The e-payments space has been one to watch during the past 10 years in Myanmar, with Onepay’s interbank app being the most recent innovation to reach the market. Launched earlier this month, Onepay’s mobile platform allows users to transfer funds among seven local institutions – Asia Green Development Bank (AGD Bank), Ayeyarwady Bank (AYA Bank), […]
Security upgrade on the cards for Myanmar’s digital payments
February 5, 2020 by
For development of Myanmar’s digital payment sector, cyber security upgrades will be carried out in accordance with international norms, say officials of the Myanmar Information Security Association (MISA) and Myanmar Payment Union (MPU). Security for digital payment services in the country needs to be strong and it must be put in place so that the […]
With 70% Unbanked Population, Myanmar Bets on Fintech to Improve Financial Inclusion
November 25, 2019 by
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 […]
NETS partners with Myanmar Payment Union for QR payment system
May 8, 2019 by
Singapore’s NETS Group has inked a collaboration with Myanmar’s national payment network to co-develop Myanmar’s QR payment technology. The collaboration will start off with the establishment of the joint Payment Technology Exchange & Development Programme. Under the program, NETS Group will share the SGQR Central Repository technical expertise with Myanmar Payment Union (MPU) with a […]
Alibaba aims to grow five times bigger in Myanmar by mid-2019
October 30, 2018 by
DRIVEN by rapid gains in smartphone use and people’s willingness to try new things in Myanmar, Alibaba Group plans to grow its business by at least five times in the country in the coming six to eight months, according to Frans Maas, managing director of Shop.com.mm, which is now under the fold of the Chinese […]
Yoma to tap digital banking for nationwide expansion
September 11, 2018 by
YOMA BANK, one of the largest private banks in Myanmar, plans to focus on providing digital products to millions of people in Myanmar , according to Hal Bosher, the bank’s chief executive officer. Bosher said in an exclusive interview that digital products would allow the bank to serve the country better, making banking accessible and […]
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 […]
IRD to build ICT system enabling tax payments
August 15, 2018 by
Taxpayers may soon be able to pay their dues to the government via mobile banking, said U Min Htut, director general of the Internal Revenue Department (IRD). The IRD is now inviting qualified service providers including the banks and mobile money service operators to submit Expressions of Interest (EOI) to develop an information and communications […]
Innoveller transforms bus industry, but faces payment, policy roadblocks
March 6, 2018 by
For Ko Kyaw Kyaw Win, co-founder of Innoveller Co Ltd, the opportunity to digitise and expand the Myanmar bus services industry was obvious. With hundreds of express buses departing across the country each day and no central platform to aggregate those routes, the solution to clearing up operator inefficiencies and passenger frustrations was clear. “There […]
Myanmar to Become Member of APN, Upgrade Card-Based Services
January 2, 2018 by
Myanmar will become a member of the Asian Payment Network (APN), which was established to create a common payment settlement platform within the Asia-Pacific region, said U Zaw Lin Htut, CEO of Myanmar Payment Union (MPU). MPU has already met with officials from APN, and is waiting for the membership announcement to be made, […]
