Myanmar's Ruby Hill Financial Co. and Vietnam's Dragon Capital Group Ltd. signed a deal to set up a microfinance joint venture in Myanmar.
Ruby Hill Microfinance will begin operations with an initial capital of US$5 million, the companies said April 5. Ruby Hill Financial will hold a 51% stake in the company, while the remaining 49% stake will be owned by Dragon Capital.
Trinh Proctor was appointed as CEO of Ruby Hill Microfinance. She is chief strategy officer of Loi Hein Group, the parent company of Ruby Hill Financial.
The microfinance company will offer loans and services to Myanmar's labor force.