League for Democracy to come to power. Among its priorities are clamping down on corruption and broadening the tax base. Businessmen complain that taxmen gouge them for bribes, not revenue for the state. Humbler citizens, meanwhile, tend not to pay tax on their income.

Other taxes are routinely dodged, too. In order to avoid paying property taxes, some buyers and sellers, or landlords and tenants, create two contracts: one recording the actual transaction and a dummy to be submitted for tax purposes, says Lachlan McDonald, an economist at the Renaissance Institute, a think-tank in Yangon. Most Burmese donate money to Buddhist temples or other religious institutions as a matter of course. Handing money over to the exchequer is a far less common activity.

“People do not want to pay tax because they have never had much from the government,” says Matthew Arnold of the Asia Foundation, an American NGO. Under the military regime, generals made money from jade, narcotics and construction; Burmese without connections made so little money there was little point asking them for any. As a result, municipal services, which are meant to be paid for through local taxes, were and are scant. In Yangon the official municipal charge for rubbish collection is a token 600 kyats ($0.44) a month. But a resident complains that to get the rubbish taken away, she must pay informal street-cleaners an extra 200 kyats a bag.

It does not help that the system for collecting taxes is hopelessly antiquated. Assessments for property taxes are based on poor proxies for value such as the number of storeys in a building and the materials from which it is built. There is no effort to account for inflation. All the relevant information is kept on paper, with almost no digital records. According to Michael Lwin of Koe Koe Tech, a firm that has launched a pilot scheme to allow local governments to offer services online, this system puts the average annual rental value of the 23,516 recorded properties in the relatively affluent city of Taunggyi at $21, when in practice buildings are let out for much more. Even if tax collectors really intended to raise money for the government, it would be hard to collect much.

The city government in Yangon, the commercial capital, has set up an office to check up on a broader range of potential taxpayers, beyond the big fish. But the NLD government may be facing a Catch-22: it will be hard to persuade Burmese to pay tax unless they receive some services in return, but it will also be hard to offer decent services without collecting some tax.

Ref:https://www.economist.com/news/asia/21731437-makes-it-hard-new-democratic-government-offer-decent-public-services-myanmar-has

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What is the best way to respond to the Rohingya crisis: boycott, sanctions or engagement?

November 18, 2017, 7:40 pm

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More than 820,000 Rohingya have now fled Myanmar for Bangladesh, at least 607,000 since August 25. That is more than half the Muslim population of Rakhine State displaced in just ten weeks. The scale of human suffering is mind-numbing, and the destruction vast.
Human Rights Watch has released satellite imagery showing that at least 288 villages have been destroyed, including 62% of all villages in the Muslim-majority westernmost township of Maungdaw. Many have labelled this “ethnic cleansing” or “genocide”.

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Read more:‘They shot my two daughters in front of me’: Rohingya tell heartbreaking stories of loss and forced migration

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On September 11, 2017, even the United Nations High Commissioner for Human Rights declared it appears to be a “textbook example” of ethnic cleansing. In light of this, there have been growing calls to boycott Myanmar and impose new sanctions, including by one of our colleagues in Australian academia.
But what is this the best way for Australia to respond?

Boycott or engagement?

In stark contrast to the international outrage, public opinion within Myanmar overwhelmingly supports the relative inaction of the government and its leader, Aung San Suu Kyi. Support for the military action is also very high. Why?
Many people are angry, arguing that the international perception is biased and partial, and based on selective reporting. For example, they note that more than half the non-Rohingya population in Northern Rakhine state has also been displaced, mostly towards the south (admittedly a much smaller number of people, as the Muslim Rohingya who have fled across the international border constitute 95% of all displaced).
Likewise, they point out that the military crackdown that prompted the exodus was in response to attacks on 30 police posts and an army base by Rohingya militants from the Arakan Rohingya Salvation Army (ARSA).
After all, what sort of security response would we demand if a jihadist group launched co-ordinated attacks on 30 police stations in Australia, Europe or the US? We should hardly be surprised this is how many Burmese feel.
ARSA claimed that its actions were in defence of Rohingya communities, in response to decades of marginalisation, persecution and harassment by security forces. The Myanmar government, for its part, has labelled ARSA a “terrorist” organisation, and raised fears of an Islamic State-sponsored descent into a Syrian-style disaster.
They argue that ARSA’s strategy was precisely to provoke a large exodus to obtain international sympathy. In support of these claims they point out that the ARSA attacks were timed to follow the release of the Kofi Annan Rakhine Advisory Commission report, which contains a comprehensive reform plan that was immediately accepted by the government.
There are many perspectives and fears at play here. All require respectful acknowledgement, as many facts on the ground are not yet established. Neither are all the facts underlying the historical background of this conflict yet clear. It is significant that all major protagonists frame this multifacted crisis very differently.
The Rohingya claim a centuries- or millennia-long history in this land. Most others in Myanmar claim they are recent or illegal Bengali migrants. The name Rohingya is strongly claimed by the Muslims, and hotly contested by others. The politics around names is not incidental in a nation whose own name is disputed.
For now, the massive Rohingya flight – on the back of denial of citizenship and decades of marginalisation – is the principal crisis.

Focus on reconciliation

One thing is clear: the situation in Bangladesh requires immediate humanitarian and political responses. But it is too easy to opt for simplistic, black and white positions.
While responding promptly, we must not lose sight of the need to grapple with the complexities involved in achieving long-term political and cultural reconciliation. We thus reject calls for a boycott or sanctions (targeted or general), and call instead for a policy of productive, principled engagement.
Boycotts and sanctions would be counterproductive, harming prospects for long-term reconciliation for five key reasons.

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Read more:‘World must act to end the violence against Rohingya in Myanmar

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First, the Burmese military had a legitimate responsibility to respond to militant attacks on security posts across an entire township area. While their response was disproportionate, and their action may have provoked the attacks, they also have an important role to play in any long-term solution. Their co-operation will not be gained without acknowledging their duty and the difficulties faced.
Second, sanctions will further increase the power of the Myanmar military over the government, and risk even more extreme action.
Third, they will frustrate and delay further democratic reform in the country, weaken the only forces that can control the military, and limit the chances of a resolution to the immediate crisis.
Fourth, they will undermine still nascent efforts to rebuild the educational, health and legal infrastructures and delay the emergence of new leaders who can support much-needed, long-term cultural development.
And finally, decades of recent experience demonstrate that sanctions and boycotts rarely work, and are incapable of generating progressive social and political change.

How can Australia help?

