Aeon Financial Service Company Limited (Aeon), a Japanese-based credit and financial services provider, recently announced that it has launched Aeon Microfinance (Myanmar) Company, a consumer credit services subsidiary based in the Myanmar State of Yangon. Aeon Microfinance reportedly will offer a service allowing clients to pay off purchases in installments at approximately 100 member stores that specialize in home appliance and furniture. In the future, the company hopes to issue credit cards [1]. Further information about the services is unavailable.
Financial information for Aeon Myanmar is unavailable. As of 2013, Aeon reported total assets of JPY 2.5 trillion (USD 25.7 billion), deposits of JPY 1.2 trillion (USD 12.3 million) from 5,500 depositors, return on equity (ROE) of seven percent and 31.9 million cardholders. In addition, Aeon has operations in Cambodia, China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Taiwan, Thailand and Vietnam.
By Jennifer Young, Research Associate
About Aeon Microfinance (Myanmar) Company
Founded in 2013, Aeon Microfinance (Myanmar) Company is a consumer credit services company based in Yangon and a subsidiary of Aeon Financial Service Company Limited, a Japanese-based credit and financial services provider that has operations in 10 countries. Financial information for Aeon Microfinance Myanmar is unavailable. As of 2013, Aeon Financial Service Company reported total assets of JPY 2.5 trillion (USD 25.7 billion), deposits of JPY 1.2 trillion (USD 12.3 million) from 5,500 depositors, return on equity (ROE) of seven percent and 31.9 million cardholders.
About Aeon Financial Service Company Limited
Founded in 1981, Aeon Financial Service Company Limited is a Japanese-based credit and financial services provider. Aeon has operations in Hong Kong, India, Indonesia, Malaysia, Myanmar, the Philippines, Taiwan, Thailand and Vietnam. In addition, Aeon provides microfinance services in Cambodia and China. As of 2013, Aeon reported total assets of JPY 2.5 trillion (USD 25.7 billion), deposits of JPY 1.2 trillion (USD 12.3 million), return on equity (ROE) of seven percent and 31.9 million cardholders.
Sources and Additional Resources
[1] Jiji Press Story, AEON Financial Service Co., Ltd. Launches Consumer Credit Services in Myanmar,” http://www.reuters.com/finance/stocks/8570.T/key-developments/article/2790524
MicroCapital Story, June 27, 2013, “MICROCAPITAL BRIEF: Myanmar Licenses First Private Insurers,” https://www.microcapital.org/microcapital-brief-myanmar-licences-first-private-insurers/
MicroCapital Story, April 9, 2013, “MICROCAPITAL BRIEF: ACLEDA Begins Microfinance Operations in Myanmar,” https://www.microcapital.org/microcapital-brief-acleda-begins-microfinance-operations-in-myanmar/
MicroCapital Story, February 13, 2013, “MICROFINANCE PAPER WRAP-UP: “Microfinance in Myanmar Sector Assessment”; by Eric Duflos, Paul Luchtenburg, Li Ren and Li Yan Chen; published by CGAP (Consultative Group to Assist the Poor), International Finance Corporation,” https://www.microcapital.org/microfinance-paper-wrap-up-microfinance-in-myanmar-sector-assessment-published-by-eric-duflos-paul-luchtenburg-li-ren-and-li-yan-chen-published-by-cgap-consultative-group-to-as/
MicroCapital Story, “January 31, 2013, “MICROCAPITAL BRIEF: International Finance Corporation Paying $2m for Stake in Arm of Cambodia’s ACLEDA Bank Being Established in Myanmar,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-paying-2m-for-stake-in-arm-of-cambodias-acleda-bank-being-established-in-myanmar/
MicroCapital Story, January 16, 2013, “MICROCAPITAL BRIEF: Government of Myanmar Announces Microfinance to be Key Element of Development Plans,” https://www.microcapital.org/microcapital-brief-government-of-myanmar-announces-microfinance-to-be-key-element-of-development-plans/
MicroCapital Story, December 7, 2012, “MICROCAPITAL BRIEF: ACLEDA Bank of Cambodia to Launch Microfinance Operations in Myanmar in January 2013,” https://www.microcapital.org/microcapital-brief-acleda-bank-of-cambodia-to-launch-microfinance-operations-in-myanmar-in-january-2013/
MicroCapital Story, July 25, 2012, “MICROCAPITAL BRIEF: Myanmar Caps Microloan Interest Rates at 17%, Germany’s Savings Bank Foundation for International Cooperation (SBFIC), Philippine’s CARD Fund Mingalar Myanmar, Myanmar Egress Microfinance Projects,” https://www.microcapital.org/microcapital-brief-myanmar-caps-microloan-interest-rates-at-17-germanys-savings-bank-foundation-for-international-cooperation-sbfic-philippines-card-fund-mingalar-myanmar-myanm/
MicroCapital Universe Profile: Aeon Microfinance (Myanmar) Company, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Aeon+Microfinance+%28Myanmar%29+Company
MicroCapital Universe Profile: Aeon Financial Service Company Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Aeon+Financial+Service+Company+Limited
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