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By Thynn T. Win, Chief Technology Officer of ThitsaWorks We at ThitsaWorks are building a chatbot to improve financial inclusion in Myanmar, a country where 8 out of 10 people don’t have access to formal financial services. We are excited with the potential that this chatbot brings to assisting the underserved communities in Myanmar get access to much needed financial information. Why are these bots so popular nowadays? Are we building a chatbot so simply follow the trend? Well, the answer isn’t so simple. We see the appeal of chatbots and at the same time, we understand why some may be turned off by it. Human beings are social animals and many of us prefer face-to-face interaction with other people. No matter how intelligent they may be, there will be situations where the chatbot may not understand us. How many of us have repeatedly pressed 0 on our phones, trying to get through to the operator so we don’t have to listen to the automated menu options. So why bother with a bot? It’s clear — to help save time and provide instant gratification. (1) With the popularity of text messages, people are now spending more time texting than using voice calls. We’re used to typing and receiving responses instantaneously, and in the era of instant gratification, chatbot gives us just that. We no longer have to wait 20 or 30 minutes for an agent to be available to take the call. With a chatbot, we can get answers in a matter of seconds. (2) Technology has become so advanced that these are no longer just a bunch of automated responses. With ever powerful interconnected machines, vast amounts of information can be consumed and processed in milliseconds. With access to a wealth of information and increasingly powerful machines, the bots are far more knowledgeable and incredibly fast at “thinking”. In the name of “division of labor”, we believe humans and bots can share the work load, with each focusing on their strengths. In the case of calculating loan installments/interests or locating Microfinance Institutions nearby, bots can certainly handle them better. (Faster response with wider coverage). There are also positive side effects, such as giving users flexibility, anonymity and availability. Users can test different loan scenarios, with varying loan terms and amounts without having to feel like they are imposing on anyone. The bot is available 24/7. If not for nothing, it’s fun to watch them imitating humans and mature over time. How many times you smile when Alexa answers something you don’t expect or Siri quips at you? There are many other things that bots are no doubt better at and we intend to take full advantage of that. So stay tuned. :) *****

What is the role of FinTech in an emerging market like Myanmar? This was the key central question that was explored throughout the FinTech and Digital Currency Business Forum held at Novotel in Yangon last Saturday, organized by Digital Wealth and Event Pro. ThitsaWorks attended as a sponsor of the event, where we hosted a booth outside of the the featured talks and panels, showcasing our exciting products and featuring our newest partnership with the software company, Musoni. Speakers of the talks and panel included Myanmar’s Dr. U Maung Maung Thein (Former Deputy Minister of Finance), U Zaw Lin Htut of Myanmar Payment Union, Dr. U Hla Nyunt of Global Treasure Bank, U Okka Myint and ThitsaWorks’ very own CEO, U Nyi Nyein Aye. Dr. U Maung Maung Thein gave the opening talk, setting the tone by urging that Myanmar must catch up to the use of technology, especially FinTech, or risk being left behind. We are at a pivotal point in our evolving economy, he says, entering what could be the third Industrial Revolution beginning since the introduction of bitcoin around 2010. Managing sustainable growth would be crucial, guided by proper forecasting and not by greed. ThitsaWorks’ CEO, U Nyi Nyein Aye gave a speech where he promoted Fintech and RegTech acts as a “catalyst for financial inclusion” in Myanmar. Starting with highlighting the various categories in the FinTech ecosystem, he noted the importance of regulatory frameworks and structures to establish policy and regulations, as technology outpaces our policies. In the vast array of FinTech developments, this is precisely the niche that ThitsaWorks aims to focus on: digitization of data, management information systems, data visualization and analytics for better policy-making and oversight. FinTech, as U Nyi says, needs RegTech — “using innovative technology to address regulatory challenges in the financial services to help businesses comply with regulations efficiently and inexpensively.” He underscored throughout the opportunity we have to leverage the growth of technology towards targeting and reaching the poor and under-banked. Collaboration and partnership is embedded in Fintech itself and would require mobile companies, software and tech companies and the government to work jointly together. Is Myanmar ready for fintech and digital currency? The panel of experts, facilitated by U Okko Myint, discussed this question. The panelists generally agreed: Although regulation is crucial, we also do not have to wait to move forward. U Maung Maung gave the example of China and the technological developments that sprung from old and new systems existing in parallel. The rise of Asia is bound to happen and Myanmar should jump on the bandwagon. *****

