Dragon Capital sets up microfinance business in Myanmar

Dragon and a financial services division of local conglomerate Loi Hein will collectively commit an initial $5 million to the project, known as Ruby Hill Microfinance. Loi Hein will control 51% of the business, with Dragon taking the balancing interest. Dominic Scriven, Dragon’s executive chairman, will lead the board.

"Loi Hein is a leader in the fast-moving consumer goods segment in Myanmar and its products, such as Alpine water and a wide range of carbonated soft drinks, are known for their superior quality. Now with Loi Hein diversifying into financial services, we have found that we are like-minded with regard to operational and financial goals for Ruby Hill Microfinance, and the contribution that it must make to the betterment of people’s lives," Scriven said in a statement. 

The UN estimates that as of 2013, more than half of Myanmar’s 60.9 million people have no access to financial services and a further 30% has access to only unregulated services. The country’s total unmet financing demand is said to amount to about $1 billion.

Dragon was founded in 1994 and claims to be Vietnam’s longest established independent asset manager. It manages some $1.5 billion in assets across private equity, public equity, fixed income and property.

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• Topics
• Southeast Asia
• Financials
• Fundraising
• GPs
• Myanmar
• Dragon Capital Group
• Financial Services