Plastic chips away at cash’s dominance in Myanmar

YANGON — Credit cards are gaining traction in Myanmar, where cash has long been king, with foreign players such as China UnionPay and Japan’s JCB lured by rising consumer incomes and an increasingly robust financial infrastructure. JCB, in conjunction with Myanmar Payment Union and Ayeyarwady Bank, also known as Aya Bank, debuted a credit card Tuesday […]

Myanmar Payment Union to Upgrade ATM Card System

RANGOON — The Myanmar Payment Union (MPU) signed with Vietnamese telecom multinational FPT and the National Payment Corporation of Vietnam (NAPAS) on Sunday to initiate a financial switching system, Zaw Lin Htut, chief executive officer of the MPU, told The Irrawaddy. As MPU’s partners, FPT and NAPAS will—starting this year—help facilitate a system upgrade for ATM […]

AmCham, UMFCCI to Host Conference on US Investment

RANGOON — After a successful meeting between American Chamber of Commerce Myanmar (AmCham) members and high-ranking Burmese government officials last month, a new summit to feature Burmese economists and US businesspeople has been set for next Monday in Rangoon. The conference will be hosted at the offices of the Union of Myanmar Federation of Chambers […]

Central Bank Looks to Mobile Banking to Ramp Up Financial Inclusion

RANGOON — The Central Bank of Myanmar (CBM) revealed on its website on Monday the official rules and regulations for mobile financial service providers (MFSPs), seen by observers as a way to reach more rural customers throughout Burma. The regulations detail the application requirements, such as how to acquire a registration certificate and pay relevant […]

Military-Linked UMEHL Transitions Into Public Company

Yangon — The Union of Myanmar Economic Holdings Limited (UMEHL) announced on Thursday that, after being linked to the military for more than two decades, the conglomerate has transitioned into a public company. According to state-run media, shares for UMEHL, which was founded in 1990 with two shareholder groups, will be consolidated into one group. […]

Yangon Stock Exchange to Launch in December

The Yangon Stock Exchange is set to launch on Dec. 9, an official said on Monday, after three years of preparations to modernize Burma’s financial sector. Addressing CEOs and executive directors of ten underwriting firms, Chairman of the Securities and Exchange Supervisory Committee and Deputy Finance Minister Maung Maung Thein said the exchange, known as […]

Myanmar Payment Union Forms Public Company

RANGOON — Burma’s sole domestic provider of card-based payments, Myanmar Payment Union, has formed a public company comprised of its 23 member banks, according to the organization’s chief executive officer Zaw Lin Htut. Myanmar Payment Union (MPU) had planned to form a public company in 2014 and Burma’s Directorate of Investment and Companies Administration gave […]

Myanmar’s first electronic bill payment solution launched

2C2P a leading Southeast Asian (SEA) payment services provider, and Myanmar Payment Union (MPU), the national payment network of the Republic of the Union of Myanmar, have launched Myanmar’s first electronic bill payment solution, easyBills according to a media release on 9 June. 2C2P and MPU are providing a non-cash payment option for prepaid phone […]

2C2P and MPU launch Myanmar’s first e-commerce payments platform

2C2P, a leading Southeast Asian payment services company, and Myanmar Payment Union (MPU), the national payment network of the Republic of the Union of Myanmar, have developed and implemented Myanmar’s first electronic commerce payments platform. MPU card holders can now – for the first time – search, select and directly pay for online purchases. There […]

E-Payment Services to Come Online in February

RANGOON — Burma’s sole domestic card-based payment system, Myanmar Payment Union (MPU), will offer online services beginning in early February, according to an executive. Chief Executive Officer of MPU, Zaw Lin Htut, told The Irrawaddy that local cardholders will soon be able to make online purchases after companies enroll with one of the firm’s 20 […]