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Yangon, October 14, 2020 ThitsaWorks is excited to announce a minority investment by BOD Tech Ventures, an investor and operator of early-stage tech companies in Myanmar, Bangladesh, Vietnam, and Cambodia. These funds will allow ThitsaWorks to further scale its operations, and will support ThitsaWorks’ larger goal of furthering Financial Inclusion in Myanmar. With 70 financial institutions including Banks, Non-Bank Financial Institutions and Microfinance Institutions in Myanmar using ThitsaWorks’ solutions, ThitsaWorks’ services currently benefit over 2.5 million borrowers. With BOD Tech’s new investment, ThitsaWorks will continue its work with financial institutions to provide access to credit for the remaining millions of families in Myanmar that are still in need of microfinance solutions. John Kaaiohelo, CEO and Chief Investment Officer of BOD Tech Ventures, said, “We are thrilled to invest in Nyi and his team at ThitsaWorks. We believe that ThitsaWorks will accelerate the digital transformation of Myanmar’s financial sector, and are convinced that our investment will further Financial Inclusion in Myanmar’s local communities.” Nyi Nyein Aye, CEO of ThitsaWorks, added “We are delighted to welcome BOD Tech Ventures as an investor. We believe that digital transformation will help MFIs operate efficiently and effectively, particularly under the current environment brought on by COVID-19. With the support of BOD Tech Ventures, we are excited to scale our operations and increase Financial Inclusion in the country.” About BOD Tech Ventures - BOD Tech Ventures is an active investor and operator of early-stage tech-enabled companies in Myanmar, Bangladesh, Vietnam, and Cambodia. Founded in 2016, BOD Tech's investments have grown into several of Myanmar's largest technology assets including Hercules (logistics), Flymya (online travel agency), Get (B2B wallet), YangonD2D (food delivery), and mmbusticket (bus ticketing). Visit BOD Tech Ventures at https://www.bodtechv.com About ThitsaWorks - ThitsaWorks is a financial technology company based in Yangon. Founded in 2016, ThitsaWorks provides technology solutions for financial institutions to manage risks and run effective operations. ThitsaWorks works with large and small financial institutions in Myanmar to provide individuals with access to financial education, financial information and capital. ThitsaWorks helps financial institutions digitize their operations, access consumer insights and credit analytics of unbanked population. ThitsaWorks manages Pite Pite, a financial inclusion chatbot, that provides digital financial literacy and lead generation services for financial institutions. Visit ThitsaWorks at https://www.thitsaworks.com For more information, please contact info@thitsaworks.com. *****

Yangon, 31 July, 2020 BC Finance Limited (BCF), one of Myanmar’s leading microfinance institutions (MFIs), has recently gone live with the Musoni core banking system, giving the Company the platform to further digitalise its operations. The project was managed by ThitsaWorks, the leading financial technology solutions provider in the country, and Musoni’s partner since 2017. BCF is a local microfinance institution that started operations in 2013. BCF now serves over 25,000 end customers across eight states, offering a variety of savings and loan products. Following the launch of Musoni’s core banking system, BCF now aims to further improve efficiency through the roll-out of the Musoni Digital Field Application, while also offering new communication channels to end customers with the Musoni mobile banking application. Musoni is the leading microfinance solutions provider in Myanmar, used by 14 different organisations. The system has been translated into Myanmar language and includes all FRD regulatory reports as standard. Training and support are provided in local language by the ThitsaWorks team during Myanmar working hours. Mr. Gerard Byrne, BCF’s CEO, commented “We are excited to team up with Musoni and ThitsaWorks. We have witnessed their strong contributions to power financial inclusion in Myanmar, and I am confident that this partnership will enable us to better serve our clients all over Myanmar and provide them with easy access to capital, accelerating the economic development of women, who are our major clients, and bringing increased well-being to households.” Mr. Cameron Goldie-Scot, Musoni’s CEO, said “We are excited to have been selected as the digitalisation partner to BCF. They’re a fantastic team with a true commitment to improving access to financial services. We are looking forward to a long and successful partnership in the years ahead as they use Musoni to expand outreach and offer new products and channels to their customers. U Nyi Nyein Aye, ThitsaWorks’ CEO, added “We are delighted to partner with BCF in Myanmar. We share a common goal: powering financial inclusion through opening access to capital. BCF understands that developing sustainably means developing inclusively, which is our social mission as well. We are glad to work with BCF in helping small businesses grow in the right way.” About BC Finance Limited (BCF) - BC Finance Limited (BCF) is a local licensed microfinance institution, established by Hong Kong private equity firm, Bagan Capital. Founded in 2013, BCF currently supports clients nationally throughout 8 states and regions of Myanmar: Yangon, Mandalay, Shan, Magway, Sagaing, Bago, Mon and Thanintharyi, where around half of the country’s population lives, and continues to grow its operations. As a leading and sustainable provider of microfinance to those currently underserved, BCF provides tools for people to improve their lives and contribute to the development of the country, by lending to individuals, micro and small enterprises. BCF is committed