SH Suhyup Bank sets up mi­cro fi­nance in­sti­tu­tion

Mizzima Business Weekly - - BUSINESS ALERTS -

SH Suhyup Bank es­tab­lished a mi­cro fi­nance in­sti­tu­tion (MFI) in Myan­mar, which is its first over­seas sub­sidiary. re­ported the Busi­ness Korea. The bank has been plan­ning to ac­cel­er­ate its en­try into South­east Asian mar­kets, such as Cam­bo­dia and In­done­sia, in the fu­ture. It held an open­ing cer­e­mony for “Suhyup Mi­cro Fi­nance Myan­mar” in Nay Pyi Taw on Septem­ber 16. Suhyup Bank CEO Lee urged of­fi­cials of the new sub­sidiary to pro­vide ser­vices with sin­cer­ity and put trust from lo­cal cus­tomers first. He also urged them to re­spect Myan­mar's laws and cul­ture in do­ing busi­ness. The bank has been al­lowed to op­er­ate in all eight town­ships in Nay Pyi Taw. It will fo­cus on mi­cro fi­nance for re­tail cus­tomers in the short term. Although Myan­mar has a pop­u­la­tion of 5.2 mil­lion, only 22 per­cent of the adult pop­u­la­tion aged 15 years and above have bank ac­counts and most peo­ple who need money use the pri­vate loan mar­ket with a monthly in­ter­est rate of 10 to 15 per­cent.

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