WHO WE ARE
Maha Agriculture Microfinance is a deposit-taking financial service provider licensed under the Microfinance Law of Myanmar (2011) and began operations on 29 April 2013 under the Myanmar Companies Act. Maha Agriculture Microfinance has 37 operational branches. Maha is currently co-owned by Myanma Awba Group and the International Finance Corporation (IFC).
2013-2015
Year
2013–2015
- Microfinance License received
- In September 2013, our first branch was opened and the first loan was disbursed
- In 2014, we opened our second branch
- In 2015, we opened 7 branches
2016
Year
2016
- 15 more branches were opened
- Use of tablets for KYC and onboarding customers
2017
Year
2017
- 9 more branches opened
- Myanma Awba Group and IFC signed a shareholder agreement for an equity stake
- We started using a digital credit scoring model
- Corporate Governance Framework was established
- First Board of Directors meeting was held
2018
Year
2018
- Credit scoring model was upgraded to a newer version
- Audit and Risk Committee (ARC), the Remuneration and Nomination Committee (RNC) and the Assets and Liabilities Committee (ALCO) was established
- First MSME loan product was launched
- First Impact Assestment Report
2019
Year
2019
- Signatory of Principles of Responsible Banking under the United Nations Environment Programme’s Finance Initiative
- Redesigning our branch and launching our new logo
- New website launched
2020
Year
2020
- Achieved Smart Campaign Certificate
- Performed First Social Rating and awarded
- Implementted Integrated Risk Management of Maha
- 1st Integrated Risk Management Committee meeting in Dec 2020

2013 - 15
- Microfinance License received
- In September 2013, our first branch was opened and the first loan was disbursed
- In 2014, we opened our second branch
- In 2015, we opened 7 branches

2016
- 15 more branches were opened
- Use of tablets for KYC and onboarding customers

2017
- 9 more branches opened
- Myanma Awba Group and IFC signed a shareholder agreement for an equity stake
- We started using a digital credit scoring model
- Corporate Governance Framework was established
- First Board of Directors meeting was held

2018
- Credit scoring model was upgraded to a newer version
- Audit and Risk Committee (ARC), the Remuneration and Nomination Committee (RNC) and the Assets and Liabilities Committee (ALCO) was established
- First MSME loan product was launched
- First Impact Assestment Report

2019
- Signatory of Principles of Responsible Banking under the United Nations Environment Programme’s Finance Initiative
- Redesigning our branch and launching our new logo
- New website launched

2020
- Achieved Smart Campaign Certificate
- Performed First Social Rating and awarded
- Implementted Integrated Risk Management of Maha
- 1st Integrated Risk Management Committee meeting in Dec 2020

Vision
Be the financial service provider of choice for our rural customers, communities, and stakeholders and be recognized for our agri-finance focus, innovation, and high ethical standards.
Mission
We aim at being a responsible financial service provider that drives rural financial inclusion while fostering innovation in everything we do and the markets we serve. Maha strives to deliver products and solutions with a customer-centric approach. We believe in our people and partner in their success and we are committed to enriching the lives of our rural clientele.
Values
Integrity
Being transparent, fair and guided by a strong, clear sense of ethics at all times.
Innovation
Thinking of newer ideas and better ways of working.
Diversity
Appreciating and celebrating the potential and power of differences and welcoming multiple perspectives, views, ideas, and cultures.
Excellence
Following the highest quality standards and being committed to delivering the best to all stakeholders.
Agility
it’s always day one.
OUR SHAREHOLDERS
Our largest shareholders are Myanma Awba Group and International Finance Corportation (IFC)

Myanma Awba group is Myanmar’s leading agricultural corporation and as the largest manufacturer and distributor of agricultural technology, Myanma Awba Group believes it has a responsibility to improve the lives of farmers and Myanmar’s agricultural sector. Furthermore, as crop specialists, the group relies on the latest innovations to help 3.5 million farming families in agriculturally significant rural areas, focusing on crop protection, crop nutrition, and high-quality seeds. To know more, please visit https://awba-group.com/