Australia is well placed to support long-term reconciliation and economic development, something disengagement will only undermine.
Only sustained measures built on bilateral and multilateral engagement can support social and political change and address decades of oppression, neglect and communal tensions. The Annan report already provides a good framework.
Australia should lead the international community in pledging to support its implementation. We should strongly state our commitment to principled engagement with those working for progressive change and democratic reform, while committing to long-term plans for the economic development of this, the poorest region of the country.

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Read more:ASEAN countries should find a solution to end the persecution of Rohingya

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Assistance is required to strengthen the rule of law and rebuild robust educational and health infrastructures which can help promote social cohesion and communal coexistence. Cultural reconciliation through dialogue and civil society interactions will require long-term support.
At the same time, Australia can call for a robust and just process for the repatriation of displaced Rohingya people. This would include guarantees for their security and human rights, transparency and limits on the exercise of military power in the region, and a firm commitment to quickly restoring Rohingya citizenship.
But these calls will be most likely to be effective if made in the context of constructive dialogues.
The recent military operations were grossly disproportionate, brutalising tens of thousands of innocent people. The ARSA attacks and the exodus of the majority of the Rohingya people is testament to the deep-rooted communal basis of this crisis.
But political boycotts and economic sanctions are not the answer. Australia can contribute most productively through critical engagement.

Ref:http://theconversation.com/what-is-the-best-way-to-respond-to-the-rohingya-crisis-boycott-sanctions-or-engagement-86932?utm_source=twitter&utm_medium=twitterbutton

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Your support is urgently needed to assist children, women and men fleeing conflict to Bangladesh.

Give Now
 Over 615,500 Rohingya children, women and men have been forced to flee to Bangladesh escaping violence in Myanmar since August 2017. 

They have arrived exhausted, hungry, and sick after walking for days from their villages through jungles, across mountains and rivers carrying  what little they could bring from home.
There is an urgent need for emergency shelters and core relief items as more refugees arrive.

Please Give Now
UNHCR is taking the lead in emergency response and assistance to the refugees in the two camps of Kutupalong and Nayapara, in close collaboration with partners and authorities.

How would you like to donate?

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Your kind gift will secure clothes, plastic sheets, shelter and sleeping mats.

Ref:https://donate.unhcr.org/int-en/rohingya/sgd?gclid=Cj0KCQiA0b_QBRCeARIsAFntQ9ph-Vz1IxMKInpTJRONHORlqmTtQSrUui4nnITYvV8Q2Ze32iICJq4aAvsNEALw_wcB&gclsrc=aw.ds

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Your support is urgently needed to assist children, women and men fleeing conflict to Bangladesh Give Now

November 18, 2017, 7:38 pm

≫ Next: Jack Ma on the Future of Bitcoin?

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Your support is urgently needed to assist children, women and men fleeing conflict to Bangladesh.

Give Now

Over 615,500 Rohingya children, women and men have been forced to flee to Bangladesh escaping violence in Myanmar since August 2017. 
They have arrived exhausted, hungry, and sick after walking for days from their villages through jungles, across mountains and rivers carrying  what little they could bring from home.
There is an urgent need for emergency shelters and core relief items as more refugees arrive.

Please Give Now
UNHCR is taking the lead in emergency response and assistance to the refugees in the two camps of Kutupalong and Nayapara, in close collaboration with partners and authorities.

How would you like to donate?

• One-time

How much would you like to give?

Change Currency: Singapore Dollar

S$70

S$270

S$675

Other amountS$

 

How would you like to donate?

• Monthly

How much would you like to give?

Change Currency: Singapore Dollar

S$15

S$30

S$45

Other amountS$

Your kind gift will secure clothes, plastic sheets, shelter and sleeping mats

Your kind gift will secure clothes, plastic sheets, shelter and sleeping mats.

Ref:https://donate.unhcr.org/int-en/rohingya/sgd?gclid=Cj0KCQiA0b_QBRCeARIsAFntQ9ph-Vz1IxMKInpTJRONHORlqmTtQSrUui4nnITYvV8Q2Ze32iICJq4aAvsNEALw_wcB&gclsrc=aw.ds

Rohingya crisis: Over 8,00,000 refugees in Bangladesh are in 'most acute' sit

United Nations: UN High Commissioner for Refugees (UNHCR) Filippo Grandi has told the UN Security Council that over 800,000 Myanmar Rohingya were probably in the "most acute" situation.

Representational image. AP

Grandi made the remarks about Rohingya refugees, as in comparison to 65 million to 66 million people forcibly displaced in the world, Xinhua news agency reported.
"We spoke about some of the most complex crisis in Africa especially South Sudan, the Democratic Republic of Congo," he told reporters outside the council's chambers.
"There was much focus on the situation in Bangladesh — Rohingya refugees coming from Myanmar — and the way forward in that crisis which is probably the most acute at the moment."
Of those 800,000 refugees, the UN officials said 607,000 fled violence in northern Rakhine State since 25 August when Rohingya rebels allegedly staged deadly attacks against security posts, triggering retributions from government forces and civilian vigilantes. Villages were torched and villagers fled in face of deadly violence.
"There was support for the role the UNHCR can play in facilitating discussion on voluntary safe and dignified return if and when conditions are created in Rakhine State for this to happen," the head of the UN Refugee Agency said.
"We spoke about important overlaps of the agenda of my office and the agenda of the Security Council."
He explained that since refugees are a humanitarian issue they are discussed within the UNHCR as "a non-political manner", but it is an issue which overlaps with the peace and security agenda of the Security Council.
So, the solutions for refugee problems "are essentially political", he added.
Grandi said the problem for the Rohingya refugees is to "safely and in a dignified manner go back home" .
Thursday's Security Council session "was an opportunity to exchange views on all these matters, both policy issues and operational issues".

Ref:http://www.firstpost.com/world/rohingya-crisis-over-800000-refugees-in-bangladesh-are-in-most-acute-situation-says-united-nations-4191221.html

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Jack Ma on the Future of Bitcoin?

November 18, 2017, 7:25 pm

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Jack Ma, founder of Alibaba Group speaks about bitcoin and blockchain technology

16th November 2017

 

In a video interview made with the founder of Alibaba Group, Jack Ma shared his views on the bitcoin and blockchain technology, to the question of “what he thinks of the future of Bitcoin”.

 

“Honestly, I’m not a big fan of Bitcoin but I pay attention to cashless payments in society through blockchain technology, what I want to know is what things Bitcoin can contribute to society, but behind Bitcoin I see that There is a really powerful technology.”

