A young Papua New Guinean entrepreneur is bringing Silicon Valley to PNG to help boost financial inclusion in the country. Day One Investments’ Shane Ninai tells Business Advantage PNG of his plans to encourage the use of the virtual currency, Bitcoin.
Day One Investments’ Shane Ninai addresses a Blockchain event in London earlier this year.
‘For the first time in history, we have the technology to bank the unbanked,’ 25-year old Shane Ninai, Managing Partner of Day One Investments, tells Business Advantage PNG.
With only 20 per cent of the country holding bank accounts, Papua New Guinea is an ideal place to create an alternative low-cost banking system, he says, but notes it is likely to take up to 10 years before the technology will become fully mainstream in PNG.
That technology is built on two emerging, internet-based platforms: the bitcoin virtual currency and Blockchain, which manages online transactions (see definitions below).
Regulation critical
‘The first step [in PNG] is to create all the regulatory “sand-boxes”,’ says Ninai, ‘which involves having the Bank of Papua New Guinea experiment with this new technology.’
In emerging markets, Ninai told a Blockchain conference in London in January, a regulator-led model is the only way to ensure that these systems have value and are transacted at scale. The regulators’ appreciation of this innovation and a willingness to experiment is key.
Why PNG?
Ninai pointed out that PNG is a country dependent on close human relationships—where $5000 dollars in cash may not mean as much as three pigs and a shell necklace.
‘Informal and alternative economies and governance systems … are deeply ingrained in our culture and are still alive and well; and the Blockchain allows us for the first time to capture this activity,’ he said in his address.
‘Day One Investments is scheduled to close its fundraising within the next month, having secured capital commitments from a reputable anchor PNG investor along with international investors.’
‘Instead of trying to fit the unbanked into a narrow financial system, Blockchain allows us to create and capture these alternative economic systems that bypass normal markets.’
Ninai says that while this technology has taken off in the US and Europe, the real value is to figure out how to get it to scale in developing nations, where people are most excluded from formal financial systems.
Entrepreneur program
In 2015, Ninai participated in the Kumul GameChangers entrepreneurship program, where he was selected for the highly competitive Silicon Valley entrepreneurial accelerator program at Draper University. After graduating, Ninai joined Draper University staff as an entrepreneur-in-residence, mentoring some 170 innovative companies.
Co-founder of Day One Investments, a Silicon Valley-based venture capital fund investing in blockchain technology companies, Ninai’s partner is Tim Draper. His company, Draper Associates, aims to transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth creation.
Ninai says Day One Investments is scheduled to close its fundraising within the next month, having secured capital commitments from a reputable anchor PNG investor, along with international investors.
He says he has identified East New Britain Province, where shell money is a form of accepted currency, as a potential pilot province.
‘To this day, microfinance institutions and savings and loans societies are willing to provide loans against this shell money because they recognise it as currency,’ he says.
‘For microfinance institutions, this technology has a lot of potential and that’s where we’re seeing the most interest.’
Shane Ninai will be a guest speaker at the 2017 Business Advantage Papua New Guinea Investment Conference on 7 & 8 September in Sydney.
What are Bitcoin and Blockchain?
Bitcoin is a virtual currency and payment system, which uses a software program to record and pay for things without a third-party broker, like a bank or government. Users install a bitcoin wallet app on their phone or computer, and buy the virtual currency from a bitcoin exchange. Its promoters say bitcoin is ideal for people in developing countries, who might have mobile phones but not bank accounts.
Blockchain simply refers to a bookkeeping method that chains together entries so that they are very difficult to modify later. Among the world’s leading companies now using Bitcoin and Blockchain technology are IBM, Expedia, Maersk and Dell.
