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Business deals

Myanmar telco Frontiir bags $30m from UK development finance group

Investment from CDC Group to help bring over 2 million people online

Frontiir plans to expand its service coverage to lower-income townships within Yangon and Mandalay, and expects to grow to 22 cities and towns by 2022.   © Reuters

JAKARTA -- CDC Group, the U.K.-based development finance institution, has invested $30 million in Yangon's internet service provider Frontiir, marking its first direct equity investment in Myanmar.

Despite Myanmar's growing mobile broadband penetration, access to digital services in the country is still very low, which poses a significant challenge to communities and businesses. Data usage there also remains unaffordable.

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