First modern credit bureau launched in Myanmar

Myanmar Credit Bureau Limited (MMCB) on December 30 launched the country’s first and only modern credit bureau. MMCB, which is licensed by the Central Bank of Myanmar (CBM), will provide Myanmar with a modern credit reporting system that will enable lenders to expand the financing options available for individuals and businesses. It will also encourage […]

US dollar value against Kyat rises to K1,400 on 15 December

The US dollar against Kyat gained to K1,400 on 15 December in the local forex market as the vaccine development news brightened the global economic forecast. Following the vaccine optimism, hopes for the global economy and trade recovery triggered high global demand for the dollar, U Than Lwin, senior consultant to Kanbawza Bank shared his […]

Credit Bureau Asia’s IPO receives strong investor interest

Credit Bureau Asia (CBA), which owns a 40 percent stake in Myanmar Credit Bureau, received 60.8 times more in applications from retail investors than the number of shares available in the public portion of its initial public offering (IPO) on December 2. CBA said it received more than 4,000 valid applications for about 91.3 million […]

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 […]

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 […]

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 […]

As remittance market reaches saturation, mobile money keeps growing

If the mobile money market were a football match, then the second half has just begun. As the undisputed market leader, Wave Money is already a few goals ahead. It reports having almost 50,000 agents and more than 11 million customers, who remitted US$2.8 billion between January and September of this year. By the end […]

Strong Thai Baht Could Impact Imports, Currency

The Thai baht has reached a six-year high against the US dollar and is now at around 30.2 per dollar. Of the four countries that share borders with Myanmar, Thailand is the second largest trading partner, with trade volumes during fiscal 2018-19 amounting to US$3.8 billion, according to government data. Just this month, the Central […]

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 […]