• Home
  • About Us
    • Our Founder
    • Our Story
    • Myanmar Investment Seminar
    • Singapore Business Federation’s Networking Session in Yangon
    • Our Clients
  • Legal Update
    • Import office equipment and service related equipment
    • Setup 65%/35% JV Company
    • Private School Education Law
    • Approved Foreign Investment
    • Foreign banks
    • Corporate Tax
    • Personal Income Tax
    • Franchising
    • Trademark
    • Arbitration Law
    • Registration of Association or NGO
    • Restrictions on trading activities
      • Wholesale, Trading and Retail Sectors
    • Prioritized Investment Activities
    • Promoted Sectors under MIL
    • Development Zone for Tax Exemption under MIL
    • Restricted Investment Activities under MIL
  • Useful Info
    • Myanmar COVID19 Travel Restrictions
    • Public Holidays in Myanmar for 2021
    • Yangon Taxi
    • Tourist eVisa
    • 12 Types Myanmar Entry Visa
    • Restricted areas for foreigners and tourists in Myanmar
    • Foreign Banks with branches in Myanmar
    • Insurance Companies
    • Business Chambers and Associations in Myanmar
    • Myanmar Exhibtion Hall
  • Testimonials
    • EB5 Capital – Testimonial
    • Eletec Elevators – Testimonial
    • Avialite – Testimonial
    • Momoride – Testimonial
    • ProDVD – Testimonial
    • Mitosis – Testimonial
    • Echo Communications – Testimonial
    • C Square – Testimonial
    • OSI – Testimonial
    • ASIGWLL – Testimonial
    • EOS Group Management – Testimonial
    • Our Client List
  • Internship
  • Contact
  • 联系我们

Consult Myanmar

for fruitful investment in Myanmar

  • Business Opportunity
  • Business Visa
  • Company Registration
  • Business Association Registration
  • Myanmar Virtual Office
  • Myanmar Investment Commission
  • 65%/35% JV Company
  • Business Matching
  • Due Diligence
  • Low cost rental solution
  • More
You are here: Home / Latest News / Call to boost financial literacy

Call to boost financial literacy

June 28, 2018 by Thiha

GIVEN THAT the majority of Myanmar people lack the knowledge to use digital payment platforms, all the players in the finance industry must work together to educate them so the nation can become a cashless society, according to Arturo Planell, country manager of Visa Myanmar.

He said at a recent press conference there was a clear gap in financial knowledge.

“Now is the time for the industry to come together and support consumers with the necessary skills and information to manage their personal finances,” he said.

“Driven by the rapid growth of smartphone penetration in Myanmar, the cashless society is possible. The change is possible over the next three or four years. It is a really big opportunity. But, this will not happen unless we educate the people.”

Earlier last week, the firm launched a report on Myanmar people’s perceptions, attitudes and behaviours towards financial payments. In addition to quantitative data collection of 1,044 people in five cities-Yangon, Mandalay, Taunggyi, Pathein and Magwe, the study also included in-depth interviews to delve deeper into the attitudes of distinct consumer segments. The study was done in the second half of last year.

Citing the findings of its comprehensive study, Planell said only 36 per cent of Myanmar people are easy to understand banking products and services.

According to Planell, the nation’s economic trajectory has been on an accelerated rise – with no slowing down in sight.

“To cope with the new speed of development, it falls upon the banking and finance industry, in conjunction with Myanmar authorities, to educate people on how best to manage their personal finances and how they might benefit from increased digitalisation of payments,” he said.

He believes moving from cash to digital payments will provide enormous advantages to the people of Myanmar, as electronic payments added 55 billion kyats to Myanmar’s economy from 2011 to 2015.

“We do believe that electronic payments provide more reliable and more convenient way to pay for various services. Real tangible benefits driving economic growth include increasing transparency, helping the government get more tax revenues, and financial inclusion,” he said.

“People need to understand the opportunities brought by modern banking and digital payments. I am confident providing Myanmar people with financial knowledge will improve lives and grow the national economy.”

According to the findings of its recent study, what is most shocking to Planell is a significant rise in Myanmar people’s trust in banks and financial institutions.

