To spur innovation in financial services to promote
greater financial inclusion in Myanmar
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
How can we utilize new technology to reduce reliance by financial service providers on paper documents and outdated procedures?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 /
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?
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
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?
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?
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
“Global Call” for Proposals
Application window closes
Selection & Shortlisting
Screening applications and selecting the top 20 fintechs
Initial Pitch Session / Showcase
Shortlisted fintechs to present to Financial Institutions
Fintechs & Financial Institutions can start “teaming up”
2 April-29 May
Fintechs & Financial Institutions develop solutions
Final Pitch Session
“Demo Day” where fintechs present their solutions to the problems
For more information about the challenge, please contact the DaNa Facility team at :
Aye Mon Mon Soe