On July 24, Rent 2 Own announced that the company added a new service to its existing product range by offering motorcycle financing and cash loans to existing base of client which will be implemented by partnering with Shwe Minn Gan Finance at press event at Sule Shangrila. According to Rent 2 Own Chief Executive Officer, Philippe Lenain, the collaboration with Shwe Minn Gan Finance offers an excellent opportunity to diversify. Rent 2 Own has long focused on rural areas and on making mobility accessible to the Mayanmar people operating 39 branches across the country and over 100,000 clients through partnering with more than 400 motorcycle dealerships. Shwe Minn Gan Finance Ltd is part of the Rakhine based Inn Pauk Wa (IPW) group of companies and is active in trading, shipping, hospitality, services, real estate, energy and agriculture. Followed by gaining Non-Banking Financial Insitution (NBFI) license from the Central Bank of Myanmar in early July 2019, Shwe Minn Gan agreed on to provide financial services to Rent 2 Own base of customers by means of strategic partnership. “We have not taken this step easily. The collaboration is the result of two years of discussions and preparation. “said Shwe Minn Gan Finance Director, Hla Than Ye. The customers who have existing rental agreements with Rent 2 Own will be able to get cash loans with 2.5 percent of interest from SMGF ( Shwe Minn Gan Finance). A larger product range is aslo planned to offer to rural population of Myanmar through this partnership, according to Philippe Lenain told to media at the event.
