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CB Bank, Telenor launch new Visa card

Telenor Myanmar, CB Bank and Visa last week launched a new CB-Telenor Visa card in Myanmar, days after the Central Bank of Myanmar on April 24 raised annual credit card interest rates to 20pc from 13pc to put a lid on runaway credit card debt. Nevertheless, the companies believe this will appeal to a growing […]

Central Bank Cautions Public on Digital Currencies

YANGON—The Central Bank of Myanmar warned against the use and trade of digital currencies and cryptocurrencies, including Bitcoin, saying the buying, selling or exchange of digital currency can lead to losses on the consumer’s side. On Friday, the Central Bank released a statement saying it is the sole issuer and supervisor of the domestic currency […]

New export strategy launched, but barriers remain

With export revenues having only increased by around US$2 billion over the past five years, Myanmar is aiming to boost its exports in the next five years by adding new sectors to its National Export Strategy (NES). Gems and jewellery, the digital economy, fruits and vegetables, agricultural product-based food products and industrial art products have […]

CBM again issues detailed rules to banks

The Central Bank of Myanmar has reiterated its commitments to ensuring stronger enforcement of banking rules and regulations in the country. On March 25, the CBM again issued instructions covering five directives on banking governance and statistics. To strengthen the country’s financial sector, Financial Institutions Law was introduced January 2016. CBM has now five detailed […]

Myanmar Tourism Bank expands reach to support sector

Myanma Tourism Bank will open three branches in Yangon, Mandalay and Nay Pyi Taw within the next two months, U Zin Ko Ko, deputy head of the small and medium-sized enterprise (SME) department at Myanmar Tourism Bank told The Myanmar Times. Myanmar Tourism Bank is one of five sector-specific banks granted a banking license by […]

YBS card payment system to come online within six months

A ceremony to sign Yangon Payment Service Co Ltd (YPS) owned by Yangon Region Government and Asia Starmar Transport Intelligent Co Ltd was held at Yangon Region government office on March 12, with an address by Yangon Region Chief Minister Phyo Min Thein. Officials from Yangon Payment Service Co Ltd (YPS) and Asia Starmar Transport […]

Is Myanmar ready for cryptocurrency?

The recent coverage of Chinese blockchain company Shellpay Internet Technology Co’s plan to issue digital coins in eastern Shan has sparked widespread social media attention on the cryptocurrency industry. Cryptocurrencies are digital currencies that has no physical form. Unlike cash, they have decentralised control and does not require a central bank or federal reserve. Blockchain […]

Cooperation is key to swift implementation of e-Government: State Counsellor

The e-Government Steering Committee held their third coordination meeting at the Ministry of Transport and Communications in Nay Pyi Taw yesterday and was attended by its patron, State Counsellor Daw Aung San Suu Kyi. State Counsellor’s speech In her speech delivered at the meeting, the State Counsellor highlighted the inclusion of e-Government in Myanmar’s 12-point […]

The wait’s nearly over for foreign insurers

After waiting years to enter the Myanmar market, foreign insurance companies have been told they can expect to be granted operating licences within months. The licences will be issued under an industry liberalisation plan that was delayed for more than a year – a hold-up that the regulator, the Insurance Business Regulatory Board, has defended […]

Central Bank Allows Yen, Yuan Transactions

The Central Bank of Myanmar on Wednesday announced that it will now allow the Japanese yen and Chinese yuan to be used as a settlement currency for international payments and transfers. The move came after Chinese investors urged the Ministry for Investment and Foreign Economic Relations to reform Myanmar’s foreign currency exchange policies during the […]