As part of an expansion into Myanmar, financial service start-up Acudeen Technologies has signed a partnership with Anthem Asia, an independent investment and advisory group building sustainable businesses in Myanmar. 

According to Acudeen the collaboration has been orchestrated to address the massive credit gap for small and medium-sized enterprises (SMEs) caused by a lack of accessible financing options brought about by insufficient credit data.

Acudeen has revealed the move comes in line with their plan to facilitate financial inclusion and strengthen their foothold in this part of Asia.

In Myanmar, formal loans are, for the most part, collateral-based and the availability of valuable assets like real estate are scarce, especially considering that 99% of companies in Myanmar are SMEs, which hinders them from gaining access to proper financing channels.

In addition to specialising in investments for SMEs, Anthem Asia also funds the expansion of existing operations or a joint venture, an acquisition or a takeover.

The firm primarily invests in the fields of consumer goods and services, business services, tourism and leisure, food and beverage, manufacturing, distribution, logistics and agri-business. Anthem Asia seeks to invest in Myanmar though firms requiring first phase investments between $0.01 million and $1.5 million.

Based in the Philippines, Acudeen is a startup that seeks to bridge the gap between SMEs and financing through their revolutionary platform which enables business owners to liquidate receivables for goods sold and services rendered ahead of their maturity date to financial partners or to accredited individuals. 

Since their 2016 establishment, they have facilitated over $6 million worth of invoice transactions.

“I believe we have gotten really a great partner in Anthem Asia to spread Acudeen’s advocacy of financial inclusion through SME receivables financing. Like Acudeen, they are passionate about the immense potential of the receivables financing business in an emerging market like Myanmar,” said Acudeen Technologies Chairman Januario Jesus Atencio.

As a result of Acudeen's recent success in the Philippines, particularly in its growth rate of three employees to over 50 in under two years. Acudeen suggests the partnershp is the natural progression of their success, as the compnay seeks to extend its services to other markets, including expansion to regional offices in Myanmar and Singapore.

For more information about Acudeen's partnership with Anthem Asia, email Jessica Aung of Anthem Asia via the contact details listed below. 

Source: Manila Bulletin 

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