In his brief response, he also indicated that he is in favor of a society without cash, transparent and without corruption and that as an entrepreneur he expects the business opportunity with Bitcoins.

“I do not know about bitcoins”, Jack Ma, founder of Alibaba Group

Therefore, it remains unclear whether or not your company will accept future payments with Bitcoin, as well as other giants like Amazon, which are interested in technology but do not seem ready to accept it as a means of payment.

Nor did it give rise to any other cryptocurrency such as Neo in the interview, or the legal situation in China, measuring his words to the millimeter so as not to pronounce in favor or against.

Ref:https://bitcoiner.today/en/jack-ma-founder-of-alibaba-group-speaks-about-bitcoin-and-blockchain-technology/

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Singapore cryptocurrency firms facing bank account closures!

November 18, 2017, 5:33 am

≫ Next: What are Cryptocurrencies and Why is Everyone Talking About Them?

≪ Previous: Jack Ma on the Future of Bitcoin?

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[SINGAPORE] Singapore banks have closed accounts of several companies which specialise in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms.

Noting that cryptocurrency firms have had similar problems with their banks in other countries, the head of Singapore's Cryptocurrency and Blockchain Industry Association, or Access, asked the government to step in.

"From our analysis, it appears to be common among leading FinTech hubs," Access chairman Anson Zeall said in an emailed statement. 

"If this is the case, we would urge Singapore to take a leadership role and demonstrate how to come to an effective resolution among all parties.

Mr Zeall said his organisation had heard from 10 companies which had encountered problems with their banking relationships in Singapore. The banks didn't give a reason for their action, Mr Zeall added.

SEE ALSO: Bitcoin emerges as crisis currency in hotspots such as Zimbabwe

 

The complaints illustrate some of the difficulties faced by cryptocurrency firms at a time when the sector is under growing scrutiny around the world. China has said it will halt exchange trading of cryptocurrencies by the end of September.

JPMorgan Chase & Co chief executive officer Jamie Dimon recently described the cryptocurrency bitcoin as a fraud and said he would fire any employee trading it for being "stupid".

ACCOUNT CLOSURES
The Monetary Authority of Singapore, the country's central bank, said in a statement that it doesn't interfere with commercial decisions taken by banks "including those in relation to the establishment and termination of business relationships".

Banks are expected to establish suitable procedures and controls, including those governing customer transactions and relationships, and to comply with customer due diligence requirements of MAS rules on preventing money laundering and the financing of terrorism, the statement added.

Chia Hock Lai, president of the Singapore Fintech Association, which has broader membership than Access, said some of his organisation's members also experienced account closures, though he didn't provide figures.

Neither organisation named the banks which had closed their member firms' accounts, but Access said the action had been taken by a "range of financial institutions".

Access has 106 members and the Fintech Association has 185, though the two organisations said some companies belong to both groups.

COINHAKO BLOG
One local cryptocurrency-related firm, CoinHako, said in a blog post earlier this month that its bank account had been closed by DBS Group Holdings Ltd, South-east Asia's largest bank. CoinHako, which provides cryptocurrency and digital assets wallet services, said in the blog it would be no longer able to process deposits and withdrawals in Singapore dollars as a result.

"We understand that banks also have their concerns on anti-money laundering and know-your-customer issues," said Yusho Liu, co-founder of Singapore-based CoinHako.

"We do not fit anywhere in the current regulatory framework."

DBS declined to comment on CoinHako, citing banking secrecy, though it said any decision to close a customer's account could be due to multiple factors. Those include "failure to maintain the account in good standing, failure to provide timely and accurate information, unexplained inconsistencies in account behaviour, or unacceptable risk of criminal or terrorist behaviour," DBS said in an emailed response to questions.

"We remain open to exploring banking relationships with companies working with cryptocurrencies," DBS added.

Koh Ching Ching, a spokeswoman for Oversea-Chinese Banking Corp, said the bank reviews customer accounts for risk management purposes "and may close these accounts for various reasons".

United Overseas Bank Ltd, the third of the large Singapore banks, declined to comment.

FINTECH FESTIVAL
The MAS has said it will regulate the offer or issue of digital tokens if they constitute products regulated under the Securities and Futures Act. It doesn't regulate virtual currencies per se, a similar position to that taken by central banks and regulators in other countries.

The MAS has also taken a leading role in efforts to promote Singapore as a regional centre for financial technology, and is one of the organisers of a 'fintech festival' due to take place in November.

Last year's event drew more than 10,000 attendees. The MAS has also been working on a distributed ledger project and on the creation of a central bank digital currency, to be used for cross-border payments.

In its statement, the MAS said it "remains committed to developing Singapore as a reputable financial center and fintech hub."

It said that requires "pairing a progressive and nurturing environment for fintechs together with strong controls to mitigate risks such as fraud and money laundering".

"We must be mindful that new technological developments and products bring with them new areas of risks, which the financial industry and regulatory authorities should pay heed to."

BLOOMBERG

Ref:http://www.businesstimes.com.sg/banking-finance/singapore-cryptocurrency-firms-facing-bank-account-closures

Regulation

Oct 8, 2017 |

Samuel Haig

Singapore to Regulate Crypto-Based Businesses, Not Cryptocurrency Itself

Mr. Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister, Coordinating Minister for Economic and Social Policies, and Chairman of Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), has responded to a question pertaining to MAS’s assessments and regulatory intentions regarding cryptocurrencies and initial coin offerings (ICOs). Mr. Shanmugaratnam replied by stating that the Singaporean regulator did not recognize bitcoin as legal tender, and that the MAS will likely seek to regulate companies providing bitcoin payment services, rather than the cryptocurrency itself.

Also Read: Singapore-Based Bitcoin Startups Deal With Bank Account Closures

The MAS Does Not Intend to Develop a Distinct Regulatory Apparatus for Cryptocurrency

In response to a parliamentary question regarding the MAS’s regulatory conclusions and assessments pertaining to cryptocurrency, Mr. Shanmugaratnam stated that the MAS has determined cryptocurrency and ICOs to fall outside of its current financial legislation.

The question to which the MAS chairman responded asked “whether the Government is keeping track of the use/investment of cryptocurrencies such as bitcoin in Singapore; (b) how do cryptocurrencies affect our finance industry; (c) whether studies are being conducted to assess the problems and risks of using/investing in cryptocurrencies; and (d) whether regulatory frameworks are necessary in the future.”

“MAS has been monitoring the use of… virtual currencies.” – Mr. Shanmugaratnam, Chairman of MAS

The MAS chairman responded with a number of points, first stating that Singapore’s central bank has concluded that cryptocurrency is not legal tender. The deputy prime minister defined legal tender as “the medium of exchange is recognized by law to be valid for meeting a financial obligation.”

