November 10, 2016
November 10, 2016: Hayman Capital Co Ltd, a deposit taking microfinance institution backed by Singapore-based investment company Hayman Capital Pte Ltd, is planning to raise about $4 million debt capital in 2017 to expand its business in Myanmar. For Myanmar, the company is looking to raise a total debt capital of $22 million by 2018 from banks, financial institutions and existing share holders. “We are providing loans for small entrepreneurs and, on the other hand, we are bringing other investors from overseas to Myanmar,” said Hayman Capital Pte Ltd managing director Sultan Marenov, who has about 17 years of experience in commercial banking. “By 2018, we will raise at least $10 million from different financial institutions plus will have up to $10 million from our main shareholder,” he told DEALSTREETASIA. “We already started due diligence with four companies, one bank and three financial institutions,” he says about some advanced talks on this front. As a deposit taking MFI, they are targeting to attract from the members about two billion MMK ($1.7 million) as a term deposit.
Hayman Capital Pte Ltd has invested about K4.6 billion ($3.8 million) in Myanmar to provide micro loans to low income entrepreneurs and small businesses in the rural and urban of the Yangon and Bago region. By 2017, the firm is looking to expand into Mandalay and Sagaing and roll out nationwide by the end of 2019. They currently work out of five offices. Its total disbursed loan stands at K7.5 billion reaching 26,000 clients since 2015, when it started operations.
In Myanmar there are over 200 MFIs, of which 50 are active. Hayman Capital counts itself among about 15 pure business oriented MFIs operating in Myanmar. Apart from Myanmar, the Singapore investment firm is also looking to expand its microfinance operations in Vietnam in 2017. It is weighing options of whether to start afresh or enter Vietnam by way of acquiring stake in an an existing MFI.