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BRAC partners with Ongo to digitise microfinance repayments

Ongo, a local digital payment service provider, last week announced a partnership with BRAC Myanmar Microfinance Company (BRAC) to fully digitise the latter’s loan repayments. Under the agreement, BRAC borrowers can quickly and easily pay back their loans with the Ongo mobile app or with an Ongo QR Card at any of Ongo’s 1800 agents […]

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 […]

Central Bank provides new details on foreign-bank directive

Foreign banks will be allowed to expand their branch networks in Myanmar next year, according to two senior officials of the Central Bank of Myanmar (CBM) yesterday. “More foreign bank branches will be allowed next year. Foreign banks can no longer be blocked from doing business in Myanmar because the local banks are not developed […]

80 pc of automobile purchases related to installment system

About 80 per cent of all automobile purchases in the local market are linked to the installment system, said Dr Soe Tun, President of Myanmar Automobile Manufacturers and Distributors Association. The number of people who buy automobiles under the financing and hire purchase system of banks has increased. The number of those buying automobiles with […]

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 […]

Making Myanmar an energy powerhouse

Myanmar’s national electrification process is still on hold one year after the new administration took office. The replacement of the Minister of Energy in early August showed the priority given to energy, but the government still has much to do. Myanmar will have to decide on how to solve its chronic power shortage. There are […]

Frustration mounts as Kyaukphyu port negotiations stall

Kyaukphyu’s Chinese investors have hit back at criticisms over their majority stake in a proposed deep-sea port in Rakhine. They emphasised that it was the Myanmar government who drew up the shareholder structure and that the ball is in Nay Pyi Taw’s court to break the inertia and move the negotiations forward. Kyaukphyu is the […]

Yangon-Mandalay railroad to be upgraded with Japanese loan

NAY PYI TAW—The Japan International Cooperation Agency (JICA) will lend 20 billion Yen (Ks 192.4 billion) to the Myanmar government to upgrade the Yangon-Mandalay railroad, Minister for Rail Transportation Than Htay told a parliamentary session on Tuesday. The interest rate for the loan is set at 0.01 percent and is repayable in 40 years with […]

Parliament confirms appointments at Central Bank

Myanmar’s Parliament has confirmed the appointment of members of the Central bank governing body, including the new chairman. Kyaw Kyaw Maung, who previously served as chairman of the Central Bank from 1997 to 2007 under the military regime, was reappointed. Current chairman Than Nyein and former director Khin Saw Oo are to be repositioned as […]