Myanmar’s United Amara to issue 15,000 Visa cards in 4 months

UNITED Amara Bank (UAB), one of the largest financial institutions in Myanmar, will issue more than 15,000 Visa credit cards by the end of this year, says Christopher Loh, the bank’s chief executive officer and special adviser to the chairman. Loh announced on Tuesday the launch of UAB’s first suite of credit cards with Visa […]

Regulatory roadmap needed for banking sector reform

Myanmar needs to establish a regulatory roadmap for the banking sector. This will give the local banks more clarity on the progress and timing of upcoming regulations, allowing them to gear up for further reform and growth. “Carrying out regulatory reform at an unmeasured pace can cause trouble,” said Azeem Azimuddin, CFO of Ayeyarwady Bank, […]

Expression of Interest for Consultancy Assignment – Electronic Cash Transfers in Myanmar. Closing Date 22 Sep 2017

Options assessment for electronic cash transfer delivery, Myanmar Background Social protection is becoming an increasingly important component of both strategic policy development and public expenditure in Myanmar. The government’s increasing investments in social protection are underpinned by the National Social Protection Strategic Plan, approved in December 2014. That Strategic Plan has eight flagships of which […]

Strengthening Myanmar’s banking sector is key to economic growth

Central to Myanmar’s economic development is the reform of its finance sector and specifically its banking sector. Banks play a fundamental role in the transformation of market economies. Recently the government has enacted a series of laws intended to reform and strengthen its banking institutions to restore investors’ confidence and to make capital more accessible. […]

Myanmar: The New Hotbed for Satellite

The stunning landscape of Myanmar hides a tempestuous past that features its struggle for independence and eventual democracy. In 2010, the country sat on the cusp of massive change when the military junta handed over power. After 48 years of oppressive rule, a metamorphosis is occurring across the country. The daily lives of Myanmar’s 51.4 […]

Pea price plunges due to low demand from India

With the decreasing demand from India due to a currency upheaval, the price of mung bean plunged by around Ks200,000 per tonne, according to Bayintnaung pea market. India is the largest buyer of various kinds of Myanmar peas. India’s prime minister announced on 8 November that all 500 and 1,000 rupee notes — India’s most […]

Unreliable networks stem cash flow at Myanmar’s ATMs

Myanmar, one of the final frontiers for the international financial system, now boasts over 2,000 automatic teller machines (ATM) and credit card services provided by global brands such as MasterCard and Visa. Yet in a country where electricity is provided in fits and spurts, and internet connection is difficult to guarantee, online banking and ATM […]

Ayeyarwady Bank announces Ks 1 trillion in deposits

The Ayeyarwady Bank has recorded public deposits amounting to Ks 1 trillion (US$1 billion) since its founding in 2010, according to bank statements. The bank began business three years ago with the opening of its headquarters in Nay Pyi Taw on August 11, 2010. Apart from normal banking procedures, it has become a member of […]

Central Bank VP paints picture of hi-tech Myanmar

Satt Aung, the vice-president of the Central Bank of Myanmar, has painted a rosy picture of the not-too-distant future in a modern Myanmar where mobile banking and electronic transactions will be the norm for shopping, making payments and even paying for taxis. Addressing the Union Parliament on Wednesday on the subject of foreign bank operations […]