Their comprehensive approach to private sector development helps businesses innovate and create jobs and opportunities for people in developing countries. This is where the IFC comes in with more than 60 years of experience in unlocking private investment, creating markets and opportunities where they’re needed most. Since 1956, the IFC has leveraged $2.6 billion in capital to deliver more than $285 billion in financing for businesses in developing countries. To know more, please visit https://www.ifc.org/
LEADERSHIP TEAM
Board of Directors
Remuneration and
Nomination Committee
Audit and Risk
Committee
Grievance Committee
Executive Committee
Assets and Liabilities Committee
Integrated Risk Management Committee

Mr. Thadoe Hein
Chairman
Non-Executive Director

Thadoe Hein
Chairman Non-Executive Director Thadoe Hein is the founder and Group Chief Executive Officer (GCEO) of Myanma Awba Group; he is also the Chairman of the Board of Directors of Maha Agriculture Private Company Limited. Myanma Awba Group is the majority shareholder of Maha. The group is one of the largest agricultural organizations in Myanmar. Thadoe Hein is also one of the founders of the Young Presidents’ Organization’s (YPO) Yangon chapter. He graduated from the University of Yangon with a Bachelor of Science in 1995 and received his Executive MBA from the Yangon Institute of Economics in 2008. He has also completed his Global Executive MBA program for Asia Pacific, jointly run by the University of California Los Angeles (UCLA) and the National University of Singapore (NUS). As the Chairman of the Board, he provides strategic direction and has been instrumental in steering the company towards success.

Shweta Aprameya
IFC
Non-Executive Director

SHWETA APRAMEYA
IFC Non-Executive Director Shweta Aprameya is a member of the Board of Directors at Maha Agriculture Private Co., Ltd. Shweta Aprameya is a corporate professional turned entrepreneur who has 14 years of experience in Fintech and Microfinance. She has been recognized as the Principle Innovative Leader 2019 at MIT Sloan Fellows, MIT Sloan School of Management. She has set-up Social Impact & Fintech ventures for expanding & delivering of financial access, choice & control to millions of underserved people in India – YTS, ARTH, HAPPY. She has also served as Digital Finance Advisor to IFC client’s in Srilanka & India and was the founding team member and COO & SVP of Airtel Payments Bank. Besides being an entrepreneur, Shweta is also an advisor and seed funder to early stage social impact ventures.

Mr. Rajesh Malhotra
Executive Director,
Remuneration and Nomination Committee (RNC) Chairman,
Group CFIO and
Maha CEO

Rajesh Malhotra
Non-Executive Director Remuneration and Nomination Committee (RNC) Chairman , Group CFIO and Maha CEO Rajesh Malhotra is a member of the Board of Directors at Maha Agriculture Private Co., Ltd. His role is to help lead major corporate and investor relations decisions.He supervises a team of over 250 people, with a network of 37 branches across 9 regions in Myanmar.He is also the Chief Financial and Investment Officer (CFIO) of Maha’s parent company, Myanma Awba Group, and has an extensive background in finance and accounting. He has expertise in Financial Analysis, New Business Development, Project Management, Financial Policies & Procedures, Corporate Finance, People management, Legal, International Accounting, Investments, and Corporate Governance. He is a commerce graduate and a Chartered Accountant by discipline. He has over 30 years of professional career experience in finance in different industries such as F&B, Manufacturing, NBFC, Retail, Agriculture, and Advertising. His role in Governance has been pivotal in spearheading our company towards good financial health.

