Myanmar Digest: Karen, IDPM $350K fundraise; GlobalTech rolls out new service

Myanmar Digest: Karen, IDPM $350K fundraise; Global Tech rolls out new service

Originally Published In Deal Street Asia
Juliet Shwe Gaung
08 January, 2018

Singapore registered Karen Enterprises and Integrative Design & Project Management (IDPM) have raised $350,000 for the survey and master planning work of Mu Aye Pu city project. Meanwhile, in the technology space, Myanmar’s Global Technology Group has
introduced its International Gateway Services and Global Innovations Media to serve the entertainment industry.

Karen, IDPM raise $350K for Mu Aye Pu project

Singapore-registered Karen Enterprises and Integrative Design & Project Management (IDPM) have raised $350,000 for the survey and master planning work of Mu Aye Pu city project to be located in Karen State near the Thai border.

The survey work will be an initial take off for transforming the Mu Aye Pu village in the Karen State of Myanmar into a city.

The investment was from “existing professional network in the Free & Startup Cities movement and a couple of sophisticated investors overseas,” said Nigel Grier, development director at the Mu Aye Pu Development Corporation and co-founder of Karen Enterprises.

The survey and master planning is expected to be completed by June 2017. Following the initial planning work, the project scope will cover basic infrastructure including power generation and renewable energy setups.

Other plans for the new city include hospitality and tourism related activities. In the second phase of development, Karen Enterprises and IDPM are looking to raise $100 million via initial coin offering. For its hospitality school, Karen Enterprise is looking to
raise up to $650,000 out of which they have already got commitments of up to $130,000.

Global Technology rolls out International Gateway services

Global Technology Group, a leading telecommunications service provider in Myanmar, has introduced International Gateway (IGW) services in December to introduce secured cross-border connectivity for Myanmar enterprises.

Global Technology is also partnering with Cisco Systems Inc. for the development of the infrastructure.

“This is the first time that licences for IGW services have been awarded to the private sector. We are currently waiting for a final check and approval from the regulator, PTD (Posts and Telecommunications Department) to go into commercial launch soon,” said Thein Than Toe, CEO of Global Technology Group.

“The IGW services will be key to the development of Myanmar digital economy and (as a result) internet price in Myanmar will drop dramatically,” said Shane Thu Aung, chairman & co-founder of Global Technology Group.