Singapore Myanmar Investco partners with The9 for cryptocurrency cloud mining

Power cables connect to cryptocurrency mining rigs composed of Antminer S9 ASIC machines on racks at the HydroMiner GmbH cryptocurrency mining facility near Waidhofen an der Ybbs, Austria, on Friday, Jan. 19, 2018. Photographer: Akos Stiller/Bloomberg

Singapore Myanmar Investco Limited (SMI) has entered into a comprehensive non-binding memorandum of understanding (MoU) with the Nasdaq-listed internet company The9 Limited, to launch a cryptocurrency cloud mining business.

This mining business, which focuses on three cryptocurrencies namely Bitcoin, Filecoin, and Chia, will be hosted in a range of facilities across Canada, the US, Central Asia, and the ASEAN region to serve customers. This business is expected to commence in Q4 2021 and will be subject to regulatory approval.

SMI has also entered into a cooperation and support agreement with NHASH (Hang Zhou Suan Li Technology Co Ltd), a cryptocurrency cloud mining blockchain Software-as-a-Service (SaaS) company.

“SMI is delighted to embark on this initial range of mining products and services, making it easier for customers in our region to participate in cryptocurrency mining. We will continue to work with The9 and other partners to bring a range of other leading digital products and services to market, as we pivot SMI away from its traditional businesses,” said Mark Bedingham, president and CEO of SMI.

This latest move follows SMI’s entry into a subscription agreement with The9 for new shares in SMI, as announced by SMI on June 21, 2021.

SMI is an investment and management company focused on Myanmar. It adopts a diversified business model to capitalise on the strong trends in consumer spending, international tourism, and infrastructure investment.

On June 30, 2021, SMI announced its intention to pivot the company in a new direction encompassing cryptocurrency, SaaS, and other high technology platforms subject to the approval of SGX-ST, and SMI’s shareholders at a general meeting to be convened in the latter part of the year, for diversification of SMI’s core business.

SMI, which is listed on the main board of the Singapore Stock Exchange (SGX), is also looking to work with other partners in the areas of gaming, digital entertainment, and robotics.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.