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Bitcoin is a decentralised currency meaning it is a alien currency commonly referred to as crypto base currencies. Price is essentially driven by supply and demand, it is not pegged to any commodities or fiat currency (eg, USD or Oil). Psychology of the market plays a very important role that reflects on the BTC trend, People who are interested (Speculators) in trading BTC in PNG should have a basic idea of what a blockchain is and how it works and the block chain nodes involved to record transactions. You can either buy BTC or directly mine it from your computer and store it inside a flash drive.
Sir, than how, will use visa? But kina and BSP block visa card holder to buy btc using wallet, any options? Please need help
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You can invest with the right platform
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IM INTERESTED TO REGISTER, PLEASE SEND ME INFORMATION HOW TO JOIN BITCOIN
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I want to take part please contact me
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Need more information on how to Register, Buy & Trade in Bitcoin PNG
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Hi God bless you I am very excited in invest in bitcoins. I am ready to go there but how can I earn. Can I invest and earn in western union or direct to my accoun?
Please answer my questions
Hi I want to invest in the bitcoin trading company if there’s any here in pom or png?
Hi, Mr Ninai I thank you for what you have planned for our People in this country and I’v read through out your Story and interested in Investing in Bitcoin but the problem is the Bitcoin Venders in PNG are not helpful to help simple Papua New Guineans during this time of Economy Down-full. Hope you’ll come up with a bright ideas to help our people leave POVERTY life style and live as much as they can on this Beautiful country Papua New Guinea.
Does anyone know if we can trade Cfd share trading from PNG?
Need further information on how to invest in bitcoin.
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Hi Ezekiel.
This is another PNG-based bitcoin investment opportunity. I will send you an email..
Hi I am interested in it and want to get myself registered. Please can someone in Papua New Guinea help me with the information on how i could register. My email is yapiiserah43@gmail.com
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Very interesting but need more information, please email me on; diwais777@gmail.com with more information on how to join.
Thank you
Diane
I’m very much interested to know how bitcoin operates. Please email me on rosemary.tera.3141@gmail.com
Hi, thanks for sharing this information. I want to know how I can buy bitcoin or other cryptocurrencies. Can someone please demonstrate using a simple formular. E.g PGK to bitcoin and then to USD./AUD. How do I make a profit?
Hi, I would like to try day trading crypto’s but buys and sells on coinbase aren’t available in PNG. Any way around that or any info on this?
Hi, im interested, send me info on how to join- My email: jurphie1974@gmail.com
Hi I am interested and can some-one in PNG assist with information?
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Latoya, My husband invested in Bitcoin in 2009 with a person in PNG. He was told to check his back office or check his wallet from time to time. That person who introduced my husband & I to bitcoin has never been helpful. Your opinion please
How did you buy btc
Can you email me interested
Hi there,
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Not yet send me link to register
Very Interested, how can I join or register in this bitcoin?
Hi there,
Send me an email on kasaritha94@gmail.com. I will send you the referral link if you have not receive the link to register yet.
Dear Mr Ninai
I am very much interested, how can I join, who to contact and be part of community.
Contact person address if possible.
Rebecca
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Bitcoin trading
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Please very much interested
But need assistance
Can someone explain today’s paper about Bank of PNG not recognizing Crypton currency in the country and why Micheal Eluh stood down.
Interesting indeed! How can I buy/sell. More information please.
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I’m interested how can I join?
Really want to know more, please advise on what would be the best way to go about.
Hello shane,
I am very interested in joining up but have not seen a help desk where someone or anyone could provide guidance. Please forward a contact address to this email address; spbieb@gmail.com
Congratulation on your achievement.
A lot of people who work with me are asking about bitcoin,can someone give me a definate answer to where can we locate anyone for more information on the issue or any form of assistance to actually start with this digital currency ?
I’ve read about this great opportunity for about a year now and am very interested in buying/joining bitcoin but I don’t where or how to join or get started, can someone please help me to join or buy bitcoin.
Bitcoin seems to be one big, “pump and dump” scam.Bitcoin does not have any value.Its value is determined by how much the next idiot s going to pay for it.There s no way in the world it can be regulated in PNG by the reserve bank.That’s the whole purpose.It will crash anytime so don’t waste your life savings by following the crowds.Do your research diligently.