Mr. Shanmugaratnam states that the “MAS has been monitoring the use of… virtual currencies.” The deputy prime minister states that the financial regulator has determined that virtual currency “use is not prevalent in Singapore” estimating that “about 20 Singapore retailers like restaurants and online shops currently accept bitcoins”, adding that “in the Singapore[an] financial industry, use of virtual currencies as a mode of payment is not significant.” The MAS is concluding that cryptocurrency “trading is generally for speculative investment purposes,” noting however that Singapore’s trading volume is significantly lower than that which is produced by the dominant markets of the U.S., Japan, and Hong Kong.

Singapore’s Financial Regulator Recently Issued a Statement Pertaining to ICOs

Regarding regulations, Mr. Shanmugaratnam stated that “MAS does not regulate… virtual currencies… However… regulates the activities that surround them if those activities fall within our more general ambit as financial regulator.” Mr. Shanmugaratnam also revealed that the MAS is currently developing new regulations for payment services designed to address the money laundering and terrorist financing risks associated with “the anonymous nature of [cryptocurrency] transactions.”

The deputy prime minister indicated that a similar regulatory approach would likely be applied to ICOs, stating that the “MAS has not issued new legislation specifically for ICOs”. Mr. Shanmugaratnam iterated that digital tokens through ICOs that are determined to comprise securities will be subject to the regulatory requirements of securities – including having to register a prospectus, obtain intermediary or exchange operator licenses, and mandatory compliance with anti-money laundering and anti-terror financing laws. Mr. Shanmugaratnam stipulated that the monetary authority of Singapore “will continue to monitor the developments of [the ICO industry], and consider more targeted legislation if necessary.”

In recent weeks, reports have detailed that numerous bitcoin-based startups domiciled in Singapore have experienced bank account closures due to uncertainty pertaining to the legal status of cryptocurrency. The statement comes approximately two months after the MAS first sought to clarify its regulatory position regarding ICOs, asserting that token deemed to comprise securities would fall under the purview of existing regulations.

Do you think that Singapore’s plan to avoid developing unique regulations for cryptocurrencies will be viable long term? Share your thoughts in the comments section below!

Ref:https://news.bitcoin.com/singapore-to-regulate-cryptocurrency-based-businesses-not-cryptocurrency-itself/

 

Singapore not rushing to regulate cryptocurrencies: MAS

Thu, Oct 26, 2017 - 5:50 AM

Jacquelyn Cheokjaccheok@sph.com.sg@JacCheokBT

Singapore doesn't plan to regulate cryptocurrencies such as bitcoin, but will remain alert to money laundering and other potential risks stemming from their use, the head of the country's central bank said.  PHOTO: REUTERS 

THE Monetary Authority of Singapore (MAS) on Wednesday reiterated that Singapore would be slow to regulate cryptocurrencies - a move that industry players said could actually be good for the growth of the cryptocurrency and blockchain sector here, and for making Singapore the region's cryptocurrency hub.

MAS managing director Ravi Menon said: "As of now, I see no basis for wanting to regulate cryptocurrencies." Even so, MAS will remain alert to money laundering and other potential risks stemming from their use, he told Bloomberg in an interview.

Mr Menon added that the central bank's focus is to "look at the activities surrounding the cryptocurrency and asking ourselves what kinds of risks they pose, which risks would require a regulatory response, and then proceed from there".

This stance is unchanged from three years ago, when MAS declared that it would regulate virtual currency intermediaries in Singapore to address potential money laundering and terrorist financing risks. In that announcement made in March 2014, MAS said that it would not regulate virtual currencies per se, as these were not considered as securities or legal tender.

Industry players were quick to point out that MAS' stance was not new, but that Mr Menon mentioned initial coin offerings (ICOs) - a currently unregulated means of crowdfunding that allows companies to issue their own digital tokens that can be bought by investors using cryptocurrencies - marked a good step forward for the industry.

SEE ALSO: DBS, OCBC yet to dip toes in corporate VC pond

 

Anson Zeall, chairman of Access, an association representing companies involved in blockchain and cryptocurrencies in Singapore, told The Business Times: "ICOs were mentioned - this is very positive. It was also mentioned that ICOs would be studied on a case-by-case basis to determine if they should be regulated, which is an enlightened move."

Mr Menon had told Bloomberg that if ICOs include the promise of a dividend or other economic benefits, they can resemble regular securities offerings and would be covered by Singapore's Securities and Futures Act. He also noted the existence of other ICO business models that "avoid these security-like features in their digital tokens".

He said: "So we just have to look at them case by case to see which ones we will need to bring into the regulatory ambit, and which ones can stay outside."

MAS's attitude is unlike that of China, which in September dramatically imposed a ban on all ICOs, declaring them illegal and calling an immediate halt to all fund-raising activities. Less than a month later, South Korea followed suit, banning fund raising through all forms of ICOs.

An operator of a cryptocurrency crowdfunding platform told BT: "China went quite extreme. While Singapore is sitting on the fence as usual, there is really little benefit for us to be one of the first to stick our necks out. Even the US hasn't clarified its position. If Singapore can play this right - having seen how it plays out globally - we can become the leading fund raising capital in Asia."

On Wednesday, MAS and the Hong Kong Monetary Authority signed an agreement to boost bilateral cooperation on financial technology matters, which would include blockchain and cryptocurrencies. Both parties will work on a strategic project on cross-border trade finance infrastructure - based on distributed ledger technology - as their first collaborative initiative.

Altona Widjaja, vice-president of the fintech and innovation group at OCBC, told BT that blockchain is a technology that the bank will continue to explore as it "shows great promise", such as the proof-of-concept for a KYC (Know Your Customer) blockchain that OCBC had completed with two other banks earlier this month.

Mr Widjaja said: "While we welcome the regulation of cryptocurrencies, we also welcome the opportunity to test cross-border blockchain transactions, and we will closely monitor the applications of blockchain."

Blockchain - an incorruptible digital ledger of all economic transactions made in virtual currencies - is the technology that enables the existence of cryptocurrency.
Access' Mr Zeall said: "But while all blockchain developments are great, it's important for blockchain and fintech startups in both cities to get sustainable banking partners to support their innovation efforts."

Last month, at least 10 companies that provide cryptocurrency payment and trading services were reported to have encountered bank account closures in Singapore, rendering many of these "blockchain disruptors" unable to continue their operations here and relocating to the US and Japan.

