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Mother Finance, NearMe collaborate to expand fintech reach in Myanmar

Mother Finance Co Ltd and NearMe Digital Services on February 28 signed a collaboration agreement to provide credit to NearMe’s agent and partner network. Mother Finance, a licensed non-bank financial institution which provides small loans to customers via a mobile app, will be providing unsecured SME loans to NearMe. NearMe currently has over 50,000 partner […]

Myanmar Reportedly Set to Be Placed on Global Money-Laundering Watchlist

JAKARTA—Myanmar is set to be placed on a watchlist by a global finance watchdog this week, amid concerns of money laundering by transnational drug traffickers and weak regulation of its financial system, two sources familiar with deliberations said. A decision to put Myanmar on the “gray list” by the Paris-based Financial Action Task Force (FATF) […]

Lawmakers Blast Yangon Govt for Misusing Public Funds

YANGON — The Yangon regional government has misused and breached financial regulations in spending public funds, in possible violation of the Anti-Corruption Law, according to the parliamentary Finance, Planning and Economy Committee. On the second day of parliamentary debates on the regional auditor-general’s report on government expenditure during the 2017-18 fiscal year, the committee pointed […]

Loss-making factories should be privatised, officials say

Government officials have raised the need to restructure most of Myanmar’s state-owned factories, as just four out of the 57 factories controlled by the Ministry of Industry (MOI) are now making money. Around one third of these factories need to be closed down with the MOI losing about K300 billion-K400 billion each year, said U […]

Next bidding round for Oil & Gas blocks expected in January, retired official Says

Myanmar is expected to call the next bidding round in January 2020 after passing the draft oil and gas law, said a retired senior official. Having planned to start the process in the first half of 2019, the government has delayed the international bidding round in order to get the new bill in place. “We […]

Request for Expression Of Interest – Recruitment of ADFS Specialist (International Individual Consultant), Deadline: 5th November, 2019

MINISTRY OF AGRICULTURE LIVESTOCK AND IRRIGATION ADB Loan 3724 and GAFSP Grant 0671 CLIMATE FRIENDLY AGRIBUSINESS VALUE CHAINS SECTOR PROJECT REQUEST FOR EXPRESSION OF INTEREST (REOI) Recruitment of ADFS Specialist (International Individual Consultant) Package No. CS-05 The Government of the Republic of the Union of Myanmar has received financing from the Asian Development Bank (ADB) […]

Two Korean Banks Hopeful of Winning Approval to Open Myanmar Branches

YANGON—Two South Korean banks involved separately in a low-income housing project and a joint industrial complex construction project in Yangon are hopeful of winning Myanmar government approval to offer banking services in the country soon. If they are granted licenses, KB Kookmin Bank, one of South Korea’s largest banks, and Industrial Bank of Korea (IBK) […]

Myanmar Among World Bank’s Top 20 for Business Ease Improvements

YANGON – As the Myanmar government makes efforts to complete its ambitious goal to reach the top 100 of the World Bank’s ease-of-doing-business index 2020, the country was listed among the top 20 most-improved countries. A World Bank report listed Myanmar in the top-20 improvers in Doing Business 2020, alongside China, Bangladesh and India. It […]

Foreign Investment in Myanmar Set to Miss Target: MIC

Yangon—Myanmar is likely to fall short of its foreign investment target in the 2018-19 fiscal year, according to U Thant Sin Lwin, director of the Myanmar Investment Commission (MIC). Myanmar has so far only received US$4.1 billion (6.29 trillion kyats) of inbound foreign investment in the current fiscal year, which ends on Sept. 30. “We […]

Company of Former Myanmar Dictator’s Grandson Among 4 Sued for Unpaid Loans

YANGON—AYA Bank, one of the largest private banks in Myanmar, has sued four companies— including one owned by a grandson of late military dictator Gen. Ne Win—for unpaid loans, according to the Yangon Region High Court. The bank has sued Omni Focus Co, owned by U Ne Win’s grandson U Kyaw Ne Win, along with […]