Fintech Development in Myanmar and Vietnam: Insights from Tom Moyes and Peter Brimble

Introduction

The rapid growth of fintech in countries like Myanmar and Vietnam has been a significant area of focus for development partners. In this article, we’ll explore the key takeaways from an interview between Tom Moyes and Peter Brimble, highlighting their experiences with fintech development in these regions.

Fintech Development in Myanmar

A Lower Base, but Rapid Growth

• Myanmar is starting from a lower base compared to other countries in the region.
• The diffusion of fintech techniques across borders is rapid, suggesting that within five years, there may not be an argument for substantial support for fintech in Myanmar.

Regulatory Challenges

Insurtechs and Licenses

• Insurtechs have discovered they need certain licenses, even though they don’t operate as agents.
• Regulators sometimes need to get out of the way or take the lead and provide a clear regulatory path.

Link Between Smaller Fintech and Traditional Institutions

Facilitating Conversations and Collaborations

• Programs like the Fintech Challenge have facilitated conversations between fintechs and regulators, leading to collaborations and credibility for fintechs.
• This has not happened organically due to various reasons.

Collaboration with Other Incubators or Accelerators

Partnerships and Investment Readiness Toolkits

• Phandeeyar is a partner in Myanmar, while One to Watch has been working closely with them to develop an investment readiness toolkit.

Ecosystem Growth

The Need for Development Partners’ Support

• Optimistically, there will be a substantial need for development partners’ support for the next three to five years in Myanmar.
• However, Vietnam has already seen broad adoption of key technologies and no longer needs assistance from programs like the Fintech Challenge.

Fintech Club or Association

Creating a Platform for Dialogue

• A fintech club or association would help create a platform for dialogue between regulators and fintechs, similar to ASIC in Australia or the FCA in the UK.
• There should also be resources for an innovation laboratory.

Future of the Ecosystem

Financing Availability and New Projects

• If the whole system moves to a stage where financing is available from banks, financial institutions, and impact investors, then programs like the Fintech Challenge may no longer be needed.
• However, the frontier of technology will continue to move, potentially creating an ongoing need for new projects.