FINTECH CHALLENGE
MYANMAR 2020

To spur innovation in financial services to promote
greater financial inclusion in Myanmar

CO-ORGANIZERS

IMPACT PARTNERS

MYANMAR IS ON THE VERGE OF A FINTECH-LED TRANSFORMATION

Myanmar’s financial sector has grown substantially in recent years, but its financial institutions still face challenges in providing financial services to underbanked customer segments including micro and small enterprises, rural dwellers and farmers, and low-income people living in urban areas.

The recent explosion of fintech and the widespread adoption of smartphones promise to fill this gap.

Fintech Challenge Myanmar 2020 aims to identify and pilot fintech solutions that can dramatically expand financial inclusion in Myanmar.

DO YOU HAVE A FINTECH SOLUTION THAT CAN PROMOTE GREATER FINANCIAL INCLUSION IN MYANMAR?

We challenge fintechs to solve problems in six priority verticals. These priorities have been identified as critical areas for development by the Ministry of Planning, Finance, and Industry and the Central Bank of Myanmar

e-KYC e-Identity

How can we utilize new technology to reduce reliance by financial service providers on paper documents and outdated procedures?

How can we leverage alternative data to verify customer identity digitally without violating data privacy?

MSME Finance /
Alternative Lending

How can new technologies be used to help financial institutions provide credit more effectively to MSMEs, including farmers?

How can we enrich customer databases with external data to gain insights into customer needs and behavior?

How can we leverage non-traditional data to demonstrate the creditworthiness of underbanked customers?

Microinsurance

How can we leverage financial technology to extend insurance to low-income people in Myanmar?

How do we leverage big data, AI, and other disruptive technologies to offer microinsurance and microinvestment products to new customer segments?

Digital and Financial
Literacy

How can we increase low-income people’s access to honest and useful financial advice?

How can we leverage digital technology to clearly present the basic principles of money management?

Digital Remittances

In what ways can financial technology help people who have traditionally relied upon the transport of physical cash to switch to digital remittance methods that are compliant with international anti-money laundering standards and also fully interoperable?

How can Myanmar’s financial services providers make the use of electronic money for remittances and payments as quick and easy as using cash, incorporating full interoperability that allows people to transact seamlessly across payment providers and channels?

Green Finance

How can financial institutions leverage fintech to facilitate the commercial financing of “green” projects? Green projects could include clean and alternative energy, energy efficiency, pollution control, water and waste management, climate smart agriculture, etc.

ARE YOU READY TO APPLY?

The application deadline for fintech companies is 1 March 2020.

MYANMAR FINTECH CHALLENGE TIMELINE

20 January

“Global Call” for Proposals

Challenge Launched

1 March

Application window closes

 

10 March

Selection & Shortlisting

Screening applications and selecting the top 20 fintechs

16 March

Initial Pitch Session / Showcase

Shortlisted fintechs to present to Financial Institutions

1 April

Demo Day

Fintechs & Financial Institutions can start “teaming up”

2 April-29 May

Collaboration Phase

Fintechs & Financial Institutions develop solutions

3 June

Final Pitch Session

“Demo Day” where fintechs present their solutions to the problems

TECHNICAL PARTNERS

For more information about the challenge, please contact the DaNa Facility team at :

Aye Mon Mon Soe

mon_mon@danafacility.com

Tom Moyes

tom_moyes@danafacility.com