November 22, 2019

IKBZ Insurance Co., Ltd Confirms Testing KyoPay’s Online Platform to Diversify Investment Portfolio

November 18, 2019 - IKBZ Insurance Co. has signed up in KyoPay’s platform to do a series of pilot transactions with carefully selected and vetted accounts receivables from local and foreign businesses in Yangon. During the first period of the pilot phase, IKBZ will be purchasing business to business (B2B) invoice receivable transactions arising from sales on credit terms (30 - 120 days) of goods and/or services provided by local suppliers in Myanmar.

As the industry in Myanmar grows, finding the right investment becomes more challenging to providers. Most common investment options in the portfolio are limited to government bonds, treasury bills, and bank deposits. The liquid market will need to find a way to keep investments diversified and investors satisfied.

The rise of financial technology “fintech” companies provides the opportunity to resolve this need, while ensuring compliance procedures are still being followed. KyoPay’s internal compliance policies of ‘Know-Your-Customer’ (KYC) and Anti-Money Laundering (AML) checks, business risk assessment, and verification procedures allows institutions to have a better understanding and enables an informed decision-making process. Along with the use of a segregated account, that works like an escrow account, to safeguard investor money in any event of default.

The pilot phase with IKBZ begins this November 2019 and is expected to continue until the 2nd Quarter of 2020. A small initial amount of funds will be used to purchase and repurchase approved invoice receivables via KyoPay’s platform.


The IKBZ Insurance Company underwrites General Insurance products. Established in 2013, IKBZ Insurance Co. Ltd., part of KBZ Group of Companies, is the first officially licensed private insurance provider in Myanmar. With 20 branches nation-wide and over 750 dedicated employees, IKBZ is proud to provide "Insurance You Can Rely On". IKBZ's products cover the full range of insurance needs from life and health insurance to property, fire, shipping and auto insurance to long term savings structures and most recently education insurance. Delivered in a spirit of loving kindness, courage and determination, IKBZ aims to improve the quality of life in Myanmar by delivering the right insurance solutions for the all. IKBZ also underwrites Life Insurance products through sister company, IKBZ Life.

KyoPay Technologies is an invoice discounting platform which connects SMEs and investors. SMEs can sell their receivable invoices on the one hand and the investors can buy those receivables at a discount on the other hand. Those who buy invoices in KyoPay can earn 2% - 3% on a monthly basis. KyoPay was founded early 2018 and during the one year operations period, KyoPay has already transacted over 1.6 billion MMK worth of receivable invoices from SMEs in Yangon.