Myanmar Telco Frontiir Bags $30M From UK Development Finance Group
Tuesday, July 30, 2019
By Sarah Yuniarni
CDC Group, the U.K.-based development finance institution, has invested $30 million in Yangon’s internet service provider Frontiir, marking its first direct equity investment in Myanmar.
Despite Myanmar’s growing mobile broadband penetration, access to digital services in the country is still very low, which poses a significant challenge to communities and businesses. Data usage there also remains unaffordable.
CDC’s investment will help Frontiir connect over 2 million people on the internet in Myanmar. The company’s service called Myanmar Net claims to be the fastest-growing internet service in the country since its inception four years ago.
Photo courtesy of Jaume Escofet.