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.