Despite the Myanmar government’s push to expand access to financial services, the country still trails far behind the rest of Asia in rates of participation in formal financial services, financial literacy, savings rates and the use of digital financial services, according to a new report by social enterprise ONOW Myanmar. But fintech and mobile technology […]
With 70% Unbanked Population, Myanmar Bets on Fintech to Improve Financial Inclusion
November 25, 2019 by
Digitalisation will boost savings culture in Myanmar: expert
November 22, 2019 by
The prevalence of cash transactions and smart phone ownership in Myanmar provides an attractive opportunity for the spread of digital savings services to underserved or unserved households, a UN expert says. UN Capital Development Fund (UNCDF) Country Coordinator for Myanmar Paul Luchtenburg said this during a talk last Saturday at a forum held in conjunction […]
Asia powerhouses unite as Ayala invests in Myanmar conglomerate
November 19, 2019 by
MANILA/YANGON — Philippine conglomerate Ayala will invest $238 million in two Myanmar-focused companies led by tycoon Serge Pun, a deal that links a pair of Southeast Asian corporate powerhouses in a country struggling to draw much-needed foreign investment. Ayala will take a 20% stake in both Singapore-listed Yoma Strategic Holdings and First Myanmar Investment, which […]
How does yoma strategic holdings ltd make money?
September 19, 2019 by
<ahref=”https://youtu.be/pCvYiQYDHcE” target=”_blank”> Yoma Strategic Holdings Ltd (SGX: Z59) is a leading conglomerate in Myanmar with businesses in various sectors ranging from consumer to financial services. Serge Pun founded the group in 1962. As Yoma is a conglomerate with diverse business interests, the best way to find out how it makes money is to look into […]
Survey finds 37% of families can’t afford health emergency
March 19, 2019 by
More than 35 percent of Myanmar households are not ready to shell out K200,000 (US$130) for emergency health care, according to Asia Foundation’s City Life Survey 2018. The foundation conducted the survey of 2414 people in 228 wards of Yangon, Mandalay, Monywa, Taunggyi and Mawlamyine cities from September to October 2018. It said that up […]
Myanmar mobile wallet eyes 30m clients in 10 years
February 27, 2019 by
Driven by a population increasingly drawn to technology devices, Myanmar’s fastest- growing mobile wallet KBZPay has set an ambitious target of reaching 30 million customers in the next 10 years, according to Soe Ko Ko, general manager of KBZPay Agent Banking. The executive said in an interview with The Nation that more than 1.6 million […]
Red Dot closure concerns spread to industry, draws light on licensing procedures
February 13, 2019 by
Disenfranchised agents of the now defunct Red Dot Network Ltd plan to file a court case against the payment-solutions provider after being turned down by the Consumer Protection Central Committee, which said their case could not be handled under the Consumer Protection Law. The agents are unhappy that deposits paid to Red Dot will likely […]
Foreign banks allowed to set foreign currency loan interest rate
December 11, 2018 by
The Central Bank of Myanmar (CBM) said foreign banks are free to set their own interest rate as long as those loans are in foreign currencies. Foreign banks with branches in the country are now allowed to do wholesale banking services and other financial services, according to the latest Directive issued by the CBM last […]
Surbana Jurong and Mitsubishi Corporation Enter Joint Venture to Set up Fund Management Company
September 18, 2018 by
SINGAPORE, Sept. 14, 2018 /PRNewswire/ — Surbana Jurong Capital, the newly established financial services arm of Surbana Jurong, and Mitsubishi Corporation today signed an agreement to set up a fund management company (FMC). The FMC will be a 50:50 joint venture between the two companies and will be jointly managed by both partners. The FMC […]
Financial Services Key to Rapid Myanmar Growth
August 8, 2018 by
The rapid economic growth in Myanmar has the potential to create more new jobs in financial services than any other country in Southeast Asia (SEA), according to Red Dot, the Yangon-based cash acceptance network. “Financial services are central to all key sectors in Myanmar – agriculture and food, manufacturing construction, hotels and leisure, tourism, healthcare […]