to women empowerment and environmental sustainability. Visit BC Finance at https://bcfmyanmar.com. About Musoni - Musoni is the leading digitalisation partner for microfinance institutions around the world. We help organisations improve their efficiency and extent their outreach through a variety of fintech solutions. These include a cloud banking system, digital field application, mobile payments module and client banking app. We have over a decade of experience and now support 75 organisations in 15 different countries. We take pride in our hands-on and personalised approach, with local teams in the Netherlands, Kenya and Myanmar. Visit Musoni at http://musonisystem.com. About ThitsaWorks - ThitsaWorks is a Myanmar financial technology company based in Yangon. Founded in 2016, ThitsaWorks provides financial technology solutions for Microfinance institutions to run effective operations. ThitsaWorks works with large and small MFIs in Myanmar to help them enable better management and minimize risks, thereby attracting more customers and powering financial inclusion in the country. Led by a team of IT professionals, the ThitsaWorks team has years of experience managing mission critical IT enterprise systems globally. ThitsaWorks is Musoni’s official partner in Myanmar. Visit ThitsaWorks at https://www.thitsaworks.com. For more information about Musoni, please contact info@thitsaworks.com. *****

Today's International Youth Day! We want to highlight the role of Youth in Financial Inclusion today. Access to financial and social assets is a key contributing factor to help youth make their own economic decisions and escape poverty. According to Global Findex Survey 2017, in low-income economies such as Cambodia, Lao PDR, and Myanmar, fewer than 24 percent of youth have an account, and only 3 to 4 percent of them save formally. There remain many reasons which cause the young people inaccessible to financial inclusion. The framework of financial service providers such as banks, credit unions or microfinance institutions, are not designed to be youth inclusive or protective of youth rights. Youth still face many barriers in accessing financial services, including restrictions in the legal and regulatory environment, lack of identification, inappropriate and inaccessible products and services, and low financial capabilities. A multi-stakeholder approach engaging government, financial service providers, youth-serving organizations and youth stakeholders plays a vital role to overcome these barriers and achieve financial inclusion. Youth, of course, need to be at the center of this dialogue. Access to financial literacy lies as a fundamental need to promote the role of youth in the financial inclusion. Policies, which are both youth friendly and protective of youth rights, should be implemented. Some actions such as providing maximum control to youth within the legal and regulatory framework, minimizing age, and ease of identity requirement restrictions are needed to open access for young people. Appropriately designed financial services can play a direct role in supporting young people's transition into employment, particularly for youth who are starting their own income-generating activities for which they require enterprise finance, insurance, leasing and payment services, such as money transfers, in order to start, sustain and grow their businesses. Moreover, the financial service providers should enhance the use of FinTech which is youth friendly and easier to connect people than traditional ways. Financial Inclusion largely contributes to the development of a country. The participation of youth constituting a large number of population is significant in the promotion of Financial Inclusion. The multi-stakeholder approach can bring increased attention to the opportunities and rights of youth financial inclusion and their skills in financial management and capability. Thus, they can start their own businesses or entrepreneurship and become responsible citizens contributing to the country's financial inclusion. References; https://bit.ly/2DxzUT2 https://bit.ly/2DOwk6C *****

Yangon, 29th June, 2020 CARD Myanmar Co., Ltd, the international social development organization, has recently gone live on the Musoni cloud banking system in partnership with ThitsaWorks. Poverty in Myanmar is one of the main challenges in addressing the country's development. According to the 2017 Myanmar Living Condition Survey (MLCS), about one in four people in Myanmar is poor. Despite strong performance in poverty reduction, vulnerability to poverty remains an issue. Since a number of vulnerable people are lagging behind in the economic process, it is important to encourage inclusive growth where every individual can enjoy. Small and Medium Enterprises and Microfinances therefore play a crucial role to bring credit access to people in rural and suburban areas and promote their well-being. Sharing a common goal to eradicate poverty in Myanmar, CARD Myanmar have chosen Musoni’s award-winning core banking system to more easily grow their portfolio and provide more channels to their customers. Over the coming months CARD Myanmar will continue their digitalisation journey, and deploy additional digital channels such as the Musoni digital field application for loan officers, and the Musoni client app. Making the system perfectly suited for Myanmar, all solutions are already translated into local language and the system includes the FRD financial reports as standard. Mr. Bengie L. Buenviaje, Microfinance Expert from CARD Myanmar, said “We are delighted to work together with Musoni and ThitsaWorks. Musoni is perfectly suited for us in supporting our digitalisation strategy. We are convinced that this is an excellent mechanism for us to become a sustainable microfinance company providing integrated services to