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 […]

Forced collection of loans by microfinance firms to face legal action

Microfinance Supervisory Committee (MSC) will take legal action against the microfinance institutions if they forcibly collect loans in the pandemic period, according to the committee’s announcement released on 13 October. The committee also announced that the microfinance businesses should not forcibly collect the loans plus interests when the members’ businesses and income are lower in […]

Microfinance institutions in Myanmar face COVID-19 cash flow crisis

Travel restrictions, government orders to defer repayments and lend at lower interest rates have reduced the ability of microfinance institutions (MFIs) in Myanmar to operate at a time when there is a pressing need for capital from the rural population due to COVID-19. The inability to collect repayments from some borrowers has led to road […]

Ongo digitises microfinance loan repayments

Digital payment service provider Ongo is partnering with microfinance lender Advans MFI Myanmar Co to digitise loan repayments. The move will enable Advans borrowers to pay back their loans more quickly and easily with a mobile app or with an QR Card at any Ongo agent, the company said in a press statement. Advans Myanmar […]

Growing mobile penetration gives Myanmar fintech a big boost

Financial technology services in Myanmar have boomed following an increasing number of mobile users, according to a report from Fitch Solutions Macro Research. The rise in mobile subscribers began after the government opened up the telecommunications sector in 2014, though enforced supportive regulations and point-of-sale (POS) payment solutions are still lagging behind. Fitch Solutions, a […]

Microfinance growth expected to drive higher financial inclusion

Efforts are being made to raise the rate of financial inclusion in the Myanmar. Under the Myanmar Financial Inclusion Roadmap for 2019 to 2023, authorities are working with the UN Capital Development Fund (UNCDF) to raise the percentage of the population covered by the financial sector to 60 percent from 48pc currently, said Willian Naing, […]

Foreign insurers bring disruption in untapped Myanmar market

Myanmar’s insurance market will soon face a sea change led by technologies and expertise brought in by foreign companies. A total of 14 foreign insurers will enter the Southeast Asian country’s market by the end of this year through either wholly owned subsidiaries or joint venture companies with local peers, the Nikkei Asian Review has […]

Finance ministry cuts microfinance loan interest rates

A new directive from the Ministry of Planning and Finance (MOPF) has reduced interest rate for microfinance loans and compulsory saving. The new rates are to take effect at the beginning of this month but the announcement was released after four days of the effective date, causing microfinance institutions to be in a difficult position. […]

Hayman Capital receives US$2 million debt capital from Symbiotics SA

5th February 2019, Yangon. Hayman Capital Co., Ltd has signed US$2 million term loan from a Switzerland social impact investor, Symbiotics SA. All regulatory approvals from the Central Bank of Myanmar and the Financial Regulatory Department of the Ministry of Planning and Finance have been received and the fund has been disbursed to support the […]

DAWN Microfinance gears up for higher borrower demand

Early Dawn Microfinance Company Ltd (DAWN) is expecting lending in Myanmar to pick up on the back of the launch of a credit bureau in the country later this year, and as the banking sector opens up. “Myanmar is already in the process of opening up the banking sector and we see opportunities to serve […]