GMBX, a provider of data center services, plans to invest $5 million in the second data center in Myanmar. In the financial space, microfinance institution Hayman Capital announced that it has secured $900,000 debt investment from the Yangon branch of Maybank.
GMBX to invest $5m in second data center
Golden Myanmar Business Exchange (GMBX), a provider of data center services, is looking at setting up a new facility at an investment of about $5 million.
The new data center – which could come up in Mandalay or Nay Pyi Taw – would be set up very soon, said Derek Hellmons, chief executive officer of GMBX.
GMBX, that focuses on delivering wholesale infrastructure as a service, has already invested about $6.2 million for the tier III data center in East Dagon. The data centre, with an initial capacity of 100 racks, has room to expand up to about 400 racks, according to Kyaw Naing, chief technical officer of GTMH.
GMBX started work in 2016 and has already been providing trial services to customers including Wave Money, a TV station for hosting movies and disaster recovery, French Chamber of Commerce and Ongo, a digital payments service. The Yangon Bus Service’ data is also at GMBX.
Hayman Capital gets $900K debt
Hayman Capital, a deposit taking microfinance institution, has raised the second tranche of $900,000 debt capital from the Yangon branch of Maybank from Malaysia, the company announced on November 23.
The loan, which is denominated in local currency Kyats, will be used to fund more than 3500 micro entrepreneurs and low income business across five of its branches in Insein, Thingangyun, Hlegu, Bago and Nyaung Lay Pin.
The first loan of $1 million investment from May Bank was received in April 2017, adding on to its capital of K4.6 billion ($3.8 million) it put in 2014.
“The first tranche of the loan we took earlier this year was disbursed to the thousands of small businesses effectively. The same will be done with the second tranche,” said Sultan Marenov, CEO of Hayman Capital.
Hayman Capital which has a client portfolio of about 67,000, provides loans of K100,000 ($80) to K5 million ($4200) at an interest rate of 2.5 percent per month or a 30 per cent per annum. In the last two years, the company announced that it has disbursed over K23.45 billion ($17 million) to small businesses.