Hi shane. I am very much interested since 2017, but do I invest in it?
I’m interested in joining Bitcoin.
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I joined bitcoin earlier this year but I am still not sure how i can buy a bitcoin.
May you clarify please, thank you
Interesting please.
I am interested please notify me through my email:umgerie@gmail.com or call me on 72088160
Thanks
Mark Uraliu
Hi contact me jkunai1979@gmail.com & i will have someone to help.
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How can we trade cash for bit coin and get started?
I am very interested and would like to learn more. How do I get started?
Hi Claude here is my email address. contact me and I am happy to assist you. banrogorose@gmail.com
Pls call me on 72792818 or forward your mobile number .I need your advise .regards Nicholas Mamia
Hi Shane. I’ve been searching for quite a while now. I Need to start so please advise me on how to.
Mary.
How do I join interested.
Iam interested to join…but how much do sign up with…
Hi All.
Go to ‘PNG Bitcoin’ on Facebook as I have a post there that is getting people started
Regards
David
Hi all
Does anyone know if there is an exchange in PNG where I can change Kina into Bitcoin?
David
Please provide me a reliable link to access and register
I have bitcoin packages and am seeing daily profits. It’s compounding coz I’ve set it on Auto Rebuy.
Free registration. Initial minimum investment of K240 (€50) estimated. Maximum unlimited.
Here’s the link: https://pngusitech.usitech-int.com/enrollment.html
Thank me later on.
Regards
Edith
pondrose21@gmail.com
Hi Edith,
Very interesting to hear from you on Bitcoin package as you started with K240.00 daily you earn your profit daily / weekly. I will past the link but which package are you purchase. my email address: luke.jack94@gmail.com appreciate your feedback. Am base in Lae see if you know someone in Lae who join Bitcoin.
Regards,
Luke Jack
Hi there,
My mother signed me on as her downliner; Its my first time and I am extremely keen to see what potential this venture has in-store for others like me and rest of PNG at large
I would like learn more about bitcoin.
I am interested.
Hi Shane
I am interested how do I get started.
Thank you
Shane congratulations on your achievements. Installing the Bitcoin wallet app and having access to internet banking are the first steps right? How do I get started?
Its very interesting and a new way forward. Please help me get started and tap into bitcoin.
Very interesting. How can i join
How do I join?
I would like to join how can I start. Please help me
Great news, its about time PNG experience the new and more effective method of online trading.
Well done!
I encourage PNGeans to be part of this digital currency. This is my 8th months into my virtual currency investment, superb .Have Ewallets with Thebillioncoin, which is the Clone to Bitcoin.Giving away free gifts of TBC coins in kringle cash.
Hi Roselyne,
How much did you make in first couple of months?
whats the first initial deposit?
Hi !Roslyn.
This is very interesting. How would I join?
Here is my phone number. 71847688.
Please contact me.
Thanks.
Michaela Panaulel
Forward you mobile number. I would like to talk to you .my number is 72792818 Nicholas M
How did you, invest, using Visa?
Hi how do I join. Very interesting
would like to find out more and how do I join
Hi Shane,
Do you have an office in Port Moresby that we can visit to get more information on Bitcoin? It would also be good to conduct public seminars around PNG.
Thanks……………
Inform me how the bitcoin trading concept works, how can we benefit in the future?
Call me for info 72812477
Hello there Mr Ninai, I am wondering, wasn’t bitcoin slowed down because there were too many inconsistencies with its usage. One such inconsistency was the case with the invention of Thor Browser and the .onion darknet platform that allowed individuals to exchange bitcoins for Drugs and other illegal goods. Even though the perpetrator, was apprehended, the exchange could still be surfaced given PNG’s cyber-crime infrastructure ,which is not so up to date, so to speak. How would the bitcoin blockchain be maintained if the internet is not so reliable in all four corners of the country. And yes, you would have to consider the whole population if you are saying you have to bring bitcoin to PNG. The people must be your main priority and not the currency(bitcoin). I’m just a concerned citizen, airing my view on the matter. No hate. Finally, it is huge endeavor and its all hands on deck. Congratulations on bringing it this Far.
