Microfinance in Myanmar: A Silver Bullet to Stamp out Poverty?

  The passing of the Microfinance Law in 2011 led to a rapid influx of Microfinance Institutions (MFIs) in Myanmar. As of December 2015 there were over 256 MFIs operating in Myanmar, all competing to crack the estimated 33 million unbanked residing here. It is believed informal money lenders charging extortionate interest rates will become […]

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 […]

KBZ Eyes Niche Market with Credit Card

Local lender KBZ Bank has launched Myanmar’s first credit card recently, eyeing to tap into big businesses and high-income individuals’ needs for credit card in the country. Launched late last month, there were 500 applicants at the beginning, which has grown in its first week to 600, according to KBZ officials. U Nyo Myint, managing […]

MPU, JCB Ink Licence Agreement for EMV Debit Cards in Myanmar

Myanmar Payment Union (MPU) and JCB International Co, a subsidiary of Japanese credit card company JCB Co Ltd, have signed a licensing deal to issue JCB cards in Myanmar, the firms said. With this agreement, MPU member banks in Myanmar will be able to issue MPU/JCB co-branded cards linking to their customers’ saving bank accounts. […]

Officials monitor inflation as new bills enter market

An updated K5000 note will enter circulation on October 1 in a bid to fight counterfeiting, but authorities say they are being careful to make sure the move will not upset the money supply and lead to inflation. The plan is to gradually introduce the new note, which appears similar to the existing red–coloured white […]

Real estate sector accounts for half of total money inflows

Well over half of all money flowing into the country is being invested in the real estate sector, according to Aye Lwin, joint-secretary of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The joint-secretary revealed this during talks between police in the Financial Investigation Unit and UMFCCI members on the anti-money […]

People who become rich in a short time will be investigated: FIU

People who become very wealthy in a short time will be investigated by the Financial Intelligence Unit (FIU) to find out if they are involved in secret businesses and what they are doing, a top official said during a seminar on fighting money laundering in Yangon on Saturday. Police Colonel Kyaw Win Thein, deputy chief […]

Myanmar to grant licences to foreign banks by September

Myanmar’s central bank has said it plans to grant licences to foreign banks by September as it seeks to boost the flow of money to local businesses in the once tightly controlled economy. NAY PYI TAW, Myanmar: Myanmar’s central bank has said it plans to grant licences to foreign banks by September as it seeks […]

Investors avoiding fisheries

Foreign investors are staying away from Myanmar’s fisheries industry due to a lack of infrastructure and the prospect of prolonged returns, experts said. According to figures released last week by the Directorate of Investment and Company Administration (DICA), the fisheries and livestock sector has attracted just US$347.474 million between 26 companies, representing a mere 0.79 […]