Government clouds…E-identities.. Cybersecurity… The “Digital Transformation”… Change management… These are some of the buzzwords heard when ThitsaWorks attended an annual event at Nay Pyi Taw, the e-Government Conference and ICT Exhibition 2017, organized by the Ministry of Transportation and Communications (MOTC) and Myanmar Computer Federation (MCF). The conference focused on showcasing the services offered by various ICT companies including telecommunications, digital banking, other e-government and ICT services and much more. Prominent among the different government ministries that were present include the Ministry of Planning and Finance, Ministry of Agriculture, e-Government department, Ministry of Education, Ministry of Construction, Yangon Region Government, and Nay Pyi Taw Development Committee amongst many others. Like the field of tech itself, the conference was information-enabling and information-rich. Presentations ran throughout the conference featuring presenters from government ministries, Myanmar Computer Federation and also from overseas visitors such as the World Bank and Huawei. Case studies from other countries such as China or Singapore allowed other stakeholders to envision possibilities of how to build and better implement the use of Government cloud or enhance cyber-security. More than three presenters mapped out the evolutionary stages in digital transformation (from e-government of digitizing and networking to smart government of integration and intelligence), — shedding light on future paths and directions the country will experience. As one browses through the various exhibits and listens to the presentations, you begin to get a sense of the current ecosystem of the ICT sector in Myanmar. The conference served as a fertilization ground for greater partnerships and also stimulated imagination on the technological possibilities in the country. The event was an opportunity for ThitsaWorks to gain more visibility, speaking of our work to government ministries, other tech companies, financial institutions and students. Our conversations with other companies and government ministries allowed us to commiserate, as well as brainstorm solutions, on the various consistent (even basic) needs and challenges across the tech sector in Myanmar — for example, the need for greater financial literacy, better data management and trainings on such topics, to name a few. One running theme from the conference was the need to collaborate amongst the different companies and also with the government — ensuring that no one is reinventing the wheel or duplicating efforts and that we build fortifying partnerships and reduce vertical siloes. Presentations reintroduced and reemphasized agile and adaptive frameworks and methods (in the form of cross-agency applications, business process re-engineering, working together with users etc.). These themes served as a greater call to the Myanmar government and reminder to tech companies of the multi-disciplinary efforts needed to tackle change management within and outside institutions and thus enable digital transformation. Fundamentally, ministry representatives also agreed on the need for the government to prioritize e-government. The government must provide an enabling environment through investing in appropriate infrastructure and building regulatory frameworks so that ICT can thrive rapidly and securely. And even more, the ‘human’ structures such as steering committees within the government and greater public-private partnerships (PPPs) were also emphasized as essential. ThitsaWorks aspires to contribute to the digital transformation and ICT evolution of Myanmar, with the goal of poverty reduction. One particular service we are excited about is the visualization of financial data on an aggregate national level. Government ministries and policy makers have expressed the need for such data to better understand the health of the financial sector and to also inform policy-making decisions. As financial data becomes more readily available, there will be a greater demand to visualize this data on a wider scale. As a company, ThitsaWorks is passionate about using data, as the bedrock of modern technology, to solve complex business and social challenges. We are excited to contribute in this way through fintech and seek greater partnerships to help Myanmar advance in the next stages of digital transformation. *****

On Monday March 13, ThitsaWorks held an event in Yangon titled ‘Fintech for Myanmar’s Financial Sector: How to Grow and Manage Risk in Microfinance by Leveraging Technologies’. Held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), the event was well attended and brought together people from the microfinance and banking sector of Myanmar, technology providers and media. The opening remarks were given by Dr. Maung Maung Lay, the vice-President of UMFCCI. Then Nyi Nyein Aye, the CEO of ThitsaWorks, gave a presentation on ThitsaWorks, as well as the microfinance landscape in Myanmar. According to Nyi, with a high mobile penetration rate and 70% of population living in rural area in Myanmar, digital financial services are key to financial inclusion. The estimates show that the demand for credit is four times that of current supply and there is a huge potential for MFIs to grow. Ed Cable, the President and CEO of Mifos Initiative USA, gave the keynote presentation which was well received. Ed highlighted the evolution of Mifos and how digital financial services can increase financial inclusion. The examples of how others have successfully deployed Mifos in other countries was very useful for the audience who are still new to Mifos. Following the presentations was a panel hosted by Thaung Su Nyein, CEO of Information Matrix. Members of the panel included Ko Ko Maung, Director, Financial Regulatory Department (FRD), Ministry of Planning and Finance (MOPF); Thiri Thant Mon, Managing Director, Sandanila Co.,Ltd; Ye Min Oo, Banking Consultant; and Bo Bo Wai Maung, Deputy Managing Director & Head of Corporate Banking, KBZ Bank. The panel members shared their expertise and their thoughts on the future of the financial sector in Myanmar and answered many questions asked by the attendees. The panel discussion was very interactive and informative. The event concluded with Ed Cable and Nyi Nyein Aye officially launching Mifos’ Yangon chapter and invited those who are interested in ICT issues for MFIs to get involved with the chapter. The first event of the Yangon chapter will be held on May 2017. ThitsaWorks would like to sincerely thank Ed Cable and Mifos community, members of the UMFCCI, members of the panel and all the attendees for their support and participation in making this event successful. A high level of attendance from MFIs, Banks, technology solution providers and media is an evidence that there is indeed a high interest in utilizing MIS solutions like Mifos for MFIs in Myanmar. With the support of Mifos, ThitsaWorks is happy to be in a position to help with this transition. *****