Myanmar Takes Small Steps Towards Providing Greater Liquidity for SMEs

A rising number of start-ups as well as small and medium enterprises (SMEs) are emerging in Myanmar as business opportunities rise. However, many companies fail to achieve their full potential and contribute substantially to the economy because capital assistance is lacking in the country. In Myanmar, banks require collateral in the form of property before […]

Myanmar to Become Member of APN, Upgrade Card-Based Services

​​ Myanmar will become a member of the Asian Payment Network (APN), which was established to create a common payment settlement platform within the Asia-Pacific region, said U Zaw Lin Htut, CEO of Myanmar Payment Union (MPU). MPU has already met with officials from APN, and is waiting for the membership announcement to be made, […]

Specific procurement notice: Department of Highways’ Flooding and Landslide Emergency Response Project. Closing Date: 5 Jan 2018

FLERP — flooding and landslide emergency recovery project Credit No.:5889-MM Contract title: Thandwe-Gwa Road Works — Rakhine State Reference No. : NCB Cl-MOC-W01 LOT 1-5 The Republic of the Union of Myanmar has received financing from the International Development Association (IDA) toward the cost of the (FLERP). The Department of Highways (DOH) under the Ministry […]

Online Tax Payment System to Be Introduced in February

Instead of making tax payments in cash, a more convenient online payment system will be implemented by the state banks early next year, said deputy director general Dr Khine Shwe Whar from the Central Bank of Myanmar (CBM). “This online customer-to-customer transfer (CCT) payment system will start in February 2018,” she said in a meeting […]

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 […]

New insurance scheme to provide aid in obtaining loans

Co-operative Bank (CB) is preparing to launch a new Credit Guarantee Insurance (CGI) system so that it can extend wider financial assistance to the country’s small and medium enterprises (SMEs). CGI covers businesses against non-payment of debts owed to them by business customers for goods or services provided on credit terms. As part of that […]

Gemstone Sales Center Slated for Yangon

The Union govern­ment has created a working commit­tee to plan and estabish a gemstone sales center in Yangon, U Kyaw Win, Chairman of Myanmar Gold Entrepreneur Asso­ciation, said. The committee was jointly organized by of­ficials from the Ministry of Natural Resources and Environmental Conser­vation, members of the Myanmar Gem and Jew­elry Entrepreneurs Asso­ciation, and the […]

CBM Invites Citizens to Exchange Old Bank Notes

Old, broken, or otherwise unusable bank notes can be exchanged for new ones at state-owned banks and private banks, according to an announcement by the Central Bank of Myanmar. The CBM has been trying to motivate citizens to exchange decrepit notes since 1993 when they first announced this initiative. Under the bank note exchange, local […]

Hackers target govt websites in cyber spillover from Arakan crisis

Hackers targeted several government websites this week, according to state media, apparently in retaliation for Burma’s treatment of the country’s Muslim minority, as international attention on the plight of the Rohingya in northern Arakan State intensifies. The Burmese-language state-run daily Kyemon reported on Tuesday that six government websites had been hacked in a “defacement attack,” […]

Myanmar’s First Gold Exchange Center Takes Shape in Yangon

YANGON — Myanmar will have its first official market for gold, gems and metal trading in its commercial capital Yangon this year, said U Khin Maung Han, chairman of the Myanmar Federation of Mining Association. The trade center will be built in Yangon’s Mingalardon Township near Yangon International Airport, U Khin Maung Han said. The […]