Ref:http://www.businesstimes.com.sg/technology/singapore-not-rushing-to-regulate-cryptocurrencies-mas

Reply to Parliamentary Question on the prevalence use of cryptocurrency in Singapore and measures to regulate cryptocurrency and Initial Coin Offerings

QUESTIONS NO 1494

NOTICE PAPER 869 OF 2017

FOR WRITTEN ANSWER

Date: For Parliament Sitting on 2 October 2017
Name and Constituency of Member of Parliament
Mr Saktiandi Supaat, MP, Bishan-Toa Payoh GRC

Question:
To ask the Minister for Finance (a) how prevalent is the use of cryptocurrency in Singapore; and (b) what measures will MAS introduce to regulate Initial Coin Offerings (ICOs).

Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS:
 
1. We are familiar with money, i.e., notes and coins, as a medium of exchange – an intermediary instrument use to facilitate transactions.  I make a TV, sell it for money, and then use it to buy a pair of shoes. Money becomes a medium of exchange because all of us put our trust in its reliability. The Central Bank issues these notes and coins, and makes them legal tender. Legal tender means that the medium of exchange is recognised by law to be valid for meeting a financial obligation.

2. With advancement in technology, new virtual means of payment have emerged, such as cryptocurrency, which is a form of digital token secured by cryptography. They are not legal tender. But some people put their trust in them and use them as a means of payment. Hence, Bitcoin and Ether have been adopted by people in some communities to pay one another or to pay for goods and services.

3. MAS has been monitoring the use of such virtual currencies.  Their use is not prevalent in Singapore - about 20 Singapore retailers like restaurants and online shops currently accept Bitcoins¹. This is unlike places like Japan, where the use is more popular. Likewise, in the Singapore financial industry, use of virtual currencies as a mode of payment is not significant. Trading is generally for speculative investment purposes, and the volume is low² compared to other countries such as US, Japan and Hong Kong.

4. Similar to most jurisdictions, MAS does not regulate such virtual currencies per se. However we regulate the activities that surround them if those activities fall within our more general ambit as financial regulator.  Let me give two examples.
5. First, virtual currencies, due to the anonymous nature of the transactions, can be exploited for money laundering and terrorism financing risks. MAS is working on a new payment services regulatory framework that will address these risks.

6. A second example is fund-raising. Virtual currencies can go beyond being a means of payment, and evolve into “second generation” tokens representing benefits such as ownership in assets, like a share or bond certificate. The sale of such “second generation” tokens to raise funds is commonly known as an initial coin offering or ICO (“ICO”). A number of ICOs have been structured out of Singapore in recent months.

7. These are financial activities that falls under MAS’ regulatory ambit. Hence, on 1 August 2017, MAS clarified that if a token is structured in the form of  securities, the ICO must comply with existing securities laws aimed at safeguarding investors’ interest. So the requirements of having to register a prospectus, obtain intermediary or exchange operator licences, will apply. These intermediaries must also comply with existing rules on anti-money laundering and countering terrorism financing.

8. MAS has not issued new legislation specifically for ICOs. We will continue to monitor the developments of such offers, and consider more targeted legislation if necessary.

9. Some consumers may be attracted to invest in virtual currencies and digital tokens due to their recent exponential rise in value. However, as a financial regulator, our focus is securitised interests in assets – such as shares in a company. MAS does not and cannot regulate all products that people put their money in thinking that they will appreciate in value. But recognising that the risks of investing in virtual currencies are significant, MAS and the Commercial Affairs Department have published an advisory alerting consumers to these risks, and are working together to raise public awareness of potential scams.

***

¹This is based on the directory maintained by Coin Republic of bitcoin-related businesses in Singapore (http://coinrepublic.com)
²Based on virtual currency exchanges data.

Ref:http://www.mas.gov.sg/News-and-Publications/Parliamentary-Replies/2017/Prevalence-use-of-cryptocurrency-in-Singapore.aspx

Some cryptocurrency firms had their Singapore bank accounts closed

SINGAPORE (BLOOMBERG) - Singapore banks have closed accounts of several firms which specialise in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms.

Noting that cryptocurrency firms have had similar problems with banks in other countries, the head of Singapore's Cryptocurrency and Blockchain Industry Association, or Access, asked the Government to step in.

"From our analysis, it appears to be common among leading FinTech hubs," Access chairman Anson Zeall said in an e-mailed statement. "If this is the case, we would urge Singapore to take a leadership role and demonstrate how to come to an effective resolution among all parties.

Mr Zeall said his organisation had heard from 10 companies which had encountered problems with their banking relationships in Singapore. The banks did not give a reason for their action, he added.

The complaints illustrate some of the difficulties faced by cryptocurrency firms at a time when the sector is under growing scrutiny around the world. China has said it will halt exchange trading of cryptocurrencies by the end of the month.

JPMorgan Chase chief executive officer Jamie Dimon recently described the cryptocurrency bitcoin as a fraud and said he would fire any employee trading it for being "stupid".

The Monetary Authority of Singapore (MAS), the country's central bank, said in a statement that it does not interfere with commercial decisions taken by banks, "including those in relation to the establishment and termination of business relationships".

Banks are expected to establish suitable procedures and controls, including those governing customer transactions and relationships, and to comply with customer due diligence requirements of MAS rules on preventing money laundering and the financing of terrorism, the statement added.

Mr Chia Hock Lai, president of the Singapore Fintech Association, which has broader membership than Access, said some of his organisation's members also experienced account closures, though he did not provide figures.

Neither organisation named the banks which had closed their member firms' accounts, but Access said the action had been taken by a "range of financial institutions". Access has 106 members and the Fintech Association has 185, though the two organisations said some companies belong to both groups.

The MAS has said it will regulate the offer or issue of digital tokens if they constitute products regulated under the Securities and Futures Act. It does not regulate virtual currencies per se, a similar position to that taken by central banks and regulators in other countries.

Yesterday, the MAS also said that it "remains committed to developing Singapore as a reputable financial centre and fintech hub. It is important to recognise that sustaining Singapore's hub status requires pairing a progressive and nurturing environment for fintechs together with strong controls to mitigate risks such as fraud and money laundering".

It said: "We must be mindful that new technological developments and products could bring with them new areas of risks, which the financial industry and regulatory authorities should pay heed to".

The spokesman said: "Maintaining Singapore's reputation as a trusted hub will allow all players (traditional and disruptors) to flourish."

Ref:http://www.straitstimes.com/business/banking/some-cryptocurrency-firms-had-their-singapore-bank-accounts-closed

 

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What are Cryptocurrencies and Why is Everyone Talking About Them?