low-income families and contribute to poverty eradication in Myanmar.” Mr. Cameron Goldie-Scot, Musoni’s CEO, added “We are very proud to be chosen as a core banking system of CARD Myanmar who has been consistently empowering the marginalized sector in Myanmar. Together, we are looking forward to providing more integrated services to economically challenged communities and fulfilling their social needs. This is a great opportunity for all of us to build a sustainable and well-developed society.” U Nyi Nyein Aye, ThitsaWorks’ CEO, commented “We are excited to partner with CARD Myanmar to help them with their digital transformations. I believe that these reliable and robust systems provided by Musoni will make more effective and efficient changes in the operations of financial institutions, and promote financial inclusion in the country. This will bring positive impacts within the society and we are always welcome to help all MFIs in Myanmar grow.” Philippines-based international MFI running in Asian Countries In response to the needs for microfinance services in Myanmar, CARD Myanmar COMPANY LIMITED was established in 2013, providing three major services; microfinance, capacity building and technical assistance with 18 branch offices nationwide, CARD Myanmar provides a suite of low-interest rate loans designed to meet low-income families’ needs: Regular Business Loan, Small Business Loan, Educational Loan and Agricultural Loan. CARD Myanmar is committed to become a sustainable microfinance company offering integrated services to vulnerable communities and contribute to the poverty eradication in Myanmar. Visit CARD Myanmar Co., Ltd at https://www.cardmyanmarcoltd.com. About Musoni - Musoni is the leading digitalisation partner for microfinance institutions around the world. We help organisations improve their efficiency and extent their outreach through a variety of fintech solutions. These include a cloud banking system, digital field application, mobile payments module and client banking app. We have over a decade of experience and now support 75 organisations in 15 different countries. We take pride in our hands-on and personalised approach, with local teams in the Netherlands, Kenya and Myanmar. Visit Musoni at http://musonisystem.com. About ThitsaWorks - ThitsaWorks is a Myanmar financial technology company based in Yangon. Founded in 2016, ThitsaWorks provides financial technology solutions for Microfinance institutions to run effective operations. ThitsaWorks works with large and small MFIs in Myanmar to help them enable better management and minimize risks, thereby attracting more customers and powering financial in the country. Led by a team of IT professionals, the ThitsaWorks team has years of experience managing mission critical IT expertise system globally. ThitsaWorks is Musoni’s official partner in Myanmar. Visit ThitsaWorks at https://www.thitsaworks.com. For more information about Musoni, please contact info@thitsaworks.com. *****

Although there are no confirmed cases of Coronavirus (COVID-19) in Myanmar, it is confirmed as global pandemic by World Health Organization on 11 March 2020. At this time, it is safe to assume that it will just be a matter of time before cases are reported in Myanmar. There is no time to panic right now but please arm yourself with information from reliable sources so that you can stay informed all the time: World Health Organization https://www.who.int/emergen…/diseases/novel-coronavirus-2019 Ministry of Health and Sports in Myanmar http://mohs.gov.mm/Main/content/publication/2019-ncov For ThitsaWorks, as many other organizations, there is a high chance that business operations will be disrupted once the outbreak happens while our partner organizations continue to operate. Here is how we are preparing for the business continuity so that we can continue to support our partners in the best possible way. We are preparing for the following phases. Phase 1: Cases reported in parts of Myanmar but not in Yangon. Public transportation is running. Our partners continue to operate. We will continue to provide support as usual but will reduce the number of physical meetings, travel and attendance for events and conferences. At this stage, ThitsaWorks Office is still open but some ThitsaWorks Team members will start working from home, partly as a practice. We are accessible via telephone, email, Skype, Viber and Service Desk Portal as usual. Phase 2: Cases reported in Yangon. Public transportation stops. Our partners continued to operate. ThitsaWorks Office is still open but we will cancel or significantly reduce the number of physical meetings, travel and attendance for events and conferences. At this stage, we will be asking ThitsaWorks Team who can work from home to do so. We will provide transportation for ThitsaWorks Team who needs to come to the office. We are accessible via telephone, email, Skype, Viber and Service Desk Portal as usual. Phase 3: Outbreak in Yangon. People are advised to stay home. Public transportation stops. Businesses stop to operate physically but some operations will remain. ThitsaWorks Office will be closed but ThitsaWorks Team will be available online and can remotely support our partners who continue to operate. Preparations: We are now preparing and practicing remote working so that we can work virtually if we need to do so. We will have laptops, access to files, servers and systems, contact lists, stable internet connection for those who are working remotely. We are also making sure that ThitsaWorks Team is taking precautions to stay healthy. We wish everyone all the best in facing this challenge. #BCP #BusinessContinuityPlan #ThitsaWorks *****

