A rising number of start-ups as well as small and medium enterprises (SMEs) are emerging in Myanmar as business opportunities rise. However, many companies fail to achieve their full potential and contribute substantially to the economy because capital assistance is lacking in the country. In Myanmar, banks require collateral in the form of property before […]
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, […]
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 […]
CBM plans to practice RTGS online
July 25, 2016 by
The Central Bank of Myanmar (CBM) has planned to practice Real Time Gross Settlement (RTGS) online to transfer money between banks and customers, according to a CBM representative. The online system can save time, but according to the report, banks must build trust between one another. Currently, a small number of banks use the system […]
Myanmar banks offer international credit cards
June 29, 2016 by
In a boon for holiday shoppers, Myanmar banks are starting to offer customers international credit cards for the first time. The country has only recently returned to true credit cards, which disappeared in the wake of the 2003 banking crisis. At the start of this year some 2 million “credit cards” had been issued, but most operated […]
MPU and KEB Hana Card sign MoU
May 13, 2016 by
THE Myanmar Payment Union (MPU) and South Korean KEB Hana Card signed a memorandum of understanding (MoU) to jointly conduct payment services in Myanmar. According to the MoU, MPU Card users will have access to the services of KEB Hana Card and South Korean businessmen will also receive the financial service from local banks. Members […]
Central Bank manoeuvres rise in kyat value
April 6, 2016 by
The value of the Myanmar kyat has risen due to the efforts of the Central Bank of Myanmar, according to Xinhua News Agency. The kyat value rose gradually starting from the beginning of this year following a year of declining value compared to the US dollar, according to local money changers. On 2 April, US$1 […]
CBM buys dollars to ‘reduce panic’
March 14, 2016 by
The Central Bank has bought over US$40 million dollars from private lenders in just five days to “reduce panic and prevent volatility”, a Central Bank official told The Myanmar Times, while banks this week once again imposed limits on foreign exchange due to volatility. Private banks started their sudden net transfer of dollars to the […]
Surging kyat closes foreign exchange desks
February 11, 2016 by
Local banks suspended foreign currency exchange services yesterday as the kyat surged in value against the dollar, with financial industry sources variously pointing the finger at political speculation, market rumours and a lack of clear Central Bank policy. The kyat strengthened to K1248 against the dollar yesterday, according to the Central Bank’s rate, after […]