Mr. Raymond Leung
Independent and
Non-Executive Director,
Audit and Risk Committee (ARC) Chairman

Raymond Leung
Independent and Non-Executive Director Raymond Leung is the chairman of the Audit and Risk Committee (ARC) at Maha Agriculture Private Co., Ltd, where he manages service quality, risk, internal audit, and finance. His background effectively augments his participation in developing business strategy and execution, and he specializes in business process improvement, transformation, and people management. He started in 1974 in the Citigroup organization of Hong Kong and has since accumulated 45 years of professional experience. He has worked as the Senior Advisor of PT Bank Danamon Indonesia, as the Chief Operating Officer (COO) of Alliance Bank Malaysia, and has been a Banking Consultant since April 2018. As evident from his holistic and extensive career experience, Raymond Leung plays a major role in Maha’s governance with his essential guidance within the ARC.

Thadoe Hein
Chairman
Non-Executive Director
Thadoe Hein
Chairman
Non-Executive Director
Thadoe Hein is the founder and Group Chief Executive Officer (GCEO) of Myanma Awba Group; he is also the Chairman of the Board of Directors of Maha Agriculture Public Company Limited. Myanma Awba Group is the majority shareholder of Maha. The group is one of the largest agricultural organizations in Myanmar. Thadoe Hein is also one of the founders of the Young Presidents’ Organization’s (YPO) Yangon chapter. He graduated from the University of Yangon with a Bachelor of Science in 1995 and received his Executive MBA from the Yangon Institute of Economics in 2008. He has also completed his Global Executive MBA program for Asia Pacific, jointly run by the University of California Los Angeles (UCLA) and the National University of Singapore (NUS). As the Chairman of the Board, he provides strategic direction and has been instrumental in steering the company towards success.

Shweta Aprameya
IFC
Non-Executive Director
SHWETA APRAMEYA
IFC Non-Executive Director
Shweta Aprameya is a member of the Board of Directors
at Maha Agriculture Public Co., Ltd. Shweta Aprameya is
a corporate professional turned entrepreneur who has 14 years of experience in Fintech and Microfinance. She has been recognized as the Principle Innovative Leader 2019 at MIT Sloan Fellows, MIT Sloan School of Management. She
has set-up Social Impact & Fintech ventures for expanding & delivering of financial access, choice & control to millions of underserved people in India – YTS, ARTH, HAPPY. She
has also served as Digital Finance Advisor to IFC client’s
in Srilanka & India and was the founding team member
and COO & SVP of Airtel Payments Bank. Besides being an entrepreneur, Shweta is also an advisor and seed funder to early stage social impact ventures.

Rajesh Malhotra
Non-Executive Director,
Remuneration and
Nomination Committee
(RNC) Chairman
Rajesh Malhotra
Non-Executive Director
Remuneration and
Nomination Committee
(RNC) Chairman
Rajesh Malhotra is a member of the Board of Directors at Maha Agriculture Public Co., Ltd. His role is to help lead major corporate and investor relations decisions. He is the Chief Financial Officer (CFO) of Maha’s parent company, Myanma Awba Group, and has an extensive background in finance and accounting. As such, he has expertise in Financial Analysis, New Business Development, Project Management, Financial Policies & Procedures, Corporate Finance, People management, Legal, International Accounting, HSE, Investments, and Corporate Governance. Rajesh Malhotra is a commerce graduate and a chartered accountant by discipline. He has over 25 years of professional career experience in finance in different industries such as F&B, Manufacturing, NBFC, Retail, Agriculture, and Advertising. His role and governance has been pivotal in spearheading our company towards good financial health.

Raymond Leung
Independent and
Non-Executive Director,
Audit and Risk Committee (ARC) Chairman
Raymond Leung
Independent and
Non-Executive Director
Raymond Leung is the chairman of the Audit and Risk Committee (ARC) at Maha Agriculture Public Co., Ltd, where he manages service quality, risk, internal audit, and finance. His background effectively augments his participation in developing business strategy and execution, and he specializes in business process improvement, transformation, and people management. He started in 1974 in the Citigroup organization of Hong Kong and has since accumulated 45 years of professional experience. He has worked as the Senior Advisor of PT Bank Danamon Indonesia, as the Chief Operating Officer (COO) of Alliance Bank Malaysia, and has been a Banking Consultant since April 2018. As evident from his holistic and extensive career experience, Raymond Leung plays a major role in Maha’s governance with his essential guidance within the ARC.