On 9th and 10th December, Pite Pite Team held a 2-day workshop at Wundwin, a township in the Mandalay Division of central Myanmar. The workshop is made up of literacy training and focus group discussions that target to improve financial and digital literacy of low-income women beneficiaries in rural areas. Over 1000 women from over 30 villages near Wundwin township participated in this workshop. Pite Pite Team, SVS Team and some of the workshop participants During this 2-day workshop, the team delivered basic financial and digital literacy training to the participants using Pite Pite Plus curriculum. The curriculum is specifically designed in a simple and engaging way to help target audience increase their ability to understand financial literacy, digital tools and utilize digital financial services with minimal explanation from the service providers about how to use the product. A participant reading about what mobile wallet is We would like to thank United Nations Capital Development Fund (UNCDF Myanmar) for the support. We also would like to extend our gratitude to the staffs from our partner, Social Vision Services (SVS) for liaising with our team and help coordinating the workshop. About Pite Pite Pite Pite is a financial chatbot that aims to help people in Myanmar become more financially literate and help empower them to seek out financial services. Language support is available in both Myanmar and English. Pite Pite aims to play as one of the key players in transforming Myanmar economy and bring positive impact to inclusive growth. Pite Pite chatbot is powered by ThitsaWorks Solutions Myanmar Co., Ltd. Please visit Pite Pite on Facebook at fb.me/PitePiteBeta #pitepite #financial #chatbot #fintech #myanmar #uncdf *****

The partnership will work towards the goal to increase formal financial inclusion in Myanmar to 60% by 2022. Software Group, a global technology company with offices in the APAC region, and ThitsaWorks Solutions, a technology solutions provider in Myanmar, are teaming up to accelerate financial inclusion in the region. The partnership will support the financial inclusion roadmap that will be launched by the Myanmar government and aims to increase formal financial inclusion to 60% by 2022. The roadmap will be implemented on a macro level and will include improving financial access, usage and quality of financial services for all. Software Group and ThitsaWorks will join forces to help large Microfinance institutions address the evolving customer needs for convenient financial services. Software Group provides solutions built on an Enterprise Digital Banking Platform, DigiWave, that enable quick, digital service at the customer’s doorstep. Together with ThitsaWorks, the partnership will address MFIs looking for highly configurable systems and capability to adjust workflows for increasing their outreach and improving efficiency. Currently, Software Group works on projects with two other financial institutions in Myanmar - Fullerton Finance Myanmar and Early Dawn Microfinance. “We are proud to team up with ThitsaWorks in reaching the financial inclusion segment in Myanmar. Combining their local expertise and market knowledge with Software Group’s global experience and innovative solutions in the financial sector, we are convinced that we will impact the business of many organizations and support them to successfully go through their digital transformation journey,” commented Alison Grün, APAC Regional Director at Software Group. “We are excited about the potential of Myanmar’s financial sector driven by the growth in financial inclusion and we are thrilled to partner with Software Group to help Microfinance institutions with their digital transformations. The suite of digital financial solutions provided by Software Group could be a game-changer for MFIs who are looking to differentiate themselves and we would love to help MFIs grow,” said Nyi Nyein Aye, CEO of ThitsaWorks. ----- About Software Group Software Group is a global technology company specialized in digitalization and integration solutions for institutions that provide financial services. Founded in 2009 and headquartered in Sofia, Bulgaria, it currently serves a worldwide client base with over 65 countries from 9 regional offices located in Australia, Bulgaria, Egypt, Ghana, India, Kenya, Mexico, the Philippines and the USA. The company’s vision is to accelerate financial inclusion by creating cutting-edge technology solutions. Some of Software Group’s customers are organizations such as the Bill & Melinda Gates Foundation, MasterCard & MasterCard Foundation, International Finance Corporation (IFC), World Bank, Asia Development Bank, 7 of the 10 biggest Microfinance networks, Asia Confederation of Credit Unions (ACCU), Allianz Bank Bulgaria, Atlantic Bank, Bank South Pacific, Commercial International Bank Egypt, and others. Visit Software Group at: https://www.softwaregroup.com. About ThitsaWorks ThitsaWorks is a Myanmar financial technology company based in Yangon. Founded in 2016, ThitsaWorks provides financial technology solutions for Microfinance Institutions to run effective operations. ThitsaWorks works with large and small MFIs in Myanmar to help them better manage data to run more efficiently and minimize risks, thereby attracting more customers, furthering impact, and allowing for better policy decisions as well as growing more quickly and efficiently. ThitsaWorks’ solutions also help consumers get access to capital and make better credit decisions. The ThitsaWorks team has years of experience managing mission critical IT enterprise systems globally. Visit ThitsaWorks at: https://www.thitsaworks.com. *****

