Launch of Ooredoo’s Mobile Money Service Edges Closer

Telco Ooredoo has moved a step clos­er to launching its mobile payment service after it announced it has partnered with local lend­er CB Bank. The Qatar-backed telco says it has completed test­ing and established an internal management sys­tem but is now waiting on licence approval from the Central Bank of Myanmar (CBM). The sevice called […]

Modernisation Fuels New Lending in Myanmar’s Banking Sector

At the end of February the Central Bank of My­anmar (CBM) announced it was considering ­panding the range of ser­vices that foreign lenders in the country can offer by allowing them to provide trade-only accounts to importers and exporters, which local banks are un­able to do. Of the 24 domestic banks, nine are involved in […]

Cash Is Our Biggest Competitor, Says Wave Money CEO

​​ Cash is the “biggest competitor” for mobile transaction venture Wave Money as it seeks to overcome My­anmar’s aversion to non-physical money, CEO Brad Jones has said. The entire industry will benefit from increased consumer awareness when new entrants begin offering alternatives to Wave Money, he added. Qatar-based telco op­erator Ooredoo is looking to launch […]

KBZ Launches Visa Credit Cards After Landmark Ruling by Central Bank

​​ Kanbawza Bank (KBZ) has begun issuing Visa credit cards, making it the sec­ond of Visa’s Myanmar partners to do so after the Central Bank of Myanmar (CBM) lifted restrictions last month. CB Bank was the first of the local banks to is­sue Visa credit cards in January, a week after the move by the […]

CB Bank Issues Myanmar’s First Visa, MasterCard Credit Cards for Domestic Use

​​ A week after the Central Bank of Myanmar (CBM) lifted restrictions on the use of credit and debit cards issued by foreign companies for domestic use, CB Bank, one of Visa’s four local partner banks, has begun issuing Visa and MasterCard credit cards for use within Myanmar. CB Bank is the first of Visa’s […]

Myanmar Banks ‘Facing Five Key Challenges’

YANGON – MYANMAR’S HOPE of becoming an investment destination in Asean may fade away if the country fails to address five major challenges in its financial sector, experts said at the launch of a GIZ banking report titled “Myanmar’s Financial Sector: A Challenging Environment for Banks” last week. During a PowerPoint presentation and a panel […]

Depreciation of Myanmar kyat in 2014-15 Due to Surging US Dollar

A strong US dollar and the trade deficit resulted in the depreciation of the kyat by 12.7 per cent, Deputy Governor Daw Khin Saw Oo of the Central Bank of Myanmar was quoted as saying at Pyidaungsu Hluttaw Session yesterday. She was submitting the report on implementation of fiscal policies and measures for financial stability […]

US dollar exchange rate hits the highest at Ks 1,323

The exchange rate stood at its highest point of Ks1,323 per US dollar on 19th November, according to the black market of foreign exchange , after reaching a 14-year record high on 18th November on global market. The dollar price has been on the rise for 10 consecutive days at the local foreign exchange market, […]

CBM likely to pave way for new mobile money services

The Central Bank of Myanmar will allow money services on mobile devices, according to Director- General Daw Than Than Swe of the CBM. “We are trying to implement effective financial services for the public” said Daw Than Than Swe. “The services aim to provide convenient services for people in rural areas who do not have […]

Foreign Exchange Rate Reaches Ks1,285 Per US Dollar, Local Gold Price Rises

The foreign exchange rate has risen up to Ks1,285 per US dollar and the local gold price raised its head at over Ks863,000 per tickle despite the stable world gold’s price on the decline, it is learnt from the foreign currency’s black market and the gold dealers. The foreign exchange rate at the black market […]