Daiwa Securities Group will launch microfinance services in Myanmar through a joint venture, Nikkei Asian Review reported.

Microfinancing is a way to lift low-income earners out of poverty by providing tiny loans to those who have no access to formal banking services so they can start their own business and become more financially independent.

The Japanese brokerage will form a joint venture with local conglomerate OK Myanmar, investing hundreds of millions of yen through investment unit Daiwa PI Partners, the report said.