November 18, 2017, 5:57 am

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Have you heard about Bitcoin? Of course you have – it’s currently a name that is being thrown around by investors looking for the next big thing. But do you know that Bitcoin is just the first of several cryptocurrencies in the market today? Here’s why you should care about this new investment product:

 

What are cryptocurrencies?

At the risk of oversimplifying the definition: cryptocurrencies are currencies that have no single authority to determine its value.

Think about it this way: who determines the value of the Singapore Dollar, the Japanese Yen and the US Dollar? They are ultimately determined by their respective countries’ treasuries. If the Singapore Dollar is too strong against the US Dollar, Singapore might see a drop in exports to the US, since everything is going to cost more. What our Treasury might do then is weaken the Singapore Dollar so that exports to the US can continue as usual.

Cryptocurrencies don’t rely on a central authority to determine their value. Instead, it is determined mainly by demand and supply.

Aren’t currencies also determined by demand and supply? What makes this different?

There are 7 main features of cryptocurrency, and it is these features which make them so valuable today.

1. Security

This is the main feature and where cryptocurrencies get their name from. It is difficult to hack cryptocurrencies because of the strong cryptography involved. This means that no one else can use your cryptocurrency but you, unless your wallet password gets stolen.

2. Anonymity

Cryptocurrency transactions are regarded as anonymous, in the sense that you send and receive Bitcoin via an address made up of multiple characters. It is difficult to trace that address to a person’s real-world identity. So, while there are clear transaction trails, they are all among anonymous addresses.

3. Irreversible

All transactions with cryptocurrency are irreversible. Once a transfer is complete, it cannot be undone. This may actually not be a disadvantage, since it can prevent fraudulent transactions by having a third-party mediator, similar to how eBay works now.

4. Available to everyone

With regular currencies, there are restrictions. A minor cannot open a bank account without a parent or guardian’s permission, for example. A bank might charge exorbitant fees if your account balance drops below a certain amount, forcing you to close your account with them. With cryptocurrency, these barriers are non-existent. Cryptocurrency essentially runs on software than anyone can download for free. However, you’ll most likely need to use a bank account to fund your cryptocurrency exchange account or wallet.

5. Fast and Accessible

Not only is it available to everyone, it is also fast and accessible. Since all transactions are done online, your physical location is irrelevant. You can send and receive cryptocurrencies without dealing with exorbitant transfer fees or conversion fees.

6. Controlled supply

One of the most important features of Bitcoin is that there is a controlled supply. Capped at 21 million, this essentially limits how much Bitcoin is allowed in the market. Unlike regular currencies, the central banks can’t keep printing money. Other popular cryptocurrencies like Ethereum, however, don’t have a fixed supply, but that doesn’t necessarily mean it’s a bad thing.

7. Not debt-based

Unlike regular currencies, cryptocurrencies do not work on a debt-based system. Banks essentially “create” money every time they issue a loan, mortgage, credit card or an overdraft. Imagine if all customers withdrew their money from a bank at the same time – the bank would crash because they can’t repay everything they owe. Cryptocurrencies work more like commodities, where no debt involved.

What is an Initial Coin Offering?

You’ve heard of IPOs? Meet the future – the initial coin offering or ICO. Essentially, this is crowdfunding (as made famous by Kickstarter) at its most extreme, with cryptocurrency.

You essentially develop a project and get people to invest in it. Ethereum for example, a platform that enables developers to build decentralized applications, has opened up the use of blockchain to potentially disrupt hundreds of industries.

Because of how new ICOs are, they are less regulated than IPOs or regular crowdfunding projects. This is both a good and bad thing, as it could mean a significant influx of funding into a genuine project, or a loss of hard-earned funds into what is essentially a well-crafted scam.

Want to get a head start on learning more about cryptocurrencies?

IG Free Bloomberg eBook – Understanding Cryptocurrencies.

For tomorrow’s investors, find out why everyone is talking about cryptocurrencies in this free ebook written in partnership with Bloomberg.

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WHAT ARE CRYPTOCURRENCIES (and why is everybody talking about them)? 

Worthless. Or, rather more commonly, the government loads up on excessive debt, or fails to regulate the massive bets that financial institutions make to generate profits, and the system teeters on the brink of collapse, as was the case during the Great Recession of 2008. 

This risk is what underpins the arguments in support of precious metals and the creators and users of cryptocurrencies. Trading Opportunity If central banks can create money from thin air, why can’t anyone else? Cryptocurrencies have no central authority, they’re not tied to countries and they don’t carry any liability or counterparty risk. 

They do not require banks as intermediaries, so there are no exchange rates, bank fees or other variables that drain value, as when fiat money moves between accounts. 

The platforms that hold your Bitcoins do not use them while they sit in your account to generate profits for themselves (and risk for you), as banks do. 

When you transfer a cryptocurrency, the platform will not hold onto it for three days after removing it from your account (even though it can be transferred in an instant), make money from it — and then charge you for the privilege. Neither do account-holders have to undergo a lengthy application or verification process. 

The systems are anonymous. There is, of course, a flipside. In many respects, there is no difference between the Singapore dollars you hold in your bank account and a Bitcoin you hold in an electronic wallet. Both carry a value that can be exchanged for goods and services, and that value changes as perceptions fluctuate. 

The difference is that the fluctuations of the Singapore dollar are kept in check by the authority that backs them. Because Bitcoin and Ethereum are not backed by a central authority or subject to any recognized macroeconomic or geopolitical forces, prices are volatile, which is why they have been seen up to now as an exotic investment. 

They present a risk to owners, because nobody wants to hold their savings in a currency that can lose a quarter of its value overnight. 

However, that does mean cryptocurrencies present an opening for derivatives traders, for whom volatility equals opportunity. "Will cryptocurrencies present an opening for derivatives traders, for whom volatility equals opportunity?"

Want to learn more about cryptocurrencies and ICOs? Follow us as we go through a series of 4 articles exploring popular crypocurrencies like Bitcoin and Ethereum, as well as derivatives like CFDs.

This article was sponsored byIG, the world’s No.1 CFD provider (by revenue excluding FX, 2016). All views, opinions and recommendations expressed in the article are the independent opinion of MoneySmart and do not in any way reflect the views, opinions, endorsements or recommendations, of IG Asia Pte Ltd (Co. Reg. No. 20051002K) (“IG”). Information is for educational purposes only and does not constitute any form of investment advice nor an offer or solicitation to invest in any financial instrument. No responsibility is accepted by IG for any loss or damage arising in any way (including due to negligence) from anyone acting or refraining from acting as a result of this information or material.

