ASA Microfinance Plans Expansion; to Invest $30 Million by 2019

As part of its efforts to eradicate poverty the current government allowed foreign microfinance companies to operate in Myanmar since 2012. The Netherlands-based microfinance firm Association for Social Advancement (ASA) Microfinance received a licence to operate in Myanmar in August 2014. “Our purpose of coming to Myanmar is not only getting profit from loans, but […]

YCDC Fights Fake Permits at Private Construction Sites

Constructors will not be allowed to post building permits for buildings themselves anymore, and have to use YCDC-made signboards instead, according to the Yangon City Development Committee (YCDC). YCDC said illegal builders are putting up signs on their projects that claim to have the Committee’s permission, while in reality the projects are illegal and the […]

Central Bank of Myanmar prepares action plan to stop dollar payments

While the kyat predominates in most domestic transactions, foreign currencies are still widely used. Many tourism businesses targeting foreigners deal in foreign currency, while importers and exporters make extensive use of dollars, and international companies often prefer their own currencies. Letter 904/2015 from the Central Bank of Myanmar’s Foreign Exchange department posted to its website […]

Gems and minerals bank to register in September

The creators of a new bank to service the gems and minerals sector will apply for a licence this month, spokesperson U Thet Naing told The Myanmar Times. If licenced, the new bank will add to a number of sector-specific banks that have opened over the past couple of years, including the Construction and Housing […]

Seventeen Myanmar Firms Apply to Join New Mobile Network Joint-Venture

Seventeen local firms have applied to join a consortium that would operate Myanmar’s fourth mobile phone network, a Ministry of Communication and Information Technology official said. Chit Wai, a deputy permanent secretary at the ministry, said only companies which have operated for at least three months and have at least K3 billion ($2.4 million) in […]

Ooredoo is facing a new competitor in Myanmar

The upcoming launch of a fourth mobile phone operator in Myanmar means a new challenge for Qatar’s telecom group Ooredoo which is currently building up a nation-wide network in the country seen as one of the world’s last telecoms frontiers, with Telenor and incumbent Myanmar Post and Telecommunication (MPT) as its current competitors. News broke […]

77pc of Hotels Serving Alcohol without Permission: Ministry

Over seventy-seven percent of the hotels in Myanmar are selling liquor without taking alcohol licences, the Ministry of Home Affairs revealed. According to the Ministry, only 213 among 931 hotels in Myanmar applied for licence to sell liquor and the rest of the hotels are selling without licence. According to the liquor law, hotel owner […]

Green Factories to Get Priority for Industrial Zones

Cost-effective and low-pollution factories will be given priority while awarding licences for operations at new industrial zones to be developed in Myanmar in the future, a top government official said. Eligible factories include those that achieve energy efficiency or do not release too much waste, Vice President U Nyan Tun said at a coordination meeting […]

More insurers to get green light for US dollar services

More insurance firms will be allowed to offer services in US dollars if they can meet the same requirements that were met by the four companies that have already received approval to offer such services, according to Dr Maung Maung Thein, chairperson of the Insurance Business Supervisory Board. The government has given the green light […]

ANZ faces Myanmar bank hurdles

THE ANZ Banking Group is bidding for a banking licence in Myanmar but faces major challenges in doing so. UP to 40 institutions are lining up to open offices in the country, even as the central bank is set to impose tough operational restrictions. Myanmar is undergoing major economic reforms and liberalisation in the process […]