Thai digital finance firm Group Lease has signed a new partnership with Honda NCX, the exclusive distributor of Honda motorcycles in Myanmar.

The move is intended to significantly increase the sales of Group Lease’s financial services through a 100-strong dealer network spread throughout the country.

Mitsuji Konoshita, chairman and CEO of Group Lease, said: “As a result of the new exclusive agreements, Group Lease will be the only finance company linked with Honda’s authorized dealers of new and second hand motorcycles across the whole of Myanmar. This will immensely boost our marketing and sales expansion.”

Kaname Hashimoto, managing director of the partnership, called GL-AMMK, described Myanmar as an untapped, high growth market.

Currently, Myanmar accounts for one million new motorcycle purchases annually, with Honda taking 10% market share.

Hashimoto said: “Honda will be able to increase their market share to 60% at least within 10 years, as we have seen in other ASEAN countries.”

GL-AMMK point-of-sale services have already been tested at 14 dealers, with all 103 dealerships expected to offer the service within six months.

Group Lease CEO Mitsuji Konoshita said: “There are three factors which make us so confident on our business expansion in Myanmar. Firstly, the market is now expanding rapidly, and secondly Honda market share will increase sharply [because of] the quality of its motorcycles. Thirdly, our competitors have yet to expand into the region, since Myanmar is a place in which development has only happened very recently.”