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Business

Tech entrepreneurs find an oasis in startup-parched Myanmar

David Madden, founder and CEO of Phandeeyar, left, and his "Accelerator" team that will help mentor startups in fintech and other fields (Courtesy of Phandeeyar).

YANGON -- On a recent evening, a group of aspiring young tech entrepreneurs packed a room in downtown Yangon to learn how to pitch their ideas to venture capitalists. The venue, Phandeeyar, means "creation place" in Burmese, a lofty goal captured in its full title, Myanmar Innovation Lab.

Phandeeyar's trailblazing aim is to use technology to improve people's daily lives in Myanmar, still among Asia's poorest countries. Its scope ranges from basic fintech services such as mobile money transfers to more "out of the box" innovations, explains David Madden, Phandeeyar's Australian founder and chief executive.

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