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SCB wants Myanmar licence

Siam Commercial Bank is seeking approval from the Central Bank of Myanmar (CBM) to upgrade SCB’s representative office to operate under a bank subsidiary licence in the neighbouring country. The subsidiary model would offer SCB greater opportunities to do banking business in Myanmar, said chief executive Arthid Nanthawitthaya. Among the three options that the CBM […]

Treasury bonds gain momentum

The market for government bonds is picking up and now covers the budget deficit, but some players say the Central Bank of Myanmar needs to do more to boost sales. By KYAW LIN HTOON | FRONTIER MYANMAR’S treasury bond market is beginning to gain momentum in a development that is generating more funding for the […]

Authorities crack down on zero-dollar tourists

The government has instructed souvenir shops to transact with zero-dollar tourists in cash only, Yangon Region Hotels and Tourism Minister Daw Naw Pan Thuzar Myo said on December 16. The decision was made after investigations at souvenir shops located in Hlaing Tharyar township, East Dagon township and People’s Park in Dagon township, where zero-dollar tourists […]

Better Bank Services, Enforcement Needed for Remittance Licences to Work

In an attempt to shrink the volume of illegal money transfers between Myanmar and its neighbours, the Central Bank of Myanmar (CBM) last week announced the availability of official remittance licences. The move, which commenced on November 15, is aimed at facilitating the legal movement of money by traders and migrant workers based overseas into […]

Official remittance licences now available for migrant workers

Workers are now able to apply for official remittance licences to transfer money between Myanmar and other countries, according to the Central Bank of Myanmar (CBM). The move, which commenced on November 15, is aimed at facilitating money transfers to Myanmar by migrant workers based overseas. A deposit of K100 million is required to apply […]

With 70% Unbanked Population, Myanmar Bets on Fintech to Improve Financial Inclusion

Despite the Myanmar government’s push to expand access to financial services, the country still trails far behind the rest of Asia in rates of participation in formal financial services, financial literacy, savings rates and the use of digital financial services, according to a new report by social enterprise ONOW Myanmar. But fintech and mobile technology […]

Central bank may intervene to stabilise exchange rates: Vice governor

. The Central Bank of Myanmar (CBM) is planning to take additional measures to further stabilise the foreign exchange market, vice governor U Soe Min said in Parliament on Monday. The new measures may include it intervening in the foreign exchange market, the Myanmar Times understands. The move comes on the back of a recent […]

Central bank official submits resignation over Parliament remarks

U Soe Thein, deputy governor of the Central Bank of Myanmar (CBM), submitted his resignation on Tuesday after the CBM saw fit to publicly clarify comments he made about the banking sector in Parliament last week, according to unconfirmed comments by an MP from the Pyithu Hluttaw’s Banking and Financial Development Committee. The MP added […]

Growing mobile penetration gives Myanmar fintech a big boost

Financial technology services in Myanmar have boomed following an increasing number of mobile users, according to a report from Fitch Solutions Macro Research. The rise in mobile subscribers began after the government opened up the telecommunications sector in 2014, though enforced supportive regulations and point-of-sale (POS) payment solutions are still lagging behind. Fitch Solutions, a […]

Latest CBM ruling seen as setback for cashless transactions

An announcement from the Central Bank of Myanmar (CBM) disallowing the use of prepaid cards in the local currency is a step backwards for cashless transactions, industry observers said. The CBM, which made the announcement on July 25, said prepaid cards with a limit of US$5,000 issued by local banks in partnership with foreign financial […]