Myanmar’s ThitsaWorks bags funding from BOD Tech Ventures to scale operations

ThitsaWorks, a digital solutions provider for microfinance institutions (MFI) in Myanmar, has bagged an undisclosed amount of minority investment from early-stage venture capital firm BOD Tech Ventures. The new funds will allow the company to further scale their operations as well as working with the country’s financial institutions to provide credit access to farmers who […]

Governance guide for micro lenders launched

The International Finance Corporation (IFC) has launched a handbook aiming to improve governance and risk-management practices in microfinance institutions (MFI) in Myanmar. The IFC, a member of the World Bank Group, developed the resource guide – Implementing Corporate Governance Practices: A Resource Guide for Microfinance Institutions in Myanmar – as many MFIs lack the resources […]

Malaysian bank branch provides US$3m loan to microfinance fund

Kuala Lumpur-based Malayan Banking Berhad (Maybank) has signed an agreement with Hayman Capital, a Myanmar microfinance institution (MFI), to provide US$3 million loan for the latter’s operation expansion. The loan will be for two years and the necessary regulatory approvals from both the Central Bank of Myanmar and the Financial Regulatory Department under the Ministry […]

Microfinance Firm Hayman Secures $1m Loan as Part of Aggressive Growth Plan

Microfinance lend­er Hayman Cap­ital has secured a $1 million loan from Malaysia’s May Bank as part of an ambitious EX ­pansion plan to enlarge its loan portfolio and be­come a market leader. The company said last week that it was hoping to receive the first tranche of the loan before the start of the Thingyan […]

Microfinance stagnates due to tough rules

The domestic microfinance industry is being held back by a number of constraints on funding, preventing more small-scale loans from being disbursed, according to industry insiders. Customers wait at the counter of one of Yangon’s modern microfinance institutions.Photo:Thiri Lu / The Myanmar TimesCustomers wait at the counter of one of Yangon’s modern microfinance institutions.Photo:Thiri Lu […]

Norway to take stake in MFI

The Norwegian Investment Fund for Developing Countries (Norfund) has acquired the right to take up to a 25 percent stake in local microfinance company Myanmar Finance International. The microfinance firm is owned by AIM-listed Myanmar Investments International as well as Myanmar Finance Corporation. Norfund is Norway’s main vehicle for combating poverty through private-sector development. “Norfund […]