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Survey finds 37% of families can’t afford health emergency

More than 35 percent of Myanmar households are not ready to shell out K200,000 (US$130) for emergency health care, according to Asia Foundation’s City Life Survey 2018. The foundation conducted the survey of 2414 people in 228 wards of Yangon, Mandalay, Monywa, Taunggyi and Mawlamyine cities from September to October 2018. It said that up […]

Myanmar mobile wallet eyes 30m clients in 10 years

Driven by a population increasingly drawn to technology devices, Myanmar’s fastest- growing mobile wallet KBZPay has set an ambitious target of reaching 30 million customers in the next 10 years, according to Soe Ko Ko, general manager of KBZPay Agent Banking. The executive said in an interview with The Nation that more than 1.6 million […]

Red Dot closure concerns spread to industry, draws light on licensing procedures

Disenfranchised agents of the now defunct Red Dot Network Ltd plan to file a court case against the payment-solutions provider after being turned down by the Consumer Protection Central Committee, which said their case could not be handled under the Consumer Protection Law. The agents are unhappy that deposits paid to Red Dot will likely […]

Foreign banks allowed to set foreign currency loan interest rate

The Central Bank of Myanmar (CBM) said foreign banks are free to set their own interest rate as long as those loans are in foreign currencies. Foreign banks with branches in the country are now allowed to do wholesale banking services and other financial services, according to the latest Directive issued by the CBM last […]

Surbana Jurong and Mitsubishi Corporation Enter Joint Venture to Set up Fund Management Company

SINGAPORE, Sept. 14, 2018 /PRNewswire/ — Surbana Jurong Capital, the newly established financial services arm of Surbana Jurong, and Mitsubishi Corporation today signed an agreement to set up a fund management company (FMC). The FMC will be a 50:50 joint venture between the two companies and will be jointly managed by both partners. The FMC […]

Financial Services Key to Rapid Myanmar Growth

The rapid economic growth in Myanmar has the potential to create more new jobs in financial services than any other country in Southeast Asia (SEA), according to Red Dot, the Yangon-based cash acceptance network. “Financial services are central to all key sectors in Myanmar – agriculture and food, manufacturing construction, hotels and leisure, tourism, healthcare […]

Yangon stock exchange seeks foreign investor interest

THE Yangon Stock Exchange (YSX) recently had a few champagne moments with the first “real” initial public offering by a Myanmar telecom company. And even while the bubbly was still fizzing another company was eyeing a listing. And, the moment foreign investors had been waiting for is almost here. For a start, foreigners residing in […]

FMI Group to move forward after record revenue in FY2018

FIRST Myanmar Investment Group (FMI), one of the five companies listed on the Yangon Stock Exchange, says it will keep investing in four key sectors – financial services, healthcare, real estate and tourism – after posting record-high revenue for fiscal year 2018. The company booked more than 200 billion kyats in sales for the financial […]

VisionFund Myanmar launches loan scheme for factory workers

VisionFund Myanmar recently announced the launch of a new microfinance loan product exclusively for garment factory workers, funded by the Livelihoods and Food Security Trust Fund (LIFT), according to a press release on 16 February. The loans were first launched at the ZES garment factory located in Hlaing Thar Yar Township, with over 160 workers […]

Financial services among the fastest growing sectors in Myanmar

The financial sector rose the most among 15 sectors managed by the government in the first six months of the 2017-18 fiscal year, growing 22 percent as a result of the implementation of new financial services, U Set Aung, deputy minister of the Ministry of Planning and Finance, at Pyidaungsu Hluttaw meeting on Thursday. “If […]