Singapore’s ConnectNPay And Polish Solution To Myanmar’s Financial Sector
TECHINASIA: Since Myanmar opened up its economy in 2010, after one of the most brutal dictatorships in Asia, capitalism has been on the rise. The country’s abundant natural resources, strategic location between Asia’s powers India and China, and its largely untapped market of 60 million people have caught the interest of foreign investors.
Singapore-based startup Leo Tech is one of those trying to navigate Myanmar’s spurting, but still opaque, business environment. Leo Tech launched its umbrella brand for financial tech, ConnectNPay, in 2014, along with the bid of several companies like German group Rocket Internet to jumpstart ecommerce in Myanmar. Read more
DEALSTREETASIA: The Polish solution to Myanmar’s banking sector. Most emerging post-socialist economies face the same particular dilemma; How to reform and develop the banking sector. The centrally-planned, state-command economies were usually characterised by a mono-bank system with a quasi-central bank being also a quasi-commercial entity. Thus, in the process of market institutionalisation one would have to create a commercial banking sector from scratch. The role of the banking sector is beyond that of being a business actor in the capitalist environment. It is an integral part of the financial system, the bloodstream of a market-based regime. It has the power to effectively support the process of growth acceleration, but the insufficiencies in the system can also impede this growth. Read more