PayAsian supplies no data on its web site about who owns or runs the corporate.
PayAsian’s web site area (“payasian.co”) was registered in April 2018.
Singapore is cited because the registrant’s nation with no different particulars offered.
PayAsian do present a whitepaper hyperlink on their web site. Within the firm’s whitepaper, Hero Vu (proper) is cited as PayAsian’s co-founder and CEO.
PayAsian’s different co-founders aren’t disclosed.
As per Vu’s PayAsian company bio, he’s
a Bitcoin evangelist and researcher on Blockchain, with over 15 years of expertise within the Fintech subject.
He’s additionally a advisor for monetary corporations in Singapore.
In line with Vu’s LinkedIn profile, he’s based mostly out of Singapore.
So far as I can inform PayAsian is Vu’s first MLM enterprise.
Replace twenty second December 2019 – PayAsian doesn’t look like Hero Vu’s first MLM crypto rodeo.
Following a tipoff from a reader, I used to be in a position to hint Vu selling SunCoin in March, 2018.
No matter SunCoin was, it by no means obtained off the bottom and collapsed. From what I used to be capable of finding, it was connected to SunPay and seems to be the precursor to PayAsian.
In line with reader “jun kintanar” within the feedback under, SunCoin primarily focused Cambodian traders. Vu exit-scammed with their cash when it did not take off.
Lower than a month after Vu started selling SunCoin, PayAsian’s web site area was registered (April ninth).
By late April/early Could, promotion of PayAsian started in earnest.
Though Vu would possible hope no person remembers SunCoin, reference to it immediately exists in PayAsian’s printed whitepaper (oops):
There are additionally two references to SunPay within the whitepaper.
All of this implies Vu is aware of precisely what he’s doing with PayAsian and, when the time comes, will as soon as once more exit-scam. /finish replace
On the regulatory entrance PayAsian has already attracted consideration. The Philippine SEC issued a PayAsian securities fraud warning on November 14th.
Learn on for a full evaluation of PayAsian’s MLM alternative.
PayAsian’s Merchandise
PayAsian has no retailable services or products, with associates solely in a position to market PayAsian affiliate membership itself.
PayAsian’s Compensation Plan
PayAsian associates spend money on PAYA tokens on the promise of “assured revenue”.
- S1 – make investments $100 to $1000
- S2 – make investments $1001 to $5000
- S3 – make investments $5001 to $10,000
- S4 – make investments $10,001 to $25,000
- S5 – make investments $25,001 to $100,000
- S6 – make investments $100,001 or extra
There are additionally service provider affiliate funding tiers out there:
- V1 – $1000
- V2 – $5000
- V3 – $10,000
- V4 – $20,000
- V5 – $30,000
- V6 – not disclosed
How a lot a PayAsian affiliate invests immediately impacts how a lot PAYA they will
- commerce in PayAsian’s inner change;
- obtain in commissions and bonuses; and
- withdraw (promote/switch) by means of the change.
Observe that PayAsian pays all commissions and bonuses in PAYA tokens.
Assured Revenue
PayAsian confer with returns paid on PAYA balances as “assured revenue”.
Specifics aren’t offered, apart from there being assured revenue no matter an affiliate’s funding tier.
Referral Commissions
PayAsian associates seem to earn referral commissions down two ranges of recruitment.
- 30% is earned on stage 1 (personally recruited associates)
- 20% is earned on stage 2
Residual Commissions
PayAsian pay’s residual commissions by way of a binary compensation construction.
A binary compensation construction locations an affiliate on the prime of a binary group, cut up into two sides (left and proper):
The primary stage of the binary group homes two positions. The second stage of the binary group is generated by splitting these first two positions into one other two positions every (4 positions).
Subsequent ranges of the binary group are generated as required, with every new stage housing twice as many positions because the earlier stage.
Positions within the binary group are stuffed by way of direct and oblique recruitment of associates. Observe there is no such thing as a restrict to how deep a binary group can develop.
On the finish of every day PayAsian tallies up assured income earned on either side of the binary group.
Associates are paid 30% of assured income generated on the weaker binary group facet.
Rank Chief Bonus
PayAsian associates earn a ten% Rank Chief Bonus based mostly on generated weaker binary group facet assured revenue quantity.
The Rank Chief Bonus is paid out on the following milestones:
- 2 million PAYA acquired throughout the weaker binary group facet in assured income
- 5 million PAYA acquired throughout the weaker binary group facet in assured income
- 10 million PAYA acquired throughout the weaker binary group facet in assured income
- 20 million PAYA acquired throughout the weaker binary group facet in assured income
- 30 million PAYA acquired throughout the weaker binary group facet in assured income
- 50 million PAYA acquired throughout the weaker binary group facet in assured income
Presumably the ten% Rank Chief Bonus is paid out on binary group quantity, however it’s unclear what quantity particularly.
Rank Achievement Bonus
There are 5 ranks inside PayAsian’s compensation plan:
- L1 – recruit no less than ten investing associates and generate no less than 30,000 PAYA in assured income in your weaker binary group facet
- L2 – have three L1 ranked associates on either side of
PayAsian rewards associates for qualifying on the L1 to L5 ranks as follows:
- qualify as L1 and obtain 3% of PAYA orders and $200
- qualify as L2 and obtain 6% of PAYA orders and $500
- qualify as L3 and obtain 9% of PAYA orders and $2000
- qualify as L4 and obtain 12% of PAYA orders and $10,000
- qualify as L5 and obtain 15% of PAYA orders and $50,000
PAYA orders aren’t specified, however are believed to be direct PAYA funding by a PayAsian affiliate’s downline.
Becoming a member of PayAsian
PayAsian affiliate membership is tied to a minimal $100 funding in PAYA tokens.
The extra a PayAsian affiliate invests the upper their revenue potential.
Conclusion
Beneath the guise of “deliver wealth” to Asia (from the place?), PayAsian performs closely into racially focused advertising and marketing.
The Coin of Asian Customary Fee Assured.
Beneath the rhetoric although now we have the identical previous MLM shitcoin scheme.
PayAsian’s PAYA token is nugatory exterior of the chance. And contemplating PAYA is buying and selling at 0.000017 BTC (~12 cents) internally as I write this, it’s not value a lot internally both.
PayAsian as an MLM alternative is just an excuse to cowl the switch of actual cash from gullible affiliate traders, to Hero Vu and whoever he’s working with.
Vu and co create PAYA on demand, and outdoors of honoring right here and there withdrawal requests on the change, don’t really pay any cash out.
Commissions and bonuses are paid in PAYA, which once more prices PayAsian nothing to generate.
In an try to preserve the ball rolling a bit longer, PayAsian has give you acquainted theoretical use instances.
There’s EcoChain, a service provider platform no person is utilizing. And 9Token, of which Hero VU can also be the CEO of, a mish-mash of blockchain babble.
9Token is a cooperative growth venture of ECOTEK, Blockchain Heart Dubai, open ecosystem Ecoworld, and Payasian.io Change.
BOT- BLOCKCHAIN ONE TOUCH
With Blockchain ECOCHAIN ecosystem, 9Token will launch the primary 9 kinds of transactional asset encryptions sooner or later, and construct up the primary crypto asset Change on the earth
Does the world actually need regardless of the waffle above describes? Most likely not.
However hey, if it’ll persuade just a few extra confused Asian boomers at hand over their life financial savings – why not.
PayAsian’s end-game would be the eventual decline of PAYA patrons, lowering the token to its precise $0 worth.
This may occur on the interior change, or in a while a public change if sufficient traders bounce on board.
The remainder of PayAsian enterprise mannequin is that of a pyramid scheme, as nothing is marketed to or bought to retail prospects.
The one factor marketed inside PayAsian is PAYA tokens. And given the illustration the “wealth” behind PAYA will improve, you might have your self a securities providing.
PayAsian is of course not registered to supply securities in Singapore, or wherever else on the earth.
That is what prompted the Philippine SEC’s warning, which I’ll quote from under;
As posted on-line, PAYASIAN SOLUTIONS PTE. LTD/PAYASIAN PTE. LIMITED CORPORATION’s funding scheme, in keeping with these individuals, guarantees a return based mostly on two (2) choices supplied beneath its compensation plan:
Purchase, Maintain and Earn Possibility—that is an investor’s choice to purchase PAYA cash and maintain them for six months, through which they are going to obtain 30% further PAYA rewards after Fund Blocking.
In different phrases, be a PAYA holder and depart to them every part, you’ll earn regardless that you don’t do something;
Referral Reward Possibility—this feature will let traders Earn from referring others.
Merely, an investor is entitled to obtain passive revenue from the pool of funding gathered, whereas energetic revenue is acquired from recruitment bonuses.
That fairly clearly lays out the funding scheme and pyramid element.
What’s notably attention-grabbing is that PayAsian was registered with the Philippine SEC, however solely as a items retailer and wholesaler.
The corporate conveniently left their shady funding scheme out of filings, which they ultimately obtained caught out on.
In abstract, the one funds being paid out on PayAsian’s inner change are from new traders.
That is your traditional MLM crypto Ponzi/pyramid enterprise mannequin.
As with all such schemes, inevitably nearly all of individuals will lose cash.