The following is a guest post from May Thu Myint, Communications Officer of ThitsaWorks, Inc. I had the pleasure of attending and speaking at their workshop which was attended by more than 160 individuals and 17 different media outlets!
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.