Proximity Finance, one of the largest MFIs in Myanmar with over 100,000 end customers and a portfolio of over $20 million, has chosen Musoni as its core banking and digitalisation partner. The Musoni System is a best-in-class financial software platform built specifically for microfinance that helps organisations improve efficiency and better manage their operations. In Myanmar, agriculture employs 60% of the labor force and contributes roughly 30% of total GDP, but limited access to credit in rural communities continues to restrict the sector’s growth. Without formal financial services, borrowers in these regions are often forced to accept high interest rates from informal lenders, or pawn their land and other assets for capital. Proximity Finance is part of Proximity Designs, the largest agricultural services platform in Myanmar, providing a combination of farm technology, advice and financial services to small family farms across the country. Over the next few months, the Musoni System will be implemented across all 16 of Proximity Finance’s branches with additional digital services including the Musoni tablet application, SMS module and client facing mobile banking app being launched shortly after. Together, these will enable Proximity Finance to leverage digital technology to improve both the quality and availability of financial services to rural clients in Myanmar. Left to Right: Michael van den Berg (Proximity CFO), Cameron Goldie-Scot (Musoni CEO), Hedvig Sundberg (Proximity Finance CEO), Nyi Nyein Aye (ThitsaWorks CEO) All MFIs using Musoni in Myanmar benefit from the company’s strong local presence and its partnership with ThitsaWorks, Myanmar’s leading financial technology solutions provider. The system has already been translated into Myanmar language and includes all regulatory reports as standard. Support is provided in local language during Myanmar working hours. Cameron Goldie-Scot, Musoni’s CEO, said “We are excited to have been selected as the core banking partner to Proximity Finance. Proximity shares our social mission and understands the value that leveraging technology can bring for both end customers and internal operations. We are looking forward to working with them in the years ahead to help realise their goals of extending financial inclusion for rural families across Myanmar.” Hedvig Sundberg, Proximity Finance’s CEO, added “Musoni combines a world-class core banking system with a full suite of digital solutions. They have a deep understanding of the Myanmar microfinance sector and a strong local support team, making them the perfect digitalisation partner for Proximity as we look to leverage digital technology.” ----- About Proximity Finance – Proximity Finance is the microfinance arm of Proximity Designs, a social enterprise dedicated to serving Myanmar’s rural families. In 2012, Proximity Finance began offering much needed affordable credit to smallholder farmers and today provides a suite of low-interest rate loans designed to meet rural families’ unique needs: The Crop Loan, Small Business Loan, Livestock Loan and On-the-go Loan. These four innovative loan products help farm families and rural entrepreneurs stabilize their finances, get rid of high interest debt, and launch themselves into an upward financial spiral for good. Through its rural branch network and specialized loan products that are disbursed and repaid in line with the planting and harvest seasons, Proximity Finance currently serves the financing needs of over 100,000 households, a number that is expected to double over the next five years, a period that will see them disburse nearly 1,000,000 loans. About Musoni - The Musoni System (musonisystem.com) is a multi award-winning core banking system specifically aimed at microfinance institutions. The software has been consistently proven to help financial organisations improve efficiency, reduce costs, and expand their outreach. Aside from the core banking functionality, Musoni has pioneered the use of new technology in microfinance, and as such is integrated with multiple mobile money transfer services, includes an SMS module for the sending of automated payment reminders, a tablet app that loan officers can use for offline data capture, a mobile banking app for clients and credit scoring to improve lending decisions. Musoni therefore helps financial organisations to leverage the latest technology, but at a fraction of the cost associated with traditional banking systems. About ThitsaWorks - ThitsaWorks (thitsaworks.com) provides technology solutions for financial inclusion in Myanmar. Led by a team of IT professionals, the ThitsaWorks team has years of experience managing mission critical IT enterprise systems globally. ThitsaWorks’s solutions power microfinance institutions with data and technology solutions to run effectively. ThitsaWorks are Musoni’s official partner in Myanmar. For more information about Musoni please contact hello@musonisystem.com or info@thitsaworks.com. *****

VisionFund Myanmar (VFM), the second largest MFI in Myanmar with 200,000 end customers and a portfolio of over $30MM, has chosen Musoni as its core banking and digitalisation partner. The Musoni System is a best-in-class financial software platform built specifically for microfinance that helps organisations improve efficiency and better manage their operations. Over the next few months the Musoni System will be rolled out across all 51 of the VFM branches, with additional digital services including the Musoni tablet application, SMS module and mobile money integrations being launched shortly after. Together these will enable VFM to leverage technology to improve both the quality and availability of financial services to rural clients in Myanmar. All MFIs using Musoni in Myanmar benefit from the company’s strong local presence and its partnership with ThitsaWorks, Myanmar’s leading financial technology solutions provider. The system has already been translated into Myanmar language and includes all regulatory reports as standard. Support is provided in local language during Myanmar working hours. Cameron Goldie-Scot, Musoni’s CEO, said “We are delighted to have been selected as the core banking partner