fbpx

Tourism-industry body to seek financial help from Myanmar govt

The Myanmar Tourism Entrepreneurs Association says it is seeking a K50 billion loan from the government in order to help overcome the impact of the coronavirus pandemic on the tourism sector in Myanmar. Tourism companies have seen their revenues severely hit since the virus was first reported in late December, the association says. U Naung […]

High interest: Payday lender faces scrutiny

The financial authorities are investigating an online-based loan provider that was slugging customers with interest and fees totalling 15 percent a month – more than five times what microfinance institutions and pawn shops are allowed to charge. IN LATE December 2019, Ma Tin Zar received a phone call from a microlender, MicroMoney Myanmar, asking her […]

KB Kookmin Bank prepares to expand in Myanmar

KB Kookmin Bank (KB), South Korea’s largest bank, is preparing to acquire a corporate license permitting it to sell advanced financial products in Myanmar. The bank plans to introduce new financial instruments and services in retail banking, such as housing and SME finance, corporate finance, including trade finance and infrastructure finance, digital banking and personal […]

E-commerce startup Get acquires Daung Capital to provide one-stop fintech solutions to Myanmar’s micro-entrepreneurs

Myanmar-based e-commerce startup Get All Myanmar has acquired Burmese fintech firm Daung Capital in a mission to come up with a unified solution provider for micro-entrepreneurs in the country, says a DealStreetAsia report. The acquisition covers all of the fintech firm’s assets, including employees and business contracts. Other financial details were not disclosed. Moving forward, […]

New law in the works to help set up Myanmar credit market

The Ministry of Planning, Finance and Industry is drafting a Secured Transactions Law with assistance from the International Finance Corporation, U Htun Zaw, Deputy Director General of the Financial Regulatory Department, said. The aim of the legislation is to facilitate the establishing of a modern and formal credit market through which borrowers can take loans […]

CBM to approve QR code payment transactions soon

Digital payments using QR codes will be introduced to Myanmar as soon as the framework for such payments are ready. Shanghai-based financial services company UnionPay International’s (UPI) QR code system accessible through mobile phones would be made available when the Central Bank of Myanmar (CBM) makes the official announcement. UPI operates as a subsidiary of […]

Foreign insurers bring disruption in untapped Myanmar market

Myanmar’s insurance market will soon face a sea change led by technologies and expertise brought in by foreign companies. A total of 14 foreign insurers will enter the Southeast Asian country’s market by the end of this year through either wholly owned subsidiaries or joint venture companies with local peers, the Nikkei Asian Review has […]

Businesses collaborate to launch new loan facility for landowners

iMyanmarHouse.com has introduced an installment loan programme in Myanmar for those who own land but lack the capital to build a house or a building for commercial purposes. The company is aiming to grant loans to those who don’t have enough capital to construct luxury buildings, high-rise buildings, hotels, warehouses, and other buildings on land […]

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 […]

Better oil and gas deals needed in the future, say experts

Efforts must be taken to lessen Myanma Oil and Gas Enterprise’s (MOGE) tax burden from contracts signed with joint-venture firms to work offshore oil and gas fields, a report states. According to the “State-Owned Economic Enterprise Reform in Myanmar: The Case of Natural Resource Enterprises” report by the Natural Resource Governance Institute (NRGI) and Renaissance […]