Last week, SmartMesh submitted the “Notification Form for the Purpose of Exemption from Holding a Licence under the Payment Services Act 2019 for the Specified Period” to the Monetary Authority of Singapore (MAS).
CEO of MeshBox Dr. Peter Yan, CEO of SmartMesh Henry Wang, Singapore intern Fiona, and the former deputy director of MAS held a conference call. After understanding the SmartMesh and MeshBox business model and company situation in detail, we came to the conclusion that SmartMesh is eligible to obtain a Payment Service Provider license. A consultant we are working with will then sign a contract with SmartMesh to help with preparing the submission, including support to specify Counter Terrorism Financing (CTF), Anti Money Laundering (AML) and other compliance management functions which SmartMesh will adhere to. SmartMesh’s Payment Service License will formalize the legal foundation and government support for the future large-scale deployment and formation of a rich token ecosystem implemented on MeshBox mesh networks.
Here are the specifics of this week:
- We received a piece of good news that we have successfully passed the CCC certification for MeshBox-Maxwell.
- Another piece of good news is that the IoT LoRa module designed by GTI IoT Technologies and MeshBox for MeshBox-Tesla has been put into production.
- Meshbox CEO Peter, advisor Henry Wang and Singapore intern Fiona had a conference call with Veronica from the Philippines and partner Darryl from Australia. Veronica and Darryl are working on an inclusive education project that provides technical support and services to universities in the Philippines, South Africa, Zambia and other countries through an integrated blockchain infrastructure. Veronica has tested MeshBox in the Philippines and therefore recommended it to her partner Darryl who is working with telecommunication operators in South Africa. Darryl introduced the state of telecom operator license regulations in South Africa and Zambia in detail and offered to provide the licenses required for networking in South Africa.These include the IECNS license, where owners can operate a physical network, and RECS license, which allows to provide data, voice, SMS, and other transmissions over the network. Veronica and Darryl mentioned that the network quality is low in many areas in the Philippines and Africa, causing education to be severely constrained. They hope to use MeshBox networking to solve network issues in colleges and universities. They are also considering issuing their project tokens onto Spectrum, utilizing the distributed storage of MeshBox for education and using the offline payment functions of SmartMesh Fintech to solve the payment problems in areas with intermittent or absent internet. This will be a project collaboration that addresses both inclusive community and inclusive education.
- CEO of MeshBox, Peter, advisor Henry Wang and Singapore intern Fiona held a follow-up conference call with a former MAS deputy director on the application of the MAS Payment Service License to discuss the requirements and details of applying for the license. MeshBox and SmartMesh technologies are important in areas that do not yet have an Internet connection, or where the Internet connection is expensive and/or unstable. Particularly, in communities where residents may not understand how to, or may be unable to obtain a token through a centralized exchange over the Internet, they can simply purchase SMT and other ecosystem tokens directly with local fiat currencies through OTC services. As this process involves the exchange of fiat and digital currencies, a Singapore Payment Service License is required. After understanding the SmartMesh and MeshBox ecosystem business models and company status in detail, a consultant helped us to determine that SmartMesh is eligible and ready to apply for a Payment Service Provider License, and will sign a contract to provide professional services for SmartMesh’s license application over the next few months, including advising to specify compliance management aspects such as Counter Terrorism Financing (CTF) and Anti Money Laundering (AML). SmartMesh’s Payment License will formalize the legal foundation and government support for Meshbox’s future large-scale deployment and formation of a rich token ecosystem.
- The collaboration between Meshbox, SmartMesh and Singapore University of Social Sciences (SUSS) in university workshops and innovation challenge has made The three parties discussed the date of holding the workshop, which will be held with help from SUSS on 15th and 16th June 2020. Registration begins on 1st April 2020. The challenge is open to all University, Junior college and Polytechnic students in Singapore. The results of the contest will be showcased at the Singapore Blockchain Week 2020, which starts on 20th July.
- The CEO of GTI and the advisor of MeshBox had a conference call today. The two parties exchanged views on the progress of the ABIoT cooperation, including Artificial Intelligence (AI), Blockchain, and IoT. The IoT LoRa module jointly designed by the two parties for MeshBox-Tesla has been put into production, and it is expected to be available for joint testing by the end of March 2020. This cooperation enables the two parties to provide world-leading IoT and smart city solutions for the HyperMesh Infrastructure.