Speak Asia – Scam? Bank Accounts Closed

Speak Asia is a Singapore based market research company that organizes online surveys for various products and companies. It launched it’s services in India sometime back and there are a number of ads you see on TV and newspapers. People wonder, how Speak Asia works and how it makes money? Is it real or a scam?

Speak Asia charges Rs.11,000 ($250) to register. Once successfully registered, a set of surveys are provided to answer. For every survey you complete, you get paid Rs. 500 ($11.36)

Speak Asia

Speak Asia currently offers 3 different methods to register.

  1. Email a scanned copy of your income statement which states that you earn over $1000 from one of the top 20 survey companies.
  2. Apply for a test in English. The examination fee is $60. The topics will range from general knowledge to comprehension. You can give test at Mumbai or Singapore.
  3. Pay $120 for 26 issues of online surveys or $220 for 52 issues and get direct entry to Speak Asia.

Here’s the catch. The first two ways of signing up for the program makes some sense as they are accepting quality panelists, but the third way to sign up for the program sounds fishy. Anyone can register by paying the fee and I wonder how they can compromise quality for $220?

Here are some interesting facts and things that have been happening in the last few days.

Speak Asia’s website states that they have their main office in Singapore and do not have an registered office in India yet. Wonder how they’re still offering services in India? The documents listed in Speak Asia’s website are rubbish. No legal documents of the company are available online.

Headline Today conducted a background check on Speak Asia sometime back and found out that the owner of Speak Asia is not based in Singapore and lives in Tax haven of British Virgin Island.

Interestingly, IndiaToday reported that the ownership of Speak Asia conforms to a typical offshore structure where multi-layered waterfall structure is created to hide the actual owner.

On 27th May, United Overseas Bank, based in Singapore has closed all accounts of Speak Asia.

Our bank account in Singapore has not been frozen… we are only moving our company account to another bank. We are approaching and evaluating various other banks in Singapore from where we will soon be able to disburse the payments to all panelists,Speak Asia said in a statement.

Here’s a complete analysis done by Vijay at India Forums. Interesting. Must read!

For over a year, Speak Asia has collected Rs. 11,000 from lakhs of people assuring them of high returns within months, but not sure how far it is true. If you’re planning to register, then I suggest you not to do so. Looking at the analysis, it can be scam. You never know!

Please share this across with all your friends and alert the ones who have already registered.


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Joel Fernandes

Joel Fernandes (G+) is a tech enthusiast and a social media blogger. During his leisure time, he enjoys taking photographs, and photography is one of his most loved hobbies. You can find some of his photos on Flickr. He does a little of web coding, and maintains a tech blog of his own - Techo Latte. Joel is currently pursuing his Masters in Computer Application from Bangalore, India. You can get in touch with him on Twitter - @joelfernandes, or visit his Facebook Profile for more information.