^Important Notice:

Cryptocurrencies are not legal tender currency and the trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they may not have the full protection offered by the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks and if in doubt consult an independent financial adviser. For more information on Cryptocurrencies, please refer to the following website for more information: MoneySense – Virtual Currencies.

Ref:https://blog.moneysmart.sg/invest/cryptocurrencies-bitcoin/

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SHAKEN Government of Singapore by the Discovery of NEW Underground Banking System

November 18, 2017, 7:24 pm

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Singapore Citizens Are Using This to Make $350/day On Average And Quitting Their Jobs!

19/11/2017

You can now join a new underground banking system that’s been gaining popularity here in Singapore. And what’s so incredible is how quickly a small deposit in this account can grow into a fortune – even in today’s ‘pay nothing’ interest world.

For example; one young man named Yuen Weng just made a new deposit of $250 into his new type of account. About his amazing discovery he told reporters the following:

“Every morning, I went online.. and saw that the account grew!”

Yuen was absolutely stunned at his good fortune. Only four months of growth and almost no effort on his part landed him more than $886,000. All from his initial deposit of less than $300.

You might be surprised to know that… He didn’t park his money in any off-shore bank or risky foreign currency. And he didn’t buy stocks or anything else banks were trying to sell us in the past. In fact, in our 20-year experience of financial reporting we’d never seen anything like what John did with his money.

Instantly after reading his experiences, our CEO approved a team of 15 reputed financial journalists to lead a full research investigation in this new type of account.

The outcome of our Investigation shocked us. And our guess is that the results will shock you too.

More than 100,000 citizens of Singapore have opened accounts, in nearly every city in the country. Now, these people see absolutely huge gains on their account. Another young man, Jackie He, who just put $1,000 into his account watched it grow to nearly $3 million. Or Teresa Lee, whose initial deposit grew into a small fortune, which she used to buy a stunning 15 bedroom castle in Hong Kong. Experts agree that simply by transferring a little of your money to these 100% free, reliable, secure and completely private accounts you will at least earn more than 50 times what a typical savings account, stock or anything else will pay you.

How to know whether this ‘underground’ account is ideal for you? Well, you don’t at first but if you have at least $250-$1000 on your savings account you have a moral commitment to your family – for your own welfare and that of your future generations – to at least look into one of these accounts.

How To Increase Your Wealth in the 21st Century

The first time this type of new bank account turned up in 2009, shortly after the credit, housing and banking crisis. It’s no secret that people all around the world were afraid what would happen to the financial system. That’s when this underground banking system began to become popular.

And unlike traditional banking, this system isn't bound to one specific government. It’s not bound to one specific currency and it’s not bound to any specific bank. So basically it is absolutely crisis proof.

And what’s really shocking... These accounts make everyday people all over the world extremely wealthy. Wether you’re an intern, teacher, manager or even unemployed. A small deposit of just $500 at the beginning of this month would have exploded into more than $22,500 today.

Our evidence shows this new underground bank account could create more millionaires in the coming year, than Google created the day it went public. Think over this: Back in 2013, only around 100,000 people held one of these accounts. Today more than 14 million are enjoying this new underground banking system.
The sum of money flowing in the system is increasing by the day. In fact, more than a year ago, roughly $100 million was parked in this underground system. Today it’s $30 billion and experts claim the market will expand into the Trillions within the next few years.

Our research has found even a few elite Singapore bankers are quietly “dumping” the traditional banking system and are now parking their own money – much of their personal cash – deep down this underground banking system.

Because this account has nothing to do with gold, silver, stocks, bonds, options, or anything else you’ve likely heard of.. you won’t have to learn about complicated investments. You simply visit a website, (details provided at the bottom of this special report) fill in your details, open an account, and make any deposit. Then sit back and relax as little as $250 grow into $500, $1000, $5000 or even more.

The life-changing richness that everyday people have built by taking a chance on this revolutionary new ‘bank account’ is very real. Although you won’t hear about this on TV or in the news, many of the rich and powerful are already transferring cash towards their new account.

A possibility to jump in this early during a major paradigm shift will likely never happen again.

What’s even more fascination about these accounts is how wealthy bankers are using them not only to grow their own money but also to hide it – all transactions will be 100% anonymous and therefore this system provides complete privacy. And best of all Singapore government cannot access your account, even in times of financial crisis.

Why is that essential?

Everybody knows that the national debt has doubled in the last 10 years, and with BREXIT, Trump and the failure to patch up the international financial system after the last crash it’s just a matter of time before the next financial crisis will arise. And this time the government won’t have the means to rescue your bank whether it’s Barclays, HSBC, Lloyds or the Royal Bank of Scotland.

Today, October 29, 2017, it's legal to open an ‘underground banking’ account. The best part is, you don’t have to have a lot of money for this kind of banking. You can simply start by transferring a little amount as $250 to this 100% safe and risk-free online bank-account and level in profits with the click of your mouse.

There is NO MAXIMUM. High-net-worth individuals could deposit $5 million, $10 million or even $100 million. And they could all see the value of that account grow and at least SIXFOLD within a few weeks!

The Banking System... And Currency of the Future.

It’s something called ‘Cryptocurrency.” No, it’s not an actual penny. It’s simply the name of a digital currency like Bitcoin (BTC) or Ethereum (ETH). Currency’s that only you have control of.. and you can decide whether to withdraw. The government cannot seize it. And the value has shockingly grown, creating multiple millionaires on a daily basis.

For example, Bitcoin’s value has multiplied 879,999 times. With just a $1,200 deposit you would be worth at least $1 billion today. And if you would have invested in another digital currency like Ethereum you would have made returns up to 4500% only last week!

Have you loaded up Bitcoins at the start of this year you could have bought a $3 million mansion for the small deposit of just $3,532. A new 2017 Bentley would have cost you $986. And a top-of-the-line Rolex, normally, $50,000+ would have been only $350.

And cryptocurrency has made enormous development into mainstream acceptance. ATM’s are being removed every week. Thousands of businesses are already accepting digital currencies. The government has been forced to recognise that the cat is out of the bag. And even banks know that this is the future.

And what makes it work is, it's unbelievable easy to get started.

Anyone can learn to master this in no time. You don’t need any prior investing experience or business background. You don’t need an education or degree. You don’t need to be good at math either. There is no hard work needed and there is nothing to sell. You won’t have to give up control or follow difficult guidelines. There is no guesswork or ‘luck’ required. Once you get going, it only takes a few hours a week to maintain and watch your account grow. And you can do it all at home, or wherever you want, while you’re doing daily stuff!

