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Business

Vietnamese joint venture to offer microfinancing in Myanmar

Dragon Capital partners with Ruby Hill to tap unbanked locals

Dragon Capital Chairman Dominic Scriven, front left, and the Ruby Hill chairman, front right, signed a deal to set up Ruby Hill Microfinance on Wednesday.

HO CHI MINH CITY -- Vietnam's Dragon Capital Group and Myanmar's Ruby Hill Financial on Wednesday signed a deal to set up a joint venture that will provide loan products and services to the burgeoning workforce driving Myanmar's rapid economic development.

Ruby Hill will hold a 51% stake in Yangon-based Ruby Hill Microfinance, while the Vietnamese fund will own the remaining 49%. The joint venture will launch with $5 million in capital. The two partners are expected to raise that figure to $100 million in five years, depending on demand in the market.

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