By Juliet Shwe Gaung
MyanCare Telemedicine, a healthtech company, has raised an undisclosed pre-Series A funding from Japan’s SPARX Investment Group.
The capital will be used to expand the company’s warehousing facilities and allied services in Myanmar.
The financing will help BRAC Myanmar provide more loans and increase financial inclusion in Myanmar.
However, the approval for foreign banks to invest in the country is not expected to be a game changer in the immediate short term.
The proceeds from the fresh funding will be used for business growth.
Each of the two projects will incubate at least 10 enterprises in agritech, fintech, health and education sectors in Myanmar.
These include Japan’s Dai-ichi, AIA Group unit, Prudential Hong Kong Limited, among others.
Myanmar Citizens Bank is planning to expand its money transfer service internationally by partnering with US-based MoneyGram and London’s Thunes.
The stake sale is essentially a shift of shareholding within the SPA group and comes about 10 months after the airline stopped its aviation services as a domestic carrier.
Kargo has secured a $130,000 loan from Yoma Bank while Australia’s AsiaCarGroup has activated a Myanmar platform for trading of cars.