to VisionFund Myanmar, and as one of the preferred suppliers to the VisionFund network of MFIs. We are looking forward to working with VFM in the years ahead to help it realise its goals of extending financial inclusion across Myanmar.” Guerol Sari, VisionFund Myanmar’s COO, added “Musoni is an excellent core banking system perfectly suited to supporting VisionFund’s digitalisation strategy. What we like about Musoni is that aside from the user-friendly and robust core banking system, they have pioneered the use of digital financial services in microfinance and already include tablet and mobile apps as standard. This is in line with our social mission to increase access to affordable financial services in underserved communities across Myanmar.” VFM is part of the VisionFund International (VFI) network of 32 MFIs across the globe. As part of a donor funded, multi year digitalisation strategy, over the next five years VFI plans to launch Musoni across other MFIs in their network, bringing further efficiency gains and greater social impact. Tom Allen, VFI Global Director of Change & Programmes, said “we’re excited to be working with Musoni as part of our programme to standardise core banking systems across the VFI network. We’re looking forward to rolling out the system to more of our organisations, reducing manual processes for each and improving visibility across the network at a Head Office level. Upgraded technology will enable us to expand and deepen client outreach and impact.” About VisionFund Myanmar (VFM) – VFM is the second largest microfinance institution in Myanmar with the widest geographic spread through its footprint of over 50 branches. Part of an international network of over 30 microfinance institutions, VisionFund operations are best in class, complying with the highest standards for client protection and responsible lending. VFM offers a range of financial services with embedded client education. In addition to client-centric credit and savings products, VFM is pioneering the development of microinsurance products. Along with mobile services, VFM’s product range will offer clients greater choice, safety, convenience, and access to financial services that will help to create incomes and jobs for families to build brighter futures for their children. About Musoni – The Musoni System (musonisystem.com) is a multi award-winning core banking system specifically aimed at microfinance institutions. The software has been consistently proven to help financial organisations improve efficiency, reduce costs, and expand their outreach. Aside from the core banking functionality, Musoni has pioneered the use of new technology in microfinance, and as such is integrated with multiple mobile money transfer services, includes an SMS module for the sending of auto mated payment reminders, a tablet app that loan officers can use for offline data capture, a mobile banking app for clients and credit scoring to improve lending decisions. Musoni therefore helps financial organisations to leverage the latest technology, but at a fraction of the cost associated with traditional banking systems. About ThitsaWorks – ThitsaWorks (thitsaworks.com) provides technology solutions for financial inclusion in Myanmar. Led by a team of IT professionals, the ThitsaWorks team has years of experience managing mission critical IT enterprise systems globally. ThitsaWorks’s solutions power microfinance institutions with data and technology solutions to run effectively. ThitsaWorks are Musoni’s official partner in Myanmar. *****

Updated: Jul 11, 2018 Microfinance institutions in Myanmar can use technology to grow rapidly, launch new services, and improve the experiences of their customers. This was one of the points made at the “Future of Technology in Microfinance” dinner in Yangon earlier this week. The networking dinner was hosted by Musoni, the multi-award winning core banking system, and ThitsaWorks, Myanmar’s leading financial solutions provider. The evening was a celebration of the partnership between the two companies, with ThitsaWorks providing local support and expertise in Myanmar and Musoni providing its world-class international system. Speaking at the event, Cameron Goldie-Scot, Musoni’s CEO, explained how Musoni helps organisations to go cashless, paperless and data-driven. As Musoni is cloud bases, organisations can view all branch data in real time, making it easier than ever to manage the portfolio and reduce risk. Over the course of the evening, CEOs and senior management teams of the leading microfinance institutions in Myanmar learnt how to leverage technology to improve efficiency and reduce costs. There was a demonstration of the different modules provided by Musoni, including its SMS module, loan officer application, mobile money integration and client mobile banking app. ThitsaWorks also demonstrated their financial chatbot and data intelligence tools. Nyi Nyein Aye, ThitsaWorks’s CEO, explained that Musoni was already used by multiple microfinance organisations in Myanmar, and had shown the power that technology can bring in helping each organisation grow rapidly. To help Myanmar organisations even more, the system has already been translated into Myanmar language, and includes all FRD reports as standard. Importantly, the dinner was an opportunity for the participants to network with industry leaders, microfinance investors, tech providers and the Myanmar Microfinance Association. One of the main themes of the evening was the importance of working together in partnerships, and it was great to see so many follow-up meetings arranged between the attendees to share experiences and challenges. Musoni and ThitsaWorks plan to host similar networking dinners on a quarterly basis. Anyone interested in attending should contact ThitsaWorks on +95-9978669442 or info@thitsaworks.com.

