InfoCorp Technologies Partners Mandalay Capital to Provide Livestock-backed Loans for Unbanked Farmers
26th April 2019: InfoCorp Technologies, Singapore-registered fintech company has formed a partnership with Myanmar-based financial services company, Mandalay Capital (MCAPITAL) to utilise FarmTrek as platform to provide livestock-backed loan services to farmers and MSMEs in the Myanmar agricultural and livestock market.
MCAPITAL aims to replace illegal remittances and currency exchanges in line with Central Bank’s policy, as well as reducing poverty through creating job opportunities in the sector. Through the use of FarmTrek, MCAPITAL smallholder farmer customers will be able to complete KYC verifications by stakeholders in the field such as livestock insurance companies and local veterinary officers, and verify their proof of livestock ownership via tamper-proof livestock identification tags tracked via the FarmTrek blockchain.
“We are excited to have Mandalay Capital as a partner; with their reach, I trust InfoCorp will be able to realise our mission to create an inclusive world with equal opportunities for many farmers in Myanmar to live better lives, and have better health and well-being. “ said Roy Lai, founder and CEO of InfoCorp Technologies.
“We are committed to assisting the country in its economic growth and providing trusted and efficient financial services to entrepreneurs and MSMEs. With 70% of the country working in the agricultural sector, FarmTrek technology will be very helpful to us to achieve the goal.” said Myint Win, MD of Mandalay Capital.
Mandalay Capital is a Myanmar registered company specialised in providing financial services to businesses — micro, small and medium enterprises, in accordance with Myanmar Central Bank’ guidance. It aims to replace illegal remittances and currency exchanges in line with Central Bank’s policy, as well as reducing poverty through creating job opportunities in the sector. MCAPITAL’s product packages include individual loan, group loan, livestock loan, motor car and machinery hire purchase, electronic financing, SME loan, home loan, advance payment and commercial loan.
InfoCorp Technologies Pte. Ltd. is a fintech company that provides the infrastructure to accelerate financial inclusion to unbanked and underserved communities through the use of blockchain technology. It designs solutions for small bank consortiums in emerging countries to facilitate inter-bank transactions using distributed ledger technologies and provides consultancy services to clearing house and central banks on implementations and testing of real-time payment systems, and also to corporate clients on implementations and operations of distributed ledger technologies for production use.
Sentinel Chain is a blockchain-based international marketplace for cross-border financial services and the world’s first platform to accept the use of livestock as collateral. Taking a unique approach to the last mile problem of financial inclusion, the Sentinel Chain model establishes livestock provenance through the creation of livestock insurance on blockchain — the registration of livestock provenance on blockchain provides the unbanked with a new opportunity: the real possibility of accepting livestock as ‘collateral’ for loans. Sentinel Chain is a project by InfoCorp Technologies.