“This is the most surprising to us. Until the past few years, people did not trust in banks very much because some people had lost their money in the previous credit crisis in 2003. Now we have found out that the majority of the people see banks as a safe place to store their wealth,” he said.

To him, motivations for opening new bank accounts include earning interest on their money, easier access to their money with a bank account and an ATM (automated teller machine) card, and keeping up with times, driven by a feeling that everyone has an account nowadays.

“Good news for the industry is that 49 per cent of the respondents intend to get a bank account within the next 12 months,” he said. The study shows that 38 per cent of urban adults have a bank account.

While the majority now sees banks as safe, trustworthy and transparent, 36 per cent of the respondents still do not see the need for banks in their daily life. Three in five people surveyed said that they expect their financial situation to be better a year from now than it is today. A further 69 per cent agreed that the next generation would be better off financially than the current generation.

Planell however admitted cash remained as the most commonly-used form of payment in Myanmar.

“Being over-reliant on cash for a very long time and without option to use other payment methods, most people still believe cash is superior to cards and mobile payments,” he said.

To him, the most used financial service is the most basic one- remittance services to send or receive money. Only 14 per cent of the respondents have ever shopped online and their frequency of shopping is low.

“Today there are high levels of understanding of traditional financial tools, such as remittances, gold and land investments, but there is real need for more knowledge around topics such as bank accounts, electronic payments or insurance – half of urban consumers are not yet aware of credit cards or insurance,” he said.

The ability to make bill payments, split bills between friends, get instant notifications and receive awards and privileges will trigger consumers to switch to mobile payments, he said.

Source: The Nation

To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

 Opportunities from COVID19

.

Looking for foreign investors to invest in your business in Myanmar

Latest News

  • The Inside Story of Thailand and Myanmar’s Troubled Dawei Mega-Project February 9, 2021
  • Infrastructure, agriculture sectors at risk of slower investments February 9, 2021
  • No disruptions to Korea-backed industrial park in Yangon February 9, 2021
  • Kirin Scraps Joint Venture With Myanmar Military-Owned Firm After Coup February 9, 2021
  • Myanmar to continue efforts to support economy amid COVID-19 February 9, 2021
Filed Under: Latest News Tagged With: Arturo Planell, ATM card, automated teller machine, bank account, cashless society, Country Manager, Credit Cards, digital payment platforms, Electronic Payments, Finance Industry, financial literacy, gold, insurance, land investments, Magwe, mandalay, Pathein, personal finances, remittances, Taunggyi, Visa Myanmar, Yangon

NO FLIGHT AVAILABLE? We can setup your company in 1-day and open your bank account without you stepping foot in Myanmar during this difficult period.Click here to learn more.

COVID19 Travel Restrictions

To learn more about the latest Travel Restrictions affecting all travelers entering Myanmar due to the COVID19 Pandemic, click here

Debt Recovery Service

INVEST IN MYANMAR

https://www.youtube.com/watch?v=xkPm2XpaAzc

Myanmar Virtual Office

Myanmar Virtual Office Rental

;

MYANMAR INTERNSHIP


Subscribe to Tender Alert

* indicates required



Categories

  • Business Networking (74)
  • Featured Stories (144)
  • Franchise Opportunity (3)
  • Job Opportunity (7)
  • Latest News (12,930)
  • Looking for Business Partners (52)
  • Property Report (224)
  • Tenders & Awards (1,068)

What are the benefits of setting up a holding company in Singapore to invest in Myanmar?

Download the Guide

Our location in downtown Yangon:
our location map

To see our location on Google Map click here
To contact us at Email : info (at) consult-myanmar (dot) com
To download our contact (vCard) to your mobile or computer click here

缅甸,投资,注册,年审,报税
缅甸投资,注册,年审,报税. 可用微信跟本公司联系, 微信ID名:Consult-Myanmar

Myanmar New Tourism Promotion Video

https://www.youtube.com/watch?v=9uJ1wIkICYs

Some of Our Clients:

 

  

  


To see more of our client click here

Copyright © 2021 — Consult-Myanmar Co Ltd, Myanmar Co Reg No: 100066009, • All rights reserved. • Privacy Policy • Disclaimer