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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 […]

FMO Partners with Maha Agriculture Microfinance & Harvesting Inc to Streamline Agriculture Lending in Myanmar

FMO, the Dutch development bank headquartered in the Hague, the Netherlands, has announced its partnership with Myanmar-based Maha Agriculture Microfinance (Maha) and U.S.-based Harvesting Inc (Harvesting) to provide a grant that would help streamline agriculture lending to Myanmar farmers. As part of its capacity development program, FMO will financially support the pilot deployment of Agriculture […]

National Planning Law Expects Highest Growth in Telecom, Industrial, Financial Sectors

Amid a slowing economy and complaints from the business community, Myanmar’s parliament has approved a National Planning Law for the 2018-2019 fiscal year which expects to see the highest growth rate in the country’s telecommunications, industrial and financial sectors. On Wednesday, President U Win Myint signed the bill with the approval of the Union Parliament […]

Yoma to tap digital banking for nationwide expansion

YOMA BANK, one of the largest private banks in Myanmar, plans to focus on providing digital products to millions of people in Myanmar , according to Hal Bosher, the bank’s chief executive officer. Bosher said in an exclusive interview that digital products would allow the bank to serve the country better, making banking accessible and […]