IKBZ Insurance Testing KyoPay’s Invoice Discounting Platform

Looking to diversify its investment portfolio, IKBZ Insurance has signed up to KyoPay’s invoice discounting platform to do a series of pilot transactions with vetted account receivables from local and foreign businesses in Yangon.

During the first stage of the pilot phase, IKBZ will be purchasing business-to-business (B2B) receivable invoices arising from sales on credit terms of goods and/or services provided by local suppliers.

The pilot phase began in November and is expected to continue until the second quarter of 2020. IKBZ will spend an undisclosed sum to purchase and repurchase approved receivable invoices via the KyoPay platform.

IKBZ Insurance, established in 2013 as part of the KBZ Group of Companies, underwrites general insurance products. It is the first officially licensed private insurance provider in Myanmar.

KyoPay Technologies’ online platform allows local SMEs to auction off their invoiced receivables. Investors who buy these receivables can make 2-3 percent on a monthly basis.

Source : Myanmar Business Today

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