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 […]

Agriculture Sector to Get Loan to Boost Exports

​​ Myanmar’s agriculture sector will get a loan aimed at helping the country’s exports in order to reduce the trade deficit, according to the Deputy Minister of Planning and Finance, U Khin Maung Win, More loans aimed at other sectors were in the pipe-line, the minister added. Deputy minister U Maung Maung Win led a […]

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’s FDI rush recedes

Myanmar’s economy looked like it was enjoying a brisk tailwind after progress in democratization led the U.S. to lift its sanctions last year, but the boost appears to be waning. The government that took office in March 2016, with pro-democracy icon Aung San Suu Kyi as its de facto leader, has so far proposed few […]

Visa welcomes opening of Myanmar’s domestic payments industry

Visa, the leading global payments technology company, has welcomed today’s announcement from the Central Bank of Myanmar to remove restrictions on the participation of international payments companies in Myanmar’s domestic payments industry, according to a statement on 11 January. According to Arturo Planell, Country Manager Visa Myanmar, opening up the domestic payments industry will bring […]

Visa and KBZ to Produce Kyat-Denominated Credit Cards

RANGOON — Burma’s KBZ bank and international payment provider Visa announced on Thursday that they would jointly issue new payment cards, after receiving the green light to do so from the Central Bank of Myanmar the day before. The Central Bank announced on Wednesday that international payment providers could now offer products and services in […]

Myanmar boosts incentives for infra development, labour-intensive projects

THE MYANMAR Investment Commission, a government body to facilitate both foreign and local investment, has planned plans to provide more incentives for investors in the two areas that are crucial to the country’s growth, labour-intensive industries and infrastructure development, a senior official said. According to Aung Naing Oo, secretary of Myanmar Investment Commission and director […]

Business Chiefs Call for Kyat Support

​​ The Federation of Chambers of Commerce and Industry (UMFCCI) has advised the government on how to stabilise the currency. The trade body’s statement covers the inflow of foreign currencies, how to increase demand for the kyat, the export-import sector and long-term plans. The statement said the dollar’s appreciation was due to an unbalance between […]

Asia’s New Tiger Economy Fears Currency Slide

​​ Myanmar’s central bank is braced for a deeper slide in the nation’s currency and has little scope to tackle the decline after the kyat fell the most in Southeast Asia, according to one of the monetary authority’s top officials. The kyat has weakened about 10 percent against the dollar in the past six months, data […]

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 […]