Yangon based fintech company ThitsaWorks has launched data management solutions for small and medium microfinance institutions (MFIs), as it seeks to take their operations out of notebooks and onto screens

Yangon based fin­tech company ThitsaWorks has launched data manage­ment solutions for small and medium microfi­nance institutions (MFIs), as it seeks to take their op­erations out of notebooks and onto screens.

The firm hopes that through its cloud and data centre services, mi­crofinance organisations will become more efficient and the country’s poor will have easier access to capital.

“Our tools and technol­ogy is a solution which takes microfinance ser­vice providers from a manual workflow to an ICT-based workflow,” said Nyi Nyein Aye, CEO of ThitsaWorks.

“Providers are having to save all of their data in manual notebooks which is burden and poses a space problem. Our ICT solutions will involve col­lecting, managing and an­alyzing three sets of data to run an effective opera­tion and reduce risk,” he said.

For decades, accessing finance through MFIs was strictly controlled by My­anmar’s military junta, but since economic liber­alisations began the sec­tor has been steadily de­veloping.

Last August, the gov­ernment relaxed microfi­nance regulations, giving both local and foreign MFIs more flexibility in accessing loans, where they can operate and li­quidity and solvency rates.

The country’s telecoms sector has also flourished in recent years, with mo­bile SIM penetration go­ing up from 7 percent in 2014 to 90 percent this year. As a result, e-com­merce is poised to be a major growth sector in the future.

ThitsaWorks plans to offer its services in one year, extendable con­tracts and charge MFIs depending on the number of customers they have, but pricing is still in the negotiation phase.

“We will have different pricing between our cloud and data center services. We still have to negoti­ate with the companies and set a reasonable price for our services, so prices aren’t confirmed yet,” said U Nyi Nyein Aye.

(Myanmar Business Today: http://www.mmbiztoday.com/articles/yangon-fintech-firm-launches-data-services-bid-modernise-microfinance)

​