Come on PNG,Tap into Bitcoin and TBC; the Blockchain system is the way forward for PNG,inform all our people.
Have you go through? Than how ? Please need help
Hi, Shane
Please we want a Bitcoin Exchange in PNG, I have been trading on Trade Coin Club (TCC) for 3months now and want to purchase more bitcoin to increase my trade value. I have been using BSP Visacard Internet banking to order bitcoin and transaction fees are high..
Investing in Bitcoin is a secure investment for your future…
Very Interesting, I have already sign in the system with the help of my good uncle, GEVA VANUA.
How did you get signed?
I am happy for this this program many people in Papua New Guinea would now be able to get help in one way or other
Thanks, Please count me in
a mighty way forward Ninai, well done
Vry interesting…how can I start??
Hi Shane!
This is a great news. Please bring it on.
Would like to explore and learn more on this.
Bring it on. Great way to invest coz its convinient and empowers people in the most remotest parts of Png to have access to accounts and be able to invest.
Also it may have a positive impact on lifting literacy levels in using technology as it deals with money. 😊 Definately improve lifestyle so forth. Thank you Sir.
Best initiative
I’d love to join this team😁🤔
Want to join you bitcoin enterpreneur group
This is good news for PNG, please count me in I am interested.
Hi shanne this is the opportunity I have been waiting for. I come from a society which use another form of currency called TAMBU
Pls provide more info or if conducting awareness in Rabaul/Kokopo inform me
Am interest to.pls inform if you come to Rabaul.
Hi Shane,
Reading through the article above I noted you will be coming to rabaul to see if this system can be trialled with the tolais traditional shell money, the tabu. As it is the tolais shell money is mostly used in any form of transactions with conformity to a standard exchange rate to the png kina. This is happening in almost all the tolais wards within the llgs. Get in touch with me when you are coming
hi Shane, All, How does does some-one get into bitcoin banking process and us bitcoin trade. Im interest.
Roney. POM
how can i join.interesting
Hi Jay
I am in the MLS BITCOIN CLUB. IF YOU WISH TO TALK TO ME ABOUT THIS BITCOIN CLUB HERE IS MY EMAIL:banrogorose@gmail.com. Send me an email if you wish to join my team. And here is my link.
https://www.mlsbitcoinclub.com/join.php?rbanrogo
I am attending a meeting next weekend here in Lae to hear more about the TBC but pls inform me from your end further news or information. I would like to give it a try. Mervyn Gabarura in Lae MP.
Hi Mervyn,
Iam struggling to meet Bitcoin team members in Lae know where do they meet. please email me.
luke.jack94@gmail.com
The idea is just owesome and very vital for the people..where govt fundings cannot provide their needs. The love the program so much. Am already hitting million investment in TBC and i love to see Bitcoin roll in PNG business Economy.
Thanks S.Nannai you have made us proud.
thanks
Great,am 7 months into my virtual currency investment, too good.I have my Ewallets with Thebillioncoin, which is the Clone to Bitcoin.Am doing just too well.
Please interested how
Very interesting and helpful to us Papua new Guineans.Kimbo YAMKEYOK png.
Pretty interested in what am reading. Olive. PNG Pom
Can you please email me, if I can TRADE cash for Bitcoin and vise-versa from you, thanks
Can you please email me, if i can trade cash for Bitcoin and vice-versa from you?
CAll me for info ph#7
2812477
I want to register,buy and trade Bitcoin,can you please show me the way here in PNG
Hi Shane,interested please guide me how to do investment.Please email me on this email.kumirichard358@gmail.com