To spur innovation in financial
services to promote greater financial
inclusion in Myanmar
A Message from the FCM2020 Co-Organizers:
The coronavirus cannot stop fintech!
We had to recently postpone our first “analog” event of the FCM2020 in Yangon, the Initial Pitch Session, due to concerns about coronavirus. We will soon be reaching out to all of you with detailed information on next steps. We will provide access to all information on our Short-listed Fintechs, including pitches and short videos. We will re-do the time line of events and activities, perhaps spreading them out over a longer period of time.
The coronavirus has not done away with the need for financial technology to promote financial inclusion in Myanmar. We are going to use this opportunity to develop a new approach to continue the programme. We therefore ask all participants in the FCM2020 programme to bear with us as we refocus our activities online, and as we construct a fully digital platform to run this challenge programme.
Within the next few days we will send links to all of you so that you can enjoy the pitches and videos from our Finalists. We will launch a weekly blog, transform the Deep Dives into “Deep Webinars”, and develop compelling content to bring the best quality fintech solutions to Myanmar now.
Thanks for your patience–and watch this space and also your email inboxes for updates.
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How can we utilize new technology to reduce reliance by financial service providers on paper documents and outdated procedures?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.
Application for 2020 is closed. Subscribe to stay updated for the 2021 program.
MYANMAR FINTECH CHALLENGE 2020 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