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On Monday March 13, ThitsaWorks held an event in Yangon titled ‘Fintech for Myanmar’s Financial Sector: How to Grow and Manage Risk in Microfinance by Leveraging Technologies’. Held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), the event was well attended and brought together people from the microfinance and banking sector of Myanmar, technology providers and media. The opening remarks were given by Dr. Maung Maung Lay, the vice-President of UMFCCI.
Then Nyi Nyein Aye, the CEO of ThitsaWorks, gave a presentation on ThitsaWorks, as well as the microfinance landscape in Myanmar. According to Nyi, with a high mobile penetration rate and 70% of population living in rural area in Myanmar, digital financial services are key to financial inclusion. The estimates show that the demand for credit is four times that of current supply and there is a huge potential for MFIs to grow.
Ed Cable, the President and CEO of Mifos Initiative USA, gave the keynote presentation which was well received. Ed highlighted the evolution of Mifos and how digital financial services can increase financial inclusion. The examples of how others have successfully deployed Mifos in other countries was very useful for the audience who are still new to Mifos.
Following the presentations was a panel hosted by Thaung Su Nyein, CEO of Information Matrix. Members of the panel included Ko Ko Maung, Director, Financial Regulatory Department (FRD), Ministry of Planning and Finance (MOPF); Thiri Thant Mon, Managing Director, Sandanila Co.,Ltd; Ye Min Oo, Banking Consultant; and Bo Bo Wai Maung, Deputy Managing Director & Head of Corporate Banking, KBZ Bank. The panel members shared their expertise and their thoughts on the future of the financial sector in Myanmar and answered many questions asked by the attendees. The panel discussion was very interactive and informative.
The event concluded with Ed Cable and Nyi Nyein Aye officially launching Mifos’ Yangon chapter and invited those who are interested in ICT issues for MFIs to get involved with the chapter. The first event of the Yangon chapter will be held on May 2017. ThitsaWorks would like to sincerely thank Ed Cable and Mifos community, members of the UMFCCI, members of the panel and all the attendees for their support and participation in making this event successful. A high level of attendance from MFIs, Banks, technology solution providers and media is an evidence that there is indeed a high interest in utilizing MIS solutions like Mifos for MFIs in Myanmar. With the support of Mifos, ThitsaWorks is happy to be in a position to help with this transition.
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