The latest regulation by the Central Bank of Myanmar (CBM) permitting foreign institutions to invest up to 35 percent in local banks has been well-received by the banking and financial industry. However, experts have flagged the need for further clarity in its provisions. U Than Lwin, senior advisor to KBZ Bank, said the CBM should […]
Interbank cash transfers available with single ATM card next year
November 20, 2017 by
Money transfer services will be available through a single ATM card from next year onwards, U Mya Than, non-executive director and former chair of Myanmar Payment Union (MPU), told The Myanmar Times. With a single ATM card issued by any of the 23 local banks under the MPU network, users will be able to perform […]
New Companies Act to relieve some burdens on SMEs
July 13, 2016 by
The upgraded Myanmar companies act will remove some burdens on small and medium enterprises, according to the Directorate of Investment and Companies Administration (DICA). “We have upgraded some of the provisions (of the existing Myanmar companies act) to be in line with the current situations and to help promote the SMEs and small companies in […]
Yangon Stock Exchange to Launch in December
December 3, 2015 by
The Yangon Stock Exchange is set to launch on Dec. 9, an official said on Monday, after three years of preparations to modernize Burma’s financial sector. Addressing CEOs and executive directors of ten underwriting firms, Chairman of the Securities and Exchange Supervisory Committee and Deputy Finance Minister Maung Maung Thein said the exchange, known as […]
CB Bank Introduces Internet Banking for Businesses
February 24, 2015 by
Cooperative Bank (CB) said it has launched a “business internet banking (iBanking)” service that will allow companies to grant authority to employees at different levels to manage the firms’ bank accounts. Authorised staff will be able to access and manage the companies’ accounts allowing them to issue wages, handle account maintenance, remit money to foreign […]
Telenor Myanmar highlights new services ahead of debut
September 12, 2014 by
Telenor Myanmar will offer post-paid services to companies and will send agents directly to their offices to pick up payments at the end of each month, according to an executive from the company. Ye Than, a marketing executive at Telenor Myanmar detailed the new payment services the company will introduce after it launches its service […]
Unreliable networks stem cash flow at Myanmar’s ATMs
July 18, 2014 by
Myanmar, one of the final frontiers for the international financial system, now boasts over 2,000 automatic teller machines (ATM) and credit card services provided by global brands such as MasterCard and Visa. Yet in a country where electricity is provided in fits and spurts, and internet connection is difficult to guarantee, online banking and ATM […]
Myanmar to adopt Mobile Banking System
May 12, 2014 by
Most local banks are not capable of providing mobile banking services although Myanmar Cenral Bank has authorized for such services. “At present, there are only a few banks proposed to offer the service. Some application forms need to be reapplied in order to complete data requirements. Mobile banking is not a new banking procedure. It […]
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