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Myanmar conglomerate to offer loans online using Alibaba tech

Yoma plans to build new financial platform for over 40m unbanked

Yoma hopes to increase the number of Wave Money app users roughly by 10 times now to 11.2 million by 2024. (Photo by Htet Aung Phyoe)

YANGON -- Yoma Group plans to use credit analysis technology to help it vet loan offers to consumers and small businesses, with support from Chinese e-commerce giant Alibaba Group Holdings, as the Myanmar conglomerate looks to tap a market of over 40 million unbanked residents.

The plan is currently in the preliminary discussion stage between the two groups.

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