Of course, you might be sceptical that something so simple could be so profitable and such a threat to the traditional banking system. That’s why we decided to put this system to the test – and even our skeptics were completely blown away...

Putting The System To The Test

It wasn’t hard to find a volunteer. Our inbox flooded with requests and we finally picked Alya Amilia as the lucky one. She is a 38-year-old mother and lives in Singapore together with her husband and two children. As a part time nurse, she has always been able to pay the bills but was never able to take his family on a well deserved holiday. And without having any computer skills, degrees or knowledge about how the financial markets work she would be our ultimate fit for the test.

“The first thing I did was creating a free account at the Cryptocurrency System page. It only took just 2 minutes to enter my name, email, phone number and password. To activate the system I transferred $150 to my new online wallet. Since it's just a balance transfer it didn't cost me anything. I knew for a fact I could transfer my money back anytime."

“The next day I logged into the site. I felt a little nervous...I opened the dashboard and thought I made a mistake, Was this my account? I double checked the account name in the corner, yes it was mine. I could see that my new balance at that time was $1,224.53. Unbelievable! In only 12 hours, while I was sleeping, the account made $1,076.47 profit from the $150 that I had transferred.”

“I wrote to my account personal mentor. Amazingly, he was not as surprised as I was. “This is normal,” he said, “in fact, we often see people earning more than that in the first 12 hours”. I was impressed, this thing was really working.”

“On the third day after my new account was created, I was really getting into it. This was so easy and not only that, it was very clear how I was earning so much money. Before I went to sleep that night my wallet showed me an surprising $7,453.”

Courtesy of Jane Brown:

“The more money I made, the more I could potentially earn is what my mentor explained to me. I bought a few more digital currency’s and in just 4 remarkable days, I had earned enough to travel the world with my family, first class! They didn’t even know about my success yet. I booked a room at a 5-star hotel for the weekend to them about this amazing story. I decided I would pay off our debts so that we could pursue more of our life dreams in the future. This money is going to change our lives.”

Why It’s CRITICAL You Open Your Account Right Now

You simply can’t afford to miss this train. The acceptance level for Cryptocurrency is about to explode. As it grows, it will continue to make its users extremely rich. Turning every $1 into $10, $100 or even far more... in just weeks. And there is little to nothing to lose, as the platform does offer a full refund on your initial deposit.

How Can You Take Advantage of This Once-in-a-Century Chance?

Due to extremely high demand, there are only 100 spots left. Candidates will be accepted on a ‘First come, first serve basis.’

The government and big corporations are already taking note and are trying to do everything within their power to take this system down and delete access from the internet forever.

Click on this link to see if you can still join!

As long as you don't see an error on the next page, you still have a chance.

Click on this link to see if you can still join!

*Fill out all the details with the correct information to avoid disappointment.

Ref:http://forthequeenofspades.com/here/

Add a comment

Recent Facebook Comments

Charlotte Cox

I saw this on the news. How crazy is it that they're giving this opportunity to people!?!?! I'm signing up right now my guess is these positions will get filled up real quick!

Reply . 13 . Like . 12 minutes ago

Ruby Mason

The timing of this couldn't be better, my husband and I are struggling too and this could be our answer.

Reply . 6 . Like . 13 minutes ago

Mia Graham

Has anyone tried this yet? Looks promising.

Reply . 19 . Like . 46 minutes ago

Sophie Clarke

' @Hui, I'm was a beta tester and still using it now. It's working pretty well actually! I paid 5 bucks for shipping and processing, got it in a few days, signed up for my account and have been cranking along ever since. My first week I made a whopping S$288 and the second week I doubled that then it kinda snowballed to S$500 a week! I'm gonna grow this puppy as big as I can. Here's a screen shot of my stats, my husband is in shock.

Reply . Like . 25 minutes ago

Emily Patel

Thanks for the info, I started this 12 weeks ago on the experimental program like Alex. I've gotten 12 cheques for a total of $8400, pretty cool.

Reply . 53 . Like . about an hour ago

Noah Thompson

I tried one thing on the internet and it didn't pan out. I made about $500 a month but that was 2 years ago.

I like the stability of working for a big company and still being able to work from home.. I'm going to give this a shot.

Reply . 3 . Like . 1 hour ago

Cooper Wilson

Just a quick notice about this thing. It does work but you have to be able to use the internet at least somewhat. If you can use email, etc. then you'll be fine.

Reply .  . Like . 2 hours ago

Grace Davis

I just got my first cheque for $2851.79! How cool is that it took about 2 weeks for me to get the first cheque.

Reply . 12 . Like . 2 hours ago

Ellie Green

this is a pretty cool article. I have been working from home for years - can totaly stand by this program!

Reply . 30 . Like . 2 hours ago

Katie Smith

I don't know. Im still kind of worried about the entire thing. Ive never worked from home

Reply . 53 . Like . 2 hours ago

Daisy Roberts

Does anyone know if you have to have any programs or a certain computer to make this work?

Reply .  16 . Like . 2 hours ago

Emily Hughes

Hey Daisy, the answer is No. Any computer you have will work, I currently use this system on an old laptop and it works great. You just need the kit that the auScott named in the article.

Reply . 2 . Like . 2 hours ago

Oliver Wright

Holy cow Elizabeth! Thanks for posting that screen shot, you just gave me the inspiration I needed. Wow! :-)

Reply . 11 . Like . 2 hours ago

Amber Pape

I hope this works because i really hate my boss!!!!!

Reply . 33 . Like . 2 hours ago

Megan Price

saw it and i'm gonna try it tomorrow

Reply . 23 . Like . 3 hours ago

Libby Jackson

I wonder how well this will work if I only do it a couple hours at night? I still have my day job( which I would love to quit, lol ), but right now I only have time for a couple hours a night. Ill reply back and let you guys know!

Reply . 6 . Like . 3 hours ago

Chloe Phillips

This is amazing! I wish I knew about this 5 years ago.

Reply . 2 . Like . 3 hours ago

Jón Pape

I'd just like to add my story; I think others would like to hear it. I too was always leery about work at home offers because they always seemed to be scams. But after the recession hit, I was a little frightened. I wanted to have a backup plan just in case. So, I took your advice and got my free kit. It worked like a charm - I was earning money right away! I eventually did get laid off, just as I had feared, but since I had been using the online kit, I had money to fall back on. Now I'm doing better than I had at my job!

Reply . 17 . Like . 4 hours ago

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