doing business in myanmar – what you need to know as a singaporean
With the goal of creating a financially inclusive business environment, KyoPay is the first digital platform for invoice receivables that offer a fast, simple, and secure way for businesses in Myanmar to improve cash liquidity.
The online marketplace is for invoices receivables, which aims to help Small and Medium Enterprises (SMEs) boost cash flow.
One of the largest challenges facing SMEs is accessing working capital. SMEs are held back by lack of formal bank credit and slow payment processes. The result is the inability to generate timely cash flow which slows a firm’s growth. Thus, SMEs can achieve a healthy cash flow situation necessary for their business growth by auctioning off their invoices to KyoPay at a reduced value or at a discount. The Funders (Invoice Buyers) buy the invoices receivables through the KyoPay online platform and can gain profit from the percentage on the discounted invoices. It means a secure opportunity for Myanmar locals to gain profit on their original investment within a few months.
Mr. Harsh Nathany, CEO of KyoPay said, “One of the common problems SMEs face is the fixed lengthy payment period that is drawn up from a company’s non-compromised set of policies and protocols. As a result, SMEs face difficultly in running their enterprises without prompt invoice payments from their clients. In order to avoid this crisis, we introduce KyoPay Technologies which enables the selling and buying of receivable invoices through our online platform.”
SMEs do not need to follow up for the payment of their invoices, instead they will receive a prompt payment for their continued businesses by selling their invoices through KyoPay. So far, KyoPay has helped fund 300 Lakhs MMK worth of Invoice Receivables. The response from Invoice Sellers and Funders who have used KyoPay have been positive.
Source: Myanmar Business Today
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