South Korea to swell financing service in Myanmar

To escalate the financial service, particularly, with the drive to boost the farming equipment business in Myanmar, South Korean financial firm: Nong Hyup Financial Group is all set to help this South Asian country in achieving the same. It intends to move ahead by roping in its subsidiary- Nong Hyup Finance Myanmar, established in 2016. Also, a joint task force has been formed to aid in business planning; dedicated to the purpose of distributing farming equipment in Myanmar.

With the initial capital of $3 million, the subsidiary- Nong Hyup Finance Myanmar, managed an elevation in its capital generation; about $8 million. The Korean financial group intends to swell the subsidiary’s business prospects by aiming to enhance its customer pool; from 28,000 to 50,000 by supplementing more outlets to its present base of nine branches.

The project is slated to activate its operations in the month of July with Myanmar’s HTOO Group and the Nong Hyup Group of South Korea —  both the financial groups being the major business frontiers of their respective countries. The groups plan to provide their expertise and explore additional areas of cooperation, extending to banking and insurance.

With more than 20 affiliates in the domain of agriculture, aviation, food, construction and distribution, Myanmar’s HTOO Group business ventures are massive, and the aforementioned South Korean financial institution is an essential part of the National Agricultural Cooperative Federation.