In collaboration with the Industrial Bank of Korea, SME Bank will establish incubation centre in Nay Pyi Taw for startups

The SME Development Bank will establish an incubation center in Naypyidaw for startups, this is in collaboration with the Industrial Bank of Korea, according to Dr. Zayer Nyunt, Chief Operating Officer of the bank.

The incubation center aims to help develop startup companies by providing capital, technology assistance, and business matching events.

The center will start operating in December 2019. Interested SMEs can apply for assistance, and if approved, the center will provide necessary funds and technology to further help the company develop.

“We are the first to establish an incubation center, we are implementing this after studying an incubation center in Korea. This center will help local startups, Korea will provide technical assistance. The two banks will also exchange technologies,” said Dr. Zayer Nyunt.

Dr. Zayer Nyunt, CEO of SME Development Bank, and Mr. Kim Do-Jin, CEO of Industrial Bank of Korea, signed the MoU on September 4 at Lotte Hotel in Yangon.

The two banks also signed an MoU in 2012 to provide financial assistance to Korean investments also technical help and training.

“We will conduct feasibility studies before implementing the projects. After this we will provide assistance, such as developing cashbooks, marketing, as well as laying out plans for them to pay back the loans,” said Dr. Zeyar Nyunt.

SME Development Bank became a publicly owned bank in 2016, and is now providing non-collateral loans to SME’s.

The Industrial Bank of Korea, formed in 1961, is the second biggest bank in Korea, they focus much of their attention on startups.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/sme-bank-establish-incubation-center-startups )

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