In the coming years, the banking sector is expecting the "Uberization", due to which the number of personnel in the sector may be reduced by 50%, and profitability in some areas of banking services will fall by more than 60%.

This was stated by the former head of one of the largest banks in the UK, Barclays Anthony Jenkins back in 2015. He predicted that the revolution in finance would be due to a new wave of high-tech startups that would work better, faster, and cheaper in lending, payments, and money management compared to traditional large banks.

Fintech refers to software or technological innovation in financial services. Companies working in this area usually try to improve the existing financial infrastructure or create a new one. As a rule, they directly compete with banks.

According to the Fintech Adoption Index fromEY, nearly a third of consumers in the world use two or more financial technologies. The most popular fintech services are online payments (used by 50% of respondents), services for auto and health insurance (24%), applications for investing and increasing capital (20%), online loan platforms (10%), financial instruments planning (10%)

Though a latecomer in blockchain adoption, Myanmar can benefit from the technology to address the current challenges in its financial system which makes transfers of monetary values in and out of the country difficult and time-consuming.

SKYBIT applies blockchain technology to provide a modern financial bridge between Myanmar and the rest of the world. Our main service is a cryptoasset exchange that allows traders from both Myanmar and around the world to convert between various cryptoassets as well as Myanmar Kyat. Cryptoassets can include cryptocurrencies like bitcoin, ether, and Facebook’s Libra.

Easing the flow of monetary value into Myanmar would open up many new opportunities for the country and its people. Our mission is to apply new technology for wide and large-scale social improvement, particularly in Southeast Asia as it has many big problems that still need to be solved.