Updated: Jun 21, 2018 Photo credit: Mason Capital Microfinance institutions in Myanmar are posed to grow rapidly over the next year as they respond to the demand for quality financial services from more than 80% of the unbanked population. To do this effectively microfinance institutions need reliable and robust systems, ensuring that they can minimise risk, improve efficiency and leverage the latest technology like mobile money and smartphone applications. Many microfinance organisations in Myanmar are stuck using out-dated systems that make it harder for them leverage the latest technology or serve their clients effectively. By contrast, the Musoni System is a modern cloud-based system built specifically for microfinance. Learn more about the Musoni System Musoni enables MFIs to easily manage their clients, groups, savings and loans. Its user-friendly report builder ensures that everyone has the data they need at the click of a button. The system has been customised specifically for Myanmar, has been translated into Burmese and already includes all of the key regulatory reports required by the FRD. In addition, Musoni has pioneered the use of new technology in microfinance, and as such is integrated with multiple mobile money transfer services, includes an SMS module for the sending of automated payment reminders, a tablet app that loan officers can use for offline data capture, a mobile banking app for clients and credit scoring to improve lending decisions. High Quality local support Equally important is the quality of local support. ThitsaWorks is the official partner of Musoni in Myanmar and provide local language support and training to all users of the system, ensuring that they’re making the most of the new functionality. Organisations already benefitting from this include Hayman Capital, now serving over 50,000 clients across five regions, and Mason Capital Microfinance who launched their operations recently with plans to expand actively in coming months. The partnership with Musoni/ThitsaWorks helped the Mason begin its operations efficiently and effectively by providing its customers with digital financial services right from the start. “We owed a lot to your teams. My team has just finished client data-entry with the full support from your on-line trainers, and we are able to start using the system within days”, said Mr. Hyun Il Cho, Managing Director of Mason Capital Microfinance. Nyi Nyein Aye, CEO of ThitsaWorks, and Cameron Goldie-Scot, CEO of Musoni, at the Digital Microfinance 2018 Forum in Yangon, Myanmar. For more information about Musoni please visit www.musonisystem.com and www.thitsaworks.com for information about ThitsaWorks. Organisations interested in licensing the Musoni System in Myanmar can contact ThitsaWorks on info@thitsaworks.com or ring +95-9978669442. Nyi Nyein Aye, CEO of ThitsaWorks, and Cameron Goldie-Scot, CEO of Musoni, at the Digital Microfinance 2018 Forum in Yangon, Myanmar. About Musoni – Musoni is the company behind the award-winning SaaS banking software, the Musoni System, already used by over 100 organisations around the world. The software has been consistently proven to help financial organisations improve efficiency, reduce costs, and expand outreach into the rural areas where the majority of the unbanked live. About ThitsaWorks – ThitsaWorks provides technology solutions for financial inclusion. Led by a team of IT professionals, the ThitsaWorks team has years of experience managing mission-critical IT enterprise systems globally. ThitsaWorks’s solutions power microfinance institutions with data and technology solutions to run effectively.

