Acudeen Tech expands to Myanmar

Acudeen Technologies has expanded to Myanmar and officially signed a partnership with Anthem Asia, an independent investment and advisory group building sustainable businesses in that country.

The collaboration was hatched in light of a massive credit gap for SMEs due to the lack of accessible financing options brought about by insufficient credit data.

Formal loans in Myanmar are mostly collateral-based and the availability of valuable assets like real estate are scarce given that 99 percent of companies in Myanmar are SMEs, therefore hindering them from gaining access to proper financing channels.

Anthem Asia is a private equity firm specializing in investments in small and medium- sized companies. The firm also funds expansion of existing operations or a joint venture, an acquisition or a takeover.

It seeks to invest in Myanmar through firms requiring first phase investments between $0.01 million and about $1.5 million. It may invest in the form of equity or debt, or a combination of the two.

Meanwhile, Acudeen is a startup from the Philippines seeking to bridge the gap between SMEs and financing through their revolutionary platform which enables business owners to liquidate receivables for goods sold and services rendered ahead of their maturity date to financial partners or to accredited individuals.

“I believe we have gotten really a great partner in Anthem Asia to spread Acudeen’s advocacy of financial inclusion through SME receivables financing. Like Acudeen, they are passionate about the immense potential of the receivables financing business in an emerging market like Myanmar,” said Acudeen Technologies Chairman Januario Jesus Atencio.

The partnership comes as the product of Acudeen seeking to extend its services to other markets following its recent track record of success in the Philippines, growing from 3 employees to over 50+ in just under two years, including expansion to regional offices in Myanmar and Singapore.

Source : Manila Bulletin

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