Myanmar exporters concerned over falling dollar rate

Traders are concerned about international demand and export revenues in Myanmar, which have taken a hit as a result of lower demand and a weaker dollar exchange rate. The Central Bank of Myanmar’s (CBM) reference exchange rate was set at K1287.4 per dollar on November 3, its lowest level in two years. “The dollar price […]

NH NongHyup sets up Myanmar branch

NH NongHyup Bank said on Oct. 26 it has launched its branch office in Yangon, the largest city of Myanmar to expand its presence in the Southeast Asian country. The establishment of Yangon-based branch came after the lender had obtained final approval from the country’s central bank in late June. It is the second regional […]

How the pandemic made fintech matter again in Myanmar

The banking sector made Myanmar distrustful of non-cash transactions – how did the pandemic turn the nation back to financial inclusion? Myanmar was considered Asia’s last frontier market, not too long ago – rich in natural resources and investment potential, but only just emerging to the possibilities of digitization. About a decade later, sweeping reforms […]

Singapore’s Fincy Pulls Out of Controversial Chinese-Backed Gambling Hub in Myanmar

YANGON—Singapore-based financial services firm Fincy has announced it will withdraw from a controversial development project run by shady Chinese investors accused of involvement in illegal cryptocurrency and online casino operations near the Thai border in Myanmar’s Karen State. On Wednesday, Fincy said in a statement that it is pulling out of the Yatai New City […]

More than 100,000 apply for QR code to travel in Yangon

More than 100,000 have applied for the QR pass code in Yangon, which allows the holder to travel from one township to another amid a region-wide stayhome order. The QR code is issued only for businesses and there are more than hundreds of thousands of applicants to date, said U Aye Win, general secretary of […]

Thousands of workers face financial difficulty in Bago

The closure of 47 factories in Bago Region until October 11 will cause financial problems for tens of thousands of workers according to Ma Honey, chair of the Bago textile labour union and representative of the Confederation of Trade Unions in Myanmar. “All work has been suspended. Workers are usually paid on the fifth of […]

NearMe expands digital reach during pandemic

Myanmar start-up NearMe, which provides a digital purchase and payments platform for retailers, has attracted financial help from Sumitomo Corp, a Japane Fortune 500 global trading and business investment company. The funds will enable NearMe to offer more digital solutions to its retail partners, which comprise mainly small- and medium-sized enterprises (SMEs) seeking technology to […]

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 […]