InfoCrop Technologies, a Singapore-registered fintech company and RGK+Z&A Group will partner with the government to create a financial ecosystem to solve the risk of livestock insurance and enable use of livestock as collateral

InfoCorp Technologies, a Singapore-registered fintech company and RGK+Z&A Group will partner with the Livestock Breeding and Veterinary Department of the Ministry of Agriculture, Livestock and Irrigation and  Myanma Insurance, an arm of the Ministry of Planning and Finance, to carry out a joint pilot project to perform Tamper-Proof Livestock Identification.

The agreement, which was signed yesterday, will involve identification and tagging of cows and buffalos for the purposes of building an official livestock registry, which will in turn, enable livestock to be used as collateral in the loan application process.

“This joint partnership will create a financial ecosystem that solves the risk of livestock insurance and potentially transforms the market into a force for development by enabling the use of livestock as collaterals,” said Mr. Roy Lai, Founder and CEO of InfoCorp Technologies.

InfoCorp Technologies will implement the service through Sentinel Chain, which it claims is the world’s first platform to accept the use of livestock as collateral. Through the platform, InfoCorp is also aiming to bring ordinary financial services such as banking, loans and insurance to less developed parts of the country to resolve challenges of small farmers in running their businesses without banking facilities.

The project will be carried out in selected areas of Myanmar, including Yangon, Mandalay and Nay Pyi Taw over a period of three months, after which Myanma Insurance will also be able to specify the premium rate of insurance for each cow and buffalo.

 This platform becomes a utility for financial institutions to leverage on encrypted data to increase asset base and serve the loan demands so needed by the rural farming communities.

Dr Sandar Oo, Managing Director of Myanma Insurance, agreed that the move will contribute to the improvement of financial inclusion in Myanmar by leveraging on technology. It will also enrich the well-being and living standards of rural communities, she said.

“Our government has prioritised reform of the agriculture and rural sector. This study marks a significant effort to support and generate important data relating to livestock and livestock owners,” said Mr Zeya Mon, CEO of RGK+Z&A Group, which is a Singapore-Myanmar based company with business interests including in power, medical systems and electronics.

(The Myanmar Times: https://www.mmtimes.com/news/government-partners-fintech-firms-enable-use-livestock-collateral.html )

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