Myanmar has a swift-growing FinTech ecosystem. In fact, one of the reasons for the FinTech boom in the country has been cloud adoption. After 2014, Myanmar’s mobile phone connectivity rate grew from less than 10 percent to a whopping 95 percent, according to the US International Trade Administration. However, many businesses were thrown into unprecedented predicaments during the pandemic. They unexpectedly had an opportunity to reassess how they communicate

within the organization and bank on their mission-critical technology applications. Most of them migrated to the cloud to ensure the delivery was resilient and consistent and the deliverables maintained high quality. According to marketsandmarkets.com, the global cloud computing market size is expected to grow to $947.3 billion by 2026 at a CAGR of 16.3 percent during the forecast period.

Technology services companies have played a significant role in enabling this migration across industries. The software-as-a-service (SaaS) industry in Asia has made the most of this favorable ecosystem. According to Statista, the SaaS segment in Asia is projected to grow by 12.99 percent (2023-2027), resulting in a market volume of $63.38 billion in 2027. Myanmar’s SaaS revenue is projected to reach $34.04 million in 2024 and is expected to show an annual growth rate (CAGR) of 8.87 percent, resulting in a market volume of $47.82 million by 2028. It’s no secret that the country is betting big on technology, especially the FinTech industry. On this note, this yearly special issue sheds light on the finance heads in Myanmar Inc. Do let us know your thoughts.