Myanmar moves to stave off credit crunch

NAPYITAW — Myanmar’s banking system is facing tough new regulations that could take more than $1 billion worth of local currency out of circulation, severely curtail lending and badly hurt the economy if a tight compliance deadline is not eased, senior bankers have warned. The Central Bank of Myanmar published its first set of modern […]

Jovago Offers Myanmar Online Payment Method

Jovago.net, a hotel-booking website, has introduced two new online payment methods in partnership with 2C2P. “The new payment sys­tem will help our busi­ness move from manual payment to a digital vir­tual payment system to improve customer satis­faction and ease of trans­action. We are happy to provide better payment system in response to our valuable customers,” […]

Private banks hike lending to SMEs

SMALL and medium enterprises in Myanmar will soon get greater access to finance as private banks plan to extend more credit to boost the economy, according to speakers at the Amcham Financial Services Forum held last week. Zaw Lin Aung, managing director of KBZ Bank, the largest private bank in Myanmar with the largest retail […]

Myanmar insurance to thrive with competition and free market

U Myo Min Thu is the Managing Director of AYA Myanmar Insur­ance (AMI), one of the top three private insurers in Myanmar. AMI was created in 2013 follow­ing the liberalization of economic policy which permitted private insur­ers to enter the market. AMI is the insurance arm of AYA Financial Group, a conglomerate which also owns […]

AYA Bank selects Misys Fusion Banking Suite for next transformation project

AYA Bank (Ayeyarwady Bank) has selected the Misys Fusion Banking suite to support a transformative project which will overhaul its core banking system, digitalise operations and improve overall efficiency throughout the organisation, according to a press release. U ZawZaw, Chairman, AYA Bank said, “It’s thrilling to see more of our vision for AYA Bank come […]

Myanmar’s AYA Bank Lowers Barrier to Visa Card

YANGON — Myanmar’s Ayeyarwady Bank, also known as AYA Bank, announced on Tuesday that it will start issuing Visa cards to a wider customer base. The bank will issue three types of credit cards — silver, gold and platinum. The most accessible card requires a monthly income of 150,000 kyat ($110), with an annual fee of 20,000 […]

AYA Bank Offers 15-Year Mortgages for High-End Condo Projects

Property developer Shwe Taung Real Estate has signed an agreement with AYA Bank to provide mortgag­es for two high-end condo projects in Yangon. Under the deal, buyers will be able to get 15-year mortgages for apartments at the Hilltop Vista Condo­minium and Crystal Resi­dences projects in Yangon. It is the longest period available for a […]

Banks Push Credit Cards But Customers Question Convenience

​​ Credit cards are increasingly common in Myanmar, with most of the bigger lenders offering the product. But people in the banking sector say it will take around five years until credit cards are widely used. Pre-paid cards and debit cards starting appearing in Myanmar almost five years ago. But credit cards, which disappeared in […]

Danyingone Market Developer Launches Share Sale

​​ Trading on the Yangon Stock Exchange may be lacklustre, but there is still demand for shares in over-the-counter markets for the right firms. Myanmar Agro Exchange Public Company, a food market and supply chain firm partly owned by local tycoon U Win Aung, is in the process of a share sale and says it […]