New MFI set up in Myanmar

Fun with flags

A new microfinance entity in Myanmar, Ruby Hill Microfinance, has signed for the Abacus core banking system, provided by Fern Software.

Ruby Hill was established earlier this year as a joint venture between Myanmar’s Loi Hein Group and Dragon Capital Group, a Vietnam-based asset manager.

“We evaluated a number of core banking systems but chose Abacus as it is a proven solution,” says Trinh Proctor, the MFI’s chief executive.

Fern Software was set up in 1979. Its flagship core processing system, Abacus, is aimed at “inclusive financial institutions”, such as MFIs, credit unions, SME lenders and development banks.

The solution has 300 installations in 30 countries predominantly across Africa, Latin America, Asia and Eastern/Central Europe, the vendor says.

These include KEP Trust, the largest local MFI in Kosovo; OXUS Group, which operates in Tajikistan, Kyrgyzstan, Afghanistan and the Democratic Republic of Congo (DRC); the Financial Institution for Development Works (IFOD) in DRC; and Buusaa Gonofaa Microfinance in Ethiopia.