Access to Finance

Through a combination of grant funding and technical assistance, the Dana Facility is working with a range of financial institutions to achieve greater financial inclusion in Myanmar.

Increasing access to financial services, including affordable loan and insurance products, enables micro and small businesses to thrive, and provides people from poor communities with the means to participate in, and benefit from, economic growth.

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The Fintech Challenge Myanmar 2020

FINTECH CHALLENGE
MYANMAR 2020

http://fintech.danafacility.com

In a bid to drive innovation in financial services and promote greater financial inclusion in Myanmar, the DaNa Facility launched the Fintech Challenge Myanmar (FCM2020) at the beginning of 2020. Although the FCM 2020 was disrupted by COVID-19, the crisis has served to underline the importance of greater financial inclusion, particularly for the under-served and the unbanked.

To jump-start the FCM, the team moved its programme of ‘Deep Dives’ online with a series of 6 webinars on key priority areas for Fintech in Myanmar. Beginning with MSME Finance/Alternative Lending on 18 June 2020, the programme includes expert interviews, the latest industry developments, and the chance to discuss all the key issues.

Key Priority Areas

e-KYC/e-Identity

MSME Finance/Alternative Lending

Microinsurance

Digital and Financial Literacy

Digital Remittances

Green Finance

Expert Interview: Financial and Digital Literacy

Expert interview: e-KYC

Expert interview: Microinsurance

Grand Funding

DaNa has awarded grants to 3 projects that aim to increase access to financial services:

Microinsurance (Stonestep Myanmar and Vision Fund Myanmar)

Many households in Myanmar are just one unfortunate event away from poverty. Lives can be turned upside down by any number of unexpected events: a failed crop, a sudden illness, or a death in the family. Unforeseen shocks can wipe out hard-earned savings and result in long-term loss of income.

Stonestep Microinsurance Episode 1

Stonestep Microinsurance Episode 2

Launched in 2018, the project aims to increase household resilience and financial inclusion by providing access to microinsurance for up to 600,000 people.

Transforming Financial Service Provision through Digital Inclusion is implemented by Vision Fund Myanmar. The project is developing innovative mobile money solutions to reach more of the unbanked population, particularly disadvantaged groups such as women, migrant workers, smallholder farmers, informal businesses, and small enterprises.

By the first half of 2020, the project had 367,983 clients with total loans reaching MMK 97.93 billion.

SME Supply Chain Financing, implemented by Thura Swiss (Myanmar) Co., Ltd. and Seedstars World Sa, aims to establish a technological platform targeting SMEs. The project has so far loaned a total of GBP 700,000 to 208 clients.