Special Economic Zone to Be Set Up In Papua New Guinea (PNG)

Special Economic Zone to Be Set Up In Papua New Guinea (PNG)

Co-founded by Shane Ninai and Jack Saba, Ledger Atlas is a blockchain startup that has its headquarters in the US. Tim Drapers mentored the two co-founders.

Recently, Ledger Atlas management signed a Memorandum of Understanding (MoU). The MoU allowed the startup to come up with and run a special economic zone (SEZ) in PNG. The SEZ will work as a free market that encourages participants to offer the best services. Furthermore, the services will be mainly based on the blockchain technology. Ledger Atlas will be a participant with the hope of securing the support of government agencies. This will help the startup to develop the zone into an ecosystem that is stable.

The MoU stated that the startup is allowed to develop SEZ for blockchain technology. The SEZ will act as a global financial point for the rest of blockchain activities. All of this will take place in collaboration with the PNG’s Government. It will also call for the participation of the government of the local district. The startup is by now sourcing for international and local investments.  Ledger Atlas will allow participants to use the blockchain platform of their choice.

Papua New Guinea is a Pacific Island Nation with a population of 8 million people. The country generates much of its revenue from wood products, natural gas extraction, and mining. However, the government gets low tax from the companies in those industries. The PNG’s minister of treasury and Deputy Prime Minister Charles Abel says that the country will have problems in integrating with the world economy. Abel added that saving does not go well with their culture. They are people who prefer sharing all they got. Abel says that they do not believe in accumulating wealth. That is why many of them are not doing well in business. This is because they believe that wealth accumulation is as western culture.

From the website of Bank of Papua New Guinea, 85% of those with low income are residing in rural areas. Furthermore, they cannot access formal financial services. According to Saba, the Ledger Atlas main aim is to work on the issue of lack of access to financial resources in the country. According to Shane Ninai, the startup will focus its more substantial component on supporting the new and create opportunities. This will help offer solutions to challenges like financial inclusion. However, financial inclusion will be the starting point.

Ninai added that blockchain helps people to develop and get the alternative economic systems. The systems are those that work beyond the regular markets. Blockchain network will help people in PNG to come up with a community generated solutions on a huge scale. This can be achieved by just using mobile devices. Tim Draper, a billionaire capitalist, pledged his financial support for the project. Apart from Ledger Atlas, Saba and Ninai are the co-founders of a venture capital startup called Day One Investment.

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Written by Denis Opudo

Am an engineer who's a tech blogger, hit me up on [email protected] and we base our discussion on technology in Pacific countries and the rest of the world.
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