Matteo Marinelli
Executive Director and
CEO
Matteo Marinelli
Executive Director and
CEO
Matteo Marinelli is the Chief Executive Officer (CEO) of Maha Agriculture Public Co., Ltd. He supervises a team of over 200 people, with a network of 32 branches across 8 regions in Myanmar. He has been based in Yangon, Myanmar, since December 2013. His background is one of extensive experience in microfinance, MSME, and mass banking services in emerging markets. Matteo Marinelli is born and educated in Italy, and holds a Bachelor of Science in Economics from Bocconi University in Milan. He also holds an executive management diploma from Insead and is fluent in English, Spanish, and French. With this expertise, he has a proven track record of 15 years in fixed income (loans, debt syndications, credit guarantees, etc.) and greenfield equity investments. Mr. Marinelli has been a key player in the success and prosperity of our organization.

Rajesh Malhotra
Non-Executive Director,
Remuneration and Nomination Committee (RNC) Chairman,
Group CFIO and
Maha CEO

Rajesh Malhotra
Non-Executive Director Remuneration and Nomination Committee (RNC) Chairman, Group CFIO and Maha CEO Rajesh Malhotra is a member of the Board of Directors at Maha Agriculture Private Co., Ltd. His role is to help lead major corporate and investor relations decisions.He supervises a team of over 250 people, with a network of 37 branches across 9 regions in Myanmar.He is also the Chief Financial and Investment Officer (CFIO) of Maha’s parent company, Myanma Awba Group, and has an extensive background in finance and accounting. He has expertise in Financial Analysis, New Business Development, Project Management, Financial Policies & Procedures, Corporate Finance, People management, Legal, International Accounting, Investments, and Corporate Governance. He is a commerce graduate and a Chartered Accountant by discipline. He has over 30 years of professional career experience in finance in different industries such as F&B, Manufacturing, NBFC, Retail, Agriculture, and Advertising. His role in Governance has been pivotal in spearheading our company towards good financial health.

Raymond Leung
Independent and
Non-Executive Director,
Audit and Risk Committee (ARC) Chairman
Raymond Leung
Independent and
Non-Executive Director
Raymond Leung is the chairman of the Audit and Risk Committee (ARC) at Maha Agriculture Private Co., Ltd, where he manages service quality, risk, internal audit, and finance. His background effectively augments his participation in developing business strategy and execution, and he specializes in business process improvement, transformation, and people management. He started in 1974 in the Citigroup organization of Hong Kong and has since accumulated 45 years of professional experience. He has worked as the Senior Advisor of PT Bank Danamon Indonesia, as the Chief Operating Officer (COO) of Alliance Bank Malaysia, and has been a Banking Consultant since April 2018. As evident from his holistic and extensive career experience, Raymond Leung plays a major role in Maha’s governance with his essential guidance within the ARC.

Dr. Surabhi Dhingra
Grievance Committee Chairwoman
Dr. Surabhi Dhingra
Grievance Committee Chairwoman
Dr. Surabhi Dhingra is a Doctorate from Delhi School of Economics, University of Delhi, India. She is also a qualified lawyer. She is the Founder of an Non-Governmental Organization (NGO) named Society for Prevention of Sexual Harassment and Child Abuse (POSHCA). The NGO is empaneled by the Ministry of Women and Child Development, Government of India. The NGO is involved with spreading the noble law on prevention of sexual harassment all over India. Dr. Surabhi has conducted such sessions for government and private organizations, Industry Bodies (like Confederation of Indian Industries) Hospitals, Educational Institutions, Courts etc. She is also the Founding Member of the Local Complaints Committee for a district set up by the Government Officials. She works as an External Member on the Committee of various organizations to help resolve complaints received from employees. She is the recipient of a State-level award for social work from the Hon’ble Chief Minister of the state of Haryana, India.

Rajesh Malhotra
Non-Executive Director,
Remuneration and Nomination Committee (RNC) Chairman,
Group CFIO and
Maha CEO

Rajesh Malhotra
Non-Executive Director Remuneration and Nomination Committee (RNC) Chairman, Group CFIO and Maha CEO Rajesh Malhotra is a member of the Board of Directors at Maha Agriculture Private Co., Ltd. His role is to help lead major corporate and investor relations decisions.He supervises a team of over 250 people, with a network of 37 branches across 9 regions in Myanmar.He is also the Chief Financial and Investment Officer (CFIO) of Maha’s parent company, Myanma Awba Group, and has an extensive background in finance and accounting. He has expertise in Financial Analysis, New Business Development, Project Management, Financial Policies & Procedures, Corporate Finance, People management, Legal, International Accounting, Investments, and Corporate Governance. He is a commerce graduate and a Chartered Accountant by discipline. He has over 30 years of professional career experience in finance in different industries such as F&B, Manufacturing, NBFC, Retail, Agriculture, and Advertising. His role in Governance has been pivotal in spearheading our company towards good financial health.

Mr. Raymond Lee Teck Seng
Independent and
Non-Executive Director
Assets and Liabilities Committee (ALCO) Chairman
Raymond Lee Teck Seng
Independent and
Non-Executive Director
Raymond Lee Teck Seng is the chairman of the Assets and Liabilities Committee (ALCO) at Maha Agriculture Private Co., Ltd. He had 37 years of experience in Banking after graduating from the University of Malaysia with a BSc ( Hons. II ) degree in 1980. Primarily in the area of Treasury and Investment Banking, he has worked for Maybank, Citibank, Std Chartered, UOB, ABN/RBS, and CIMB before his last appointment as Sale Director and Country Head for Thomson Reuters. He has working experience in Thailand and Singapore during his tenure with Std Chartered, UOB, and CIMB. Over the years he has participated actively in the development of the Financial Markets in Malaysia and provided training to Bank Negara as well as the SEA Central Banking Centre. Currently retired he is consulting on an ad hoc basis with 6Sigma Financial Group. He is also helping his daughter and son-in-law in their Realty business. He was recently appointed as Independent Non-Exec Director for China Construction Bank Malaysia Berhad.

Rupesh Kumar Sinha
Integrated Risk Management Committee (IRMC) Chairman and Chief Operating Officer, Maha

Rupesh Kumar Sinha
Integrated Risk Management Committee (IRMC) Chairman and Chief Operating Officer, Maha Rupesh is the Chief Operating Officer at Maha and is the in charge of Operation, IT and Operational Risk. He has a career spanning over 15 years of professional work experiences in advisory and retail microfinance operation. He has undertaken 40+ assignments on Digital transformation, Strategic Business Planning, Institutional Assessment, Designing Marketing Strategy, Product Development, Process Reengineering, Risk Management, Market Research, HR management and Training & Development. The set of clients served includes Microfinance Institutions, Banks, Affordable Housing Finance Companies, Private Equity Investors and Development Finance Institutions. He worked in 6 countries in Asia, Africa and Pacific continents.
In FY19-20, the Advisory Board of Directors meeting was held monthly, and special invitees were called upon when required. Our newest Advisory Board of Director is Shweta Aprameya who joined us in April 2020.

Since 2017, the Board of Directors meeting was held regularly, and special invitees were called upon when required. The attendance for FY20-21 and FY21-22 is shown below:

The attendance for FY20-21and FY21-22 for ARC is shown below.

The attendance for FY20-21and FY21-22 for RNC is shown below.

Since 2018, the ARC meeting was held monthly. The attendance for FY20-21 for ARC is shown below.