“Microfinance institutions? How are those different from banks? What services do they offer? Are they connected with the government? What do I need to apply for a loan? How could I qualify?” Based on our interviews and conversations with taxi drivers, tri-shaw drivers, shop owners and others, the questions above are some that Myanmar citizens have around financial access and microfinance institutions. One challenge that remains for expanding financial inclusion is the lack of financial literacy among citizens needed to understand financial services and products. Due to this lack, many are unaware of how to utilize services available to them and distrust financial institutions. Most of them have thus, never had bank accounts or used formal financial services, not to mention they are prone to dangers of receiving misinformation. Financial education has been met with skepticism when it comes to demonstrating any impact on financial literacy. Contrary to what previous singular studies may reveal however, financial education does make a difference. Rigorous impact evaluation studies, including meta-analyses,[i]have determined that financial education has a strong positive impact on financial literacy as well as a positive, measurable impact on financial behavior. Despite the fact that financial literacy programs vary in their interventions across different program types, the general effect is positive, even factoring this heterogeneity. While there may be workshops and literature to aid consumers in understanding financial information and concepts, the reach is somewhat limited. ThitsaWorks would like to leverage the opportunities of digital growth in Myanmar and the existing technology that people are already using to make financial literacy available on a wider scale. One way is through the use of a chatbot that can be integrated on platforms users are already using. What is a Chatbot and What is the Impact? A Chatbot is a computer program that conducts a conversation using auditory or textual methods, mimicking a live person and answering questions. You may have seen this when online shopping and a messenger bot appears and guides you through a process to find the right product you want. Similarly, a chatbot for financial education would deliver key information relating to personal or business finance and could be developed through the messaging platforms. According to Peter Rojas, Entrepreneur in Residence at Betaworks, “People are now spending more time in messaging apps than in social media and that is a huge turning point. Messaging apps are the platforms of the future and bots will be how their users access all sorts of services.” The advantage of chatbots is that they can be developed on existing platforms that people are already using. So what we want to do is find the platforms where users already are — instead of making users go through the complexities of installing another native application. Opportunities to converse with chatbots are growing, whether through our smartphones, tablets, home appliances, virtual personal assistants, or our cars. We also believe a chatbot would be interactive and informative enough for users to feel armed with more knowledge, seek further information or even find a microfinance institution. Currently financial literacy efforts in Myanmar are an operationally expensive endeavor and is usually conducted on a small scale. Participants are usually already connected with a microfinance institution which means two things: 1) Trainings are limited in capacity due to human resources and 2) participants that are not connected with an MFI are likely not receiving information they are seeking. The most obvious benefits to delivering information through a chatbot can be summed in three words: accessibility, scale and interaction. Accessibility: Chatbots are readily accessible because they exist on platforms users are already using. Once a user starts a conversation with the bot, the response is instantaneous. This allows them to play with and ask questions on-demand and also in private. Scale: Unlike traditional mediums, chatbots have the capability to handle capacity. One bot can talk with hundreds of users at the same time. Information is not only accessible, but also has a wide reach. Interaction: Chatbots guide users through a conversation, where users are learning through an interactive format, unlike static information that may be hard to navigate. Even more, if a chatbot is AI-driven, responses are tailored such that not all users would receive the same responses from the chatbot. The chatbot responds based off the input a user gives. From asking various questions to determine consumers’ information needs, the chatbot could provide information or triggers that could nudge consumers towards more desired behaviors such as accessing a formal financial institution. Combining these three factors of accessibility, scale and interaction together, you have the potential for both wide and deep impact when it comes to delivering information. Even more, the finance industry is ideal for this kind of automation given that it is built on processing information. Because of the potential an AI-driven chatbot has in streamlining loads of data to respond to customers’ requests, the chatbot will only become more popular with financial services. A Chatbot’s Value Added in Education Admittedly, there is no silver bullet to wicked problems like the lack of financial knowledge and education. A chatbot is merely a tool and the potential of chatbots’ role in education is promising provided they are used for an appropriate purpose. As an emerging tool, chatbots have shown to be very useful for finding and disseminating information. ThitsaWorks’ chatbot’s added value is the ability to provide financial information and calculations in an accessible way. According to a recent survey conducted by Ubisend, an AI- driven chatbot building company, “consumers want chatbots to be purely functional and offer practical solutions rather than engaging a consumer with in-depth conversations.” Rather than provide loads of information at a time, we give specific tailored responses based on what the customer says, in smaller digestable chunks. Cornell University developed a chatbot called CourseQ that allows students to send texts to various classrooms, departments and clubs. CourseQ has been trained to answer questions relating to assignments, due dates and events, and makes it easy to take polls. By having chatbots interact with students with more rudimentary and functional questions and tasks, the professors and tutors were more able to devote time with students on more complex problems requiring more creative input. Similarly, when it comes to financial education, one could also make the case that a chatbot could teach a borrower how to calculate interest, while a human loan officer takes on the more creative task of coaching on a business plan or money management. To keep up with current news on the development of the chatbot, including the product launching coming up soon, please be sure to follow us on Facebook @ThitsaWorks. [i] Kaiser, T. and Menkhoff, L. (2017). The World Bank Economic Review. [online] Available at: http://documents.worldbank.org/curated/en/144551502300810101/pdf/WPS8161.pdf