Efforts are being made to raise the rate of financial inclusion in the Myanmar. Under the Myanmar Financial Inclusion Roadmap for 2019 to 2023, authorities are working with the UN Capital Development Fund (UNCDF) to raise the percentage of the population covered by the financial sector to 60 percent from 48pc currently, said Willian Naing, […]
Myanmar’s digital money transfers set to triple in 2019
July 10, 2019 by
<ahref=”https://youtu.be/pCvYiQYDHcE” target=”_blank”> YANGON — Digital money transfer services in Myanmar by mobile phone operators and banks have all but replaced traditional remittances in only a few years. CEO Brad Jones of Digital Money Myanmar — operator of the country’s leading remittance provider Wave Money — says transactions via the service exceeded 2 trillion kyat ($1.3 […]
FMI posts record profits for FY 2019
July 9, 2019 by
YANGON—First Myanmar Investment Public Company Limited (FMI) posted revenues of 297.7 billion kyats (US$196.3 million) for fiscal year 2019, a 36-percent increase over last year, the company’s chief operating officer announced at a press conference over the weekend. FMI—a part of the Yoma Group of companies—attributed the growth to strong performances from its Yoma Bank […]
FMI sees strong growth in finance, invests in real estate, tourism
July 4, 2019 by
Despite a drop in earnings in FY2019, Yangon Stock Exchange-listed First Myanmar Investment Public Company Ltd (FMI), said it continues to see potential for long term growth in finance, healthcare, real estate and tourism, the main sectors in which its businesses are involved. While earnings dropped by almost 42 percent to K14.4 billion for the […]
Myanmar Tourism Bank expands reach to support sector
March 26, 2019 by
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 […]
Local banks permitted to extend more mortgages
January 23, 2019 by
Local banks have been permitted to allocated 5 percent of their total loan portfolio towards mortgages not exceeding three years, the Central Bank of Myanmar (CBM) said in a statement on Tuesday. The CBM’s aim is to generate more growth and development in the local banking sector and create more opportunities for people to own […]
Central Bank permits loans without collateral at 16pc interest rate
January 18, 2019 by
Myanmar banks have been permitted to extend loans without the need for collateral at a maximum lending rate of 16 percent, the Central Bank of Myanmar (CBM) announced in a directive issued yesterday. The measures will take effect on February 1. Banks will be permitted to charge up to 16pc to loan money if borrowers […]
Five business sectors that are looking interesting in 2019
January 14, 2019 by
Businesses did not have a positive outlook on the Myanmar business sector last year with falling confidence and firms pulling out of Myanmar. However, with the arrival of a new year, things seem to be looking more optimistic for some sectors. Our reporters have interviewed insiders and experts from five business sectors on their views […]
Myanmar’s urban dwellers get a taste of credit
January 7, 2019 by
More consumers in urban Myanmar are taking out loans to buy electronics, cars, even homes. A purple logo — that of Japan’s Aeon Financial Service, