Singapore, 7 September 2016 – BankersLab® today announced that it has been appointed by joint partners Gesellschaft für Internationale Zusammenarbeit (GIZ) and Standard Chartered Bank (SCB) to lead a learning program designed to develop Myanmar’s SME lending industry.
Supported by the Myanmar Banks Association, the goal of the initiative is to train the emerging financial industry by building a solid understanding of credit risk identification, control and management for SME financing.
Small and Medium Enterprises (SMEs) have always played an important role in a country’s GDP growth, and more so in Asian countries. The Myanmar government has recognized that SME’s form a cornerstone of the private sector and have established a number of initiatives to help support business owners. However, SMEs have significant funding needs as many lack strong capital support and most are not formally managed. They are also extremely susceptible to market volatility, key man risk and lacking in adequate infrastructure – as a result SME financing can be subject to high default rates and requires careful management.
To help tackle this, senior officers from Myanmar’s local banks will join the first in a series of workshops, facilitated over 12 months that are designed to expand bankers’ knowledge of key areas of SME lending.
“It’s important to remember that many emerging markets are fuelled by micro and small business activity. We’re pleased that GIZ, SCB and the Myanmar Ministry of Industry are working actively to empower the financial sector” said Michelle Katics, CEO. “The goal of BankersLab is to support that growth in a sustainable and smart way, which expands lending whilst avoiding credit bubbles. In our work thus far in Myanmar, we’ve found the financial sector employees to be hard working, thoughtful, and eager to learn which is the first step to success.”
For more information contact: Info@BankersLab.com
BankersLab leads the way in delivering innovative, strategic learning across the banking industry. Utilizing a blended learning model, BankersLab integrates numerical simulation, the gamified classroom and mobile learning games – designed to ‘level up’ the expertise of banking professionals. To learn more visit: http://www.bankerslab.com
About Standard Chartered Bank
We are a leading international banking group, with more than 90,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is a federally owned enterprise implementing on behalf of the German Government international cooperation projects in the field of sustainable development. In the framework of the German bilateral cooperation with Myanmar, GIZ is implementing the Financial Sector Development (FSD) project since 2012 (project budget: EUR 9.45 Mio.) aiming at the development of an efficient and stable financial sector in Myanmar.