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 […]

Who’s who: Myanmar’s new cabinet

Take a look inside the National League for Democracy’s new proposed government with insider profiles of the party’s 18 candidates for ministerial posts: Daw Aung San Suu Kyi (foreign affairs; president’s office; education; energy and electric power) The National League for Democracy leader needs little introduction. Has vowed to rule “above the president”, and with […]

Savers stuck with bank deposits despite negative real rates

Bank accounts remain the most popular choice of investment for savers, despite inflation running higher than commercial banks’ deposit rates, said financial industry sources. Bank workers count cash in a branch in Yangon. StaffBank workers count cash in a branch in Yangon. Staff Sources at several commercial banks said there had been no decrease in […]

Heavyweight Bank of Tokyo-Mitsubishi UFJ prepares its Yangon office for opening

The Bank of Tokyo-Mitsubishi UFJ could officially open its branch office as soon as next month, as the firm looks to provide financial services to foreign investors, according to the bank’s chief executive officer for Asia and Oceania, Go Watanabe. “We are excited to open the branch as soon as possible, maybe even next month, […]

Ecommerce services for payment to start

Local consumers are increasingly taking to the web to make a deal, yet paying for products is still a major headache. While services like US-based PayPal and China’s AliPay are making it easy for seamless e-commerce around the world, Myanmar is still a cash-based society, with few of the solutions that has helped drive online […]

Central Bank notes caution on foreign banks

Central Bank of Myanmar vice governor U Set Aung appeared to back off a previously discussed timetable to allow foreign banks in to operate in Myanmar, declining to confirm plans to allow foreign banks to begin operations in 2014. Foreign banks will be allowed to offer services in Myanmar eventually but the timeline is still […]

ADB tackles a banking barrier to trade

The Asian Development Bank (ADB) moved to ease international business money transfers from Myanmar by guaranteeing Letter of Credit transfers from CB Bank, CB managing director U Pe Myint said. A Letter of Credit from a bank guarantees the seller will receive a payment from the buyer on time, with the bank responsible if the […]