Speak Asia Online is a Scam !

POSTED BY Jagoinvestor ON March 15, 2011 1:45 am COMMENTS  (0)

Amit Agarwal has covered very well why Speak Asia Online is a big scam and one has to stay away from it .

 

If anyone of you have invested your money with them . Please keep your cool and dont get lured even if you are getting some income from them .

 

Read more : https://www.labnol.org/india/speak-asia-online-scam/18845/

42 Replies to “Speak Asia Online is a Scam !”

  1. Ankur says:

    what happened to Speak Asia? is its revenue model still there?
    has the time come to tell the truth?

    ~Ankur

  2. Jalan says:

    @Prabeesh..

    “I don’t see a valid point in your claim that the current business model cannot be sustained using this method and people will not be serious about he inputs ,if they don’t pay.”
    To understand this you must have basic info about online survey business and companies and know about the business model. A little research in general on market research companies will give you good basic knowledge over this.

    “SAOL is in position of projecting the % of response it’s expecting?” This again is related to the business model of market research agencies where they need to make sure that a min. no. of response is recorded for their client to come to any conclusion – Sample space

    “There can be more reasons to this beyond our understanding of business and calculations.” Why this is creating doubt in your mind? If we were so good in business modeling and business calculations, we were not putting comments here but earning some good bucks in our businesses (if we had a business).

    “Do you have list of clients which was surveyed by SAOL..last i checked they said ICICI and few other as their client which was later stated by SAOL its not…”
    When did you last check it? It’s been a month that SAOL has submitted the list of all its client in High court Mumbai with a non-disclosure agreement. If you ready to sign it, please get it from there.

    Hope I answered. In case of anymore doubts, let me know.. or visit https://www.facebook.com/SpeakAsiaOnline.BizBasket and https://www.bizbasket.net

  3. prabeesh says:

    @Jalan

    I don’t see a valid point in your claim that the current business model cannot be sustained using this method and people will not be serious about he inputs ,if they don’t pay.

    Why would any be not serious if he gets good money with only initial few work being not paid?

    SAOL is in position of projecting the % of response it’s expecting? Pls explain

    “There can be more reasons to this beyond our understanding of business and calculations.” ?????

    Well this is the statement one starts to get doubt about the business they are doing…

    Do you have list of clients which was surveyed by SAOL..last i checked they said ICICI and few other as their client which was later stated by SAOL its not…

  4. Jalan says:

    @Prabeesh,

    Without this option also, lot of people agree to be a part of SAOL 🙂

    The company is working a part of it’s business on direct selling model as well. It is also in different business as explained in my post above. So this must not be confused with just a survey company, but a very new and strong line up of business. As a part of SAOL, I dont see this option as feasible with the same business plan. Yes, this can be an option but in that case there could be a different return than current. The business model and return can not be same if SAOL switch to this model.

    Another logical reason is that the panelist does his work seriously because he had put money in it and SAOL is in position of projecting the % of response it’s expecting. If this is made in the above said model, the company will loose the projection as the panelist has not liabilty associated with company and may or may not response to the market reaserch activities. There can be more reasons to this beyond our understanding of business and calculations.

  5. prabeesh says:

    @Rishi, Jalan,Jignesh and Manish,Ramesh

    Oh one another thing.. Deepak in Captial Mind (https://capitalmind.in) said a simple solution

    There have been cases where there is no initial payment required and the initial payment will be deducted from my first few month surveys.

    If that is the case i think many will be ready to join in such a simple job..Can they make it like that? Why Upfront payment..i will join and pay my first few dues to company and then i will start earning?

  6. prabeesh says:

    In all of this discussion i like one simple statement

    “TIME WILL TELL”

    I am more than happy to wait and watch that happen.

  7. jignesh says:

    So,
    Many of us came to conclusion….i guess.

    Manish/Ramesh,

    if you guys are agreed with him, you should change the heading which is speading misinfo as you were agreed for doin so in this post.

    If not then you should prove that SAO is SCAM which is your heading…

    Well i am only a common person whose relatives have invested in SAO and so i am eager to know what is truth.

    thanks for post mANISH.

    regards

  8. Jalan says:

    Manish/Ramesh,

    We need to be open to understand what company is doing and under which laws they are covered. For example of approvals, they have all the approvals required to do business in India based on their CURRENT business model i.e. online model of market research business, for example RBI approval for their forex transaction, master franchise registration, service tax for weekly circulars (e-zine or e-magzine) etc.

    Very simple and logical question for all the experts here, do you think getting money in or out of India through SWIFT is possible without RBI approvals to the partner banks?? You can go through different posts at https://www.bizbasket.net over this

    Now coming to whats the future? First of all this is not investment company. They have different phase in the business plan like any corporate. Initial phase was offline survey, than online survey, after that online advertisement, than online shopping of many things (from pin to cars) on discounted rate (like ebay), telecommunication (tv channel and mobile service), insurance, real state, global travel desk etc. etc. In this, the company is on verge of launching online ads watching and shopping and than other things step by step.

    For this purpose they need to register in India and than many Indian laws will be applied on them including MCA, SEBI (they will come with 95 crores equity capital) etc. https://www.bizbasket.net/2011/06/zee-business-exclusive-speakasia-update.html

    https://www.bizbasket.net/2011/06/talkatora-stadium-speakasia-update.html

    As a panelist and networker I have seen the company fulfilling every promise they made. This helps me to maintain my faith. This plays a major rule, similar to our investment decisions.

    Thats why even after all the media behind SAOL, there is not even one single FIR from any panelist. This is even after the company declared that they won’t be able to pay out because UOB has asked them to close (not seize) their accounts. This was majorly due to media hype and UOB did not want to play with its image in this situation. Another reason was that the number of Forex transfer increased like anything due to panic created by media and reached 1,50,000 cash requests in a month!! Even if any company has hell lot of money, this job of transfer of funds through SWIFT will takes its own sweet time from UOB and than from Indian banks.

    Manish:

    First we need to understand that the company compensates us for participating in market research activities. Currently its simple click and fill survey, next will be ad watching and survey etc.

    The questions in surveys are designed and put in such a manner that the response will tell if it was taking genuinely. For ex. one questions asks that ‘Are you married’ and you just say ‘Yes’ and after 6-7 questions it asks ‘Are you bachelor?’ and you again say ‘Yes’. This tells you are not filling them properly This is just an example of how the workflow is placed to check.

    But, as the number of panels increase the revenue which comes for survey from clients (corporate, market research companies, NGO etc – i.e. those are in panel business or are looking for panel services.) will not be sufficient to pay the commitment of Rs.500. So they have various source of income and they add new source of income and activities. The latest example will be online ad watching. One has to watch ads online and answer the questions related to ads to check if you watched it carefully and than other survey questions. Now this is again a market research activity and involves two source of revenue- Ads and survey. Everyone knows how big money is involved in ad market and what we do when ad comes on TV. SAOL will ensure that panelist wait for those ads, watch them and give response. Is that not wonderful for corporate or companies putting money in this segment.

    This post is getting too long, so will put revenue sources in brief

    1. Sale of subscription Codes – This is in tune of 15-20 crores DAILY
    2. Franchise Security money – Every person who takes franchise needs to deposit Rs.3 lacs security money with them. There are more than 200 franchise and growing every week.
    3. Survey Income from client – The company gets anywhere between $15 to $50 per survey they get filled for their clients. This is company declared figures.
    4. Advertisement Based revenue – Company is bringing video and advertisement based survey, and earning huge revenue from this.
    5. GenXBazzar – They will negotiate the prices and after passing the discount, will have a good co mission in the revenue head of company.

    If anyone has any specific question, please put across. Btw, even after so much hype, nothing was proved against SAOL, no arrest or negative decision from neutral authorities.

  9. Jalan says:

    Cool.. I don’t know how I missed this discussion on Manish’s page. I think by now everyone has got the news that SAOL is genuine company and there is not much to discuss now.

    In case you missed any news refer my website https://www.bizbasket.net

    This site has more than 8,00,000 hits. One of the most trusted website for genuine news and findings on SAOL all over India. I can see someone has posted one of the links from here (Thanks!!)

    P.S. I am the co-founder of Team BizBasket in SAOL.

    1. Sanket

      Good to hear that SAOL as got approvals , looking forward for the further developments in this space .

      As you are closely related to SAOL , I would like to know something , Companies pay for genuine filled surveys , so how do they make sure that the surveys are filled carefully and thoughtfully , because most of the people are just joining to get that Rs 500 by filling up the survey asap , So the quality might get compromised ! ? I hope you can clear this ?

      Manish

      1. Ramesh says:

        Manish

        I dont think they have got approvals. They have Proposed to do those things. 🙂

        Check this too. https://www.livemint.com/2011/06/09001052/Officials-cite-jurisdiction-is.html

  10. rinku says:

    speak asia is not a scam…..
    Speakasiaonline Pte. Ltd, Singapore (SAOL) is a unique web 2.0 company that empowers 19 lakh consumers to create and use their collective bargaining power to get unprecedented price advantages in goods and services procured through our portals. The only comparable success in India is the unrelated https://www.echoupal.com/ which provided an improvement in the livelihoods of lakhs of ordinary Indian farmers through its portal.
    With 19 lakh strong panelists and promoted from an Indian origin, that seeks to remind the world, that the FUTURE of the 21st Century is ASIAN, with its epicenter in India.
    proud to be speak asian

  11. Ramesh says:

    An update by Amit Agarwal on the same scam in which he has answered the query related to his pulling down the original article. plus other material.

    https://www.labnol.org/india/speak-asia/19386/

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