Master Card and Visa Card users of CB Bank can deposit a minimum of US$10

Mast erCard and Visa card customers of Co-operative Bank (CB Bank) can now deposit a minimum of US$10 through Mobile Banking of CB Bank, it is learnt from an announcement released by CB Bank on 11th October. Previously, MasterCard and Visa card users had to deposit a minimum of US$50. But they can now make […]

Myanmar banks offer international credit cards

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 […]

Western Union launches outbound money transfer service in Myanmar

WESTERN UNION, a global payment services provider, has launched Myanmar’s first outbound money-transfer service, three years after launching inbound services. Patricia Riingen, the firm’s senior vice president for Southeast Asia and Oceania, said the target consumers would be people aged from 25 to 60 who are active on social media and have international exposure (either […]

Outgoing Government Gives Wharf Concession to Tycoon’s Shipping Firm

Burma’s Port Authority has awarded Kaung Myanmar Aung Shipping Co. Ltd. the right to develop a new area for cargo ships to dock on downtown Rangoon’s riverside, state media reports. The company is part of the sprawling KMA Group, which is headed by Burmese tycoon Khin Maung Aye, known to be close to outgoing President […]

Myanmar gets its first contactless travel prepaid card

MASTERCARD in collaboration with Co-operative Bank (CB Bank) have launched a contactless travel prepaid card for Myanmar’s citizens, the first of its kind in the nation, in an effort to better tap on the country’s enlarging traveller base.   The CB EasiTravel Prepaid MasterCard Contactless card is currently available for signup and provides Burmese travellers […]

Condo buyers struggle with hire-purchase payment

Developers of residential projects in Yangon have found themselves with less cash than expected, as buyers fail to stick to the terms of hire-purchase plans and do not make regular payments. An underdeveloped banking system means real estate developers tend to fund their projects through off-plan sales. Myanmar has no mortgage system and as some buyers cannot […]

CBM buys dollars to ‘reduce panic’

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

  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 […]

Capital Hypermarket to accept Visa cards

Visa has signed with Capital Hypermarket to roll out card payments through domestic CB Bank in the local supermarket’s outlets, according to a February 8 announcement. Local and foreign customers will be able to pay using Visa pre-paid, debit and credit cards at seven Capital branches and 93 Grab & Go convenience stores around the […]

Mobile financial services promising in Myanmar

A BOOM in mobile financial services (MFS) is anticipated, thanks to the rapid increase in penetration rate and poor infrastructure in Myanmar, according to Takashi Shigeno, director of KDDI Summit Global Corporation. He cited three main reasons for this. “Firstly, more than 70 per cent of the population live in rural areas. Secondly, only 20-25 […]