Friday
September 25
2020

Analysis: COVID-19 and Fintech: Myanmar’s Chance To Expand Financial Inclusion?

After Covid-19 arrived in Myanmar, fintech solutions quickly proved to be effective in encouraging social distancing and limiting community transmission.

Where possible, one-off payments of MMK30,000 ($22.78) to vulnerable households under the government’s Covid-19 Economic Relief Plan were distributed through local digital platforms such as Wave Money and OnePay.

Digital transfer options were also extended to social security payments, loans for farmers, emergency funds for garment workers and financial relief for street vendors.

Photo courtesy of Stanislav Kondratiev.

Source: Oxford Business Group (link opens in a new window)

Categories
Coronavirus, Finance, Technology
Tags
coronavirus, emerging markets, financial inclusion, financial services, fintech, social impact