UK-funded DaNa Facility is launching a fintech challenge in Myanmar to promote further financial inclusion.The Fintech Challenge Myanmar 2020 (FCM2020), open to local and international fintech firms, is organised in partnership with the United Nations Capital Development Fund (UNCDF) and the Asian Development Bank’s ADB Ventures.

Topics include: digital and financial literacy; microinsurance, MSME finance/alternative lending; digital remittances; and green finance. This is going to be a very good thing for Myanmar’s consumers. In a few years’ time, your phone will be your bank. As rural farmers, micro and small enterprises, and low-income urbanites face difficulty in receiving financial services from financial institutions, fintech aims to fill this gap. FCM2020 will focus on fintech solutions that can improve the quality and quantity of financial services to the underserved and unbanked.

“In the payment space, we definitely need financial innovation to drive interoperability and promote greater access to financial services,” said U Bo Bo Nge, deputy governor, Central Bank of Myanmar.Successful applicants will take part in a two-month period of collaboration and mentoring with a financial institution. Fintechs will participate in a competitive “Initial Pitch Session”, where they will present their capabilities to a panel of financial industry players, financial experts, and investors. The best fintech solutions providers will have the opportunity to demonstrate their products and services at the Myanmar Fintech Day scheduled for June 2020.

Source: Myanmar Times

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