AMID RISING demand for technology among companies to improve performance in Myanmar, locally-owned YangonNet Technology Solutions Co is set to expand its |business to fill the gap through a |wide range of ICT solutions and products, according to Lin Htet Aung, the firm’s founder and chief executive.
In an exclusive interview with The Nation, he said the firm would pitch its products to the business sector in the second half of this year. It aims to triple in size from the current staff of 10 by the end of this year.
“The valuation of YangonNet is growing fast, and we are fully confident of achieving our targets, working together with many strategic partners from Hong Kong and China,” he said.
Lin Htet Aung established the firm in June 2017, having worked in Singapore for more than a decade. Leveraging his experience acquired from several technology projects there, the executive aims to provide effective ICT solutions for both local and global customers seeking to transform their business with modern technology.
“Our commercial operations started in July last year. Even though our company is still new to the market, we have managed to gain the confidence of several big corporates, retail firms and some embassies in using our products and services,” he said.
“I have built a great team inspired to work for YangonNet , and that is an achievements I will always be proud of.”
Lin Htet Aung has a burning desire to establish a successful technology company since he was young . He studied hard and later, migrated to Singapore to gain more experiences and develop his passion for technology. After the opening of Myanmar’s economy in 2014, he decided to return home and set his heart on the establishment of YangonNet with his own savings.
“Access to finance is still a big issue for many startups in Myanmar, and there is no difference for YangonNet. But, I did not want to be overwhelmed by investors’ involvement in the early stage of our business. So, I decided to stand on my own feet,” he said.
Since its inception, the firm’s business has been growing rapidly with an average monthly revenue of US$2,000 to 3,000. The executive seems bullish on securing some big projects in the near future.
Currently, more than 20 organisations including big names and some embassies are using YangonNet’s technology solutions and products. The firm aims to get at least 10 more customers on its B2B [business to business] service platform.
“Our aim is to serve businesses in need of technology because we believe digital transformation would drive them to the next level. So, most of our commercial operations are somewhat related to technology set-up at clients’ offices,” he said.
The firm mainly focuses on three core sectors that could have a broader impact on millions of end users - retail, manufacturing and education. Currently, 60 per cent of its clients are international or joint venture firms with the remainder being local companies.
During the interview, the executive also talked about the challenges he faced. He considers the lack of skilled workers as the biggest.
“It is really hard to find people with multiple skills and how to motivate our employees is also a challenge. Generally, fresh graduates need to be trained from scratch,” he said.