Golden Myanmar Airlines gets permission to foray into jet fuel business and plans to invest $28.96 million in the sector. Meanwhile, in the financial service space, InfoCorp Technologies from Singapore has partnered with Mandalay Capital, a financial service company from Myanmar, to provide livestock-backed loan to farmers.
Golden Myanmar Airlines to invest in aviation fuel business
Golden Myanmar Airlines Public Co Ltd, a domestic airline led by Khin Maung Aye, chairman of Kaung Myanmar Aung (KMA) Group and Co-operative Bank, will be investing $28.96 million to handle import, storage and distribution of jet fuel in Myanmar, according to a government official.
The company will be competing with state JV company National Energy Puma Aviation Services, thereby receiving the approval of Myanmar Investment Commission to operate an aviation fuel business.
Golden Myanmar Airlines will be operating in airports of Tachileik, Kawthaung, Nyaung Oo, Heho, Sittway, Myitkyina alongside the Mandalay International Airport. However, in the Yangon region, the company will only be undertaking work at Thilawa oil tanks and jetty area in Thanlyin-Kyauk Tan township.
The Ministry of Electricity and Energy had been dominating the business of aviation fuel import, storage and distribution in Myanmar until 2015 when Singapore-based Puma Energy was permitted to form a joint venture with the government.
Singapore’s InfoCorp partners with Mandalay Capital
Singapore-registered fintech company InfoCorp Technologies has formed a partnership with Mandalay Capital (MCAPITAL), a financial services company from Myanmar, to extend loan to farmers and MSMEs in the Myanmar agricultural and livestock market.
Last year, InfoCorp launched an application called ‘FarmTrek’, that uses private, permission-based blockchain to track livestock ownership. MCAPITAL plans to use the FarmTrek technology to verify its customers, who are farmers, to get a proof of their livestock ownership.
“We are committed to assisting the country in its economic growth and providing trusted and efficient financial services to entrepreneurs and MSMEs. With 70 per cent of the country working in the agricultural sector, FarmTrek technology will be very helpful to us to achieve the goal,” said Myint Win, MD of Mandalay Capital.
Mandalay Capital currently offers products such as individual loan, group loan, livestock loan, motor car and machinery hire purchase, and electronic financing.