Coordination meeting: MSME Digital Lending Application to be developed

Plans are underway to develop the MSME Digital Lending Application aiming to ensure smooth process and reduce the work procedures. On Thursday, a work coordination meeting on development of application was held at the Ministry of Industry and MSME Development in Nay Pyi Taw. Union Minister Dr. Charlie Than attended the meeting and made a speech. He underscored the value of MSME sector, the major driving force of nation’s economic sector development, and stressed the need of timely and accessible finance in ensuring the growth of MSMEs. He added that the government is establishing funds to provide requisite assistance for entrepreneurs, and MSME Digital Lending Application is expected to become a key platform for the entrepreneurs to meet their needs. The Union Minister also gave necessary instructions to ensure the effective and comprehensive application, which emphasizes on process automation and data digitization. The attendees then engaged in sector-wise discussions on the development of application. Studies show that the use of digital lending platforms and technologies reduces loan assessment times for MSMEs from weeks to minutes. Serving as a crucial pillar in MSME Single Window System, the application could help accelerate the formalization of MSMEs.