Tuesday,  Apr 24,2018,13:42 (GMT+7)

Dragon Capital partners with Ruby Hill to tap microfinance in Myanmar

Duc Tam and Hai Ly
Monday,  Apr 10,2017,21:54 (GMT+7)
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Dragon Capital partners with Ruby Hill to tap microfinance in Myanmar

Duc Tam and Hai Ly

Dominic Scriven, chairman of Dragon Capital (L), shakes hands with the Loi Hein Group leader after signing the agreement - PHOTO: HAI LY

HCMC – Vietnam’s Dragon Capital Group has inked a deal with Myanmar’s Ruby Hill Financial Company, a member of Loi Hein Group, to set up Ruby Hill Microfinance, a microfinance institution based in Yangon, Myanmar.

With initial capital of US$5 million, the joint venture will provide financial services for the burgeoning workforce that is driving Myanmar’s rapid economic development, said Sai Sam Htun, chairman of Loi Hein Group at the signing ceremony in HCMC last week.

Ruby Hill holds a majority stake of 51% in the new institution while its Vietnamese partner owns the remainder.

In 2013, more than half of Myanmar’s population had no access to financial services, and 30% used unregulated services. An estimated US$1 billion in financial needs had not been met, according to the United Nations Capital Development Fund.

Dominic Scriven, chairman of Dragon Capital, said the joint venture with the Myanmar partner is not a move for the company to leave the Vietnamese market. Dragon Capital has plans to join an enterprise to provide services for the Vietnamese insurance sector.

Loi Hein is a leader in the fast moving consumer goods market in Myanmar, with its main products like Alpine water and a wide range of carbonated soft drinks available at over 45,000 outlets.

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