If the mobile money market were a football match, then the second half has just begun. As the undisputed market leader, Wave Money is already a few goals ahead. It reports having almost 50,000 agents and more than 11 million customers, who remitted US$2.8 billion between January and September of this year. By the end […]
Bursting the red balloon
February 21, 2019 by
The only surprising thing about the failure of payment service provider Red Dot was the apparent suddenness with which the company departed. For months – if not years – it had seemed that the company was on its last legs. Fewer terminals were active and agents had reported that it was becoming increasingly difficult to […]
QR code payment system set to launch this year
February 20, 2019 by
The Central Bank of Myanmar is set to implement a standardised national payment system by this year, says CBM Vice Governor U Bo Bo Nge. Daw Than Than Swe, director general of the CBM’s Financial Institutions Regulation Department, said to the Myanmar Times that the system will cover international payments, mobile wallets and all mobile […]
At least five more years needed for Myanmar to go cashless
September 10, 2018 by
Myanmar’s cash dependent economy has become a burden on the government’s coffers in recent years and a widespread adoption of an electronic payment system in the country is needed. Yet, experts say it could take a minimum of five more years for society to go cashless. “It costs the government money to print cash and […]
Myanmar’s Migrant Workers: The Vanguard of Financial Inclusion
May 1, 2018 by
Photo: Courtesy of Telenor Wave Money Andrew Thomson considers the role of internal migrants in promoting financial inclusion in rural areas. Myanmar’s internal migrant workers have the potential to be the vanguard of financial inclusion. Presently, the vast majority of Myanmar’s population do not have access to the formal banking system, mostly the product of […]
Mobile money services make waves in Myanmar
March 30, 2018 by
Seven years ago, the country had virtually no formal banking sector. Now, its clunkier commercial lenders face extinction thanks to the arrival of exciting new mobile money services whose mission is to march onwards and upwards. Brad Jones wasn’t sure what to expect when he moved to Yangon in early 2015 to become chief executive […]
Telcos vie for mobile financial services
October 25, 2017 by
YANGON-WHILE Myanmar is still a cash-dominated society, the nation’s three telecommunications operators are trying to change that as they vie for the lead in the country’s nascent mobile financial market. Vikram Sinha, CEO of Ooredoo Myanmar, was happy with the success of M-Pitesan, a product that allows mobile users to enjoy instant money transfers and […]
TrueMoney finds a niche in Myanmar’s mobile fintech space
October 10, 2017 by
TrueMoney, one of the newest additions to the string of fintech firms vying for a slice of the mobile money market in Myanmar, is upping its game in the face of rising competition. Its strategy is to meet demand for a service to facilitate international mobile cash transfers by Myanmar residents. “We have a channel […]
Mobile operators join war on cash
October 3, 2017 by
WHILE Myanmar is still a cash-dominated society, the nation’s three telecommunications operators are trying to change that as they vie for the lead in the country’s nascent mobile financial market. Vikram Sinha, acting CEO of Ooredoo Myanmar, announced on Thursday the launch of M-Pitesan, a product that allows mobile users to enjoy instant money transfers […]
