YANGON—The Yangon Western District Court issued a warrant on Wednesday freezing the bank accounts of fugitive ultranationalist monk U Wirathu. According to police in Maha Aung Myay Township, where U Wirathu lived before going on the run, the monk has an account balance of more than 12.5 million kyats (US$8,200) at Myanma Economic Bank Branch […]
Insurance industry progressing at slow pace, foreign competition needed: AMI
November 1, 2018 by
It has been five years since the government first allowed private insurance businesses to offer their services in Myanmar in 2013. But further liberalisation is needed and the authorities have been saying they are close to allowing foreign insurance providers to operate domestically. In August, U Zaw Naing, secretary of the Insurance Business Regulatory Board […]
Yangon gov’t makes losses in bus services: Auditor General
October 4, 2018 by
Yangon Region government took a loan of Ks-eight billion from Ayeyarwady Bank as it had no sufficient money to buy 1,000 new buses, according to an audit report submitted by Khin Than Hla, Yangon Region Auditor General for 2016-2017 fiscal year, at the session of Yangon region parliament on September 14. On behalf of Yangon […]
Private banks loan Ks 868.733 bln to SMEs
March 23, 2018 by
Until December, 2017, private banks have granted a Ks 319.228 billion loan to the agricultural and livestock sector and Ks 868.733 billion to small and medium-sized enterprises, said Soe Thein, Vice-governor of the Central Bank of Myanmar. MP Kyaw Htwe representing Yangon Region Constituency-8, raised a question on the policies set for the establishment of […]
AYA Bank, MPU, JCB Introduce First Corporate Credit Card in Myanmar
November 21, 2017 by
Yangon and Tokyo, Nov 14, 2017 – (ACN Newswire) – Ayeyarwady Bank (AYA Bank), a major commercial bank in the Republic of the Union of Myanmar, Myanmar Payment Union (MPU), and JCB International Co. Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., today announced that AYA Bank has launched the AYA Universal Corporate […]
Interbank cash transfers available with single ATM card next year
November 20, 2017 by
Money transfer services will be available through a single ATM card from next year onwards, U Mya Than, non-executive director and former chair of Myanmar Payment Union (MPU), told The Myanmar Times. With a single ATM card issued by any of the 23 local banks under the MPU network, users will be able to perform […]
ATM makers eye Myanmar market
October 30, 2017 by
Global automated teller machine (ATM) makers are locked in a race for market share in Myanmar, where more than 90 percent of the population remains unbanked. US-listed NCR Corporation is one, while Diebold Nixdorf, a recent merger between US-based Diebold and Germany’s Windcor Nixdorf, is another. With less than 2,000 ATMs installed in the country, […]
Chin State SMEs to Be Eligible For K8.5 bn Worth of JICA Loans
June 13, 2017 by
Chin State’s small and medium businesses (SMEs) will be eligible for up to K8.4 billion worth of small loans which the government plans to make available later this financial year, a union minister has said. The funds are the remainder of a K50 billion Japanese loan granted to the government for the development of local […]
Myanmar’s burgeoning financial sector attracts foreign suppliers
February 23, 2017 by
Foreign companies are rushing in to beef up Myanmar’s financial infrastructure, vying to win orders for ATMs and financial software from commercial banks that are rapidly growing under a civilian government. This month, Diebold Nixdorf, the world’s top ATM supplier, will open its first sales office in Myanmar. It is to be staffed with its […]
