Thanks for this easy to grasp article about Spotcoin. In your conclusion you raise several valid points regarding not having a working product, and that something as important as Spotpay may only be launched in 2020. Do know that education is currently one of their primary objectives. They focus on the Black Sea Region, but even if they would have a working product with support of Spotpay right at this moment, chances are that not many (locals) would use it straight away. Funds of the crowdsale (presale was small with only 2.5 SPOT sold) are used for all of this (branding, awareness, education, development etcetc).
ICO is just around the corner (I don't think it will take weeks for them to announce the exact dates). Tbh. I think that the current state of the project would make it the perfect 'hidden gem' to many 'investors' and with less than 67m SPOT to be sold I think it could go quite fast nonetheless :).
To those that are new to the project. This recent article by Spotcoin sums up their whole business case rather nicely: https://medium.com/spotcoin/spotcoins-exchange-will-differ-from-other-crypto-exchanges-abafbefc934b