Singapore’s Fincy exits Myanmar smart city project following allegations

Fincy has refuted all of these claims, saying in a statement that it has “zero tolerance towards illegal activities and unethical practices.” With the move, the startup has effectively removed itself from any association with Yatai and the attached allegations to the smart city.

Launched just last year, Fincy is a money and payments app that uses distributed ledger technology to make currency exchanges contactless and more affordable.

The app was reportedly the exclusive provider of financial infrastructure to Yatai, a smart city in Myanmar with 40,000 residents. Roughly 90% of establishments in the city use Fincy for payments over cash, which is generally preferred in Myanmar, according to a separate report from The Straits Times.

In addition, a July report by the US Institute of Peace (USIP) raised concerns that Yatai is being developed as a major gambling hub behind the scenes. The city, located at the border of Thailand, is allegedly being set up to operate outside of Myanmar law.

The USIP report also suggested that the Building Cities Beyond blockchain, the digital wallets and secure payments infrastructure upon which Fincy is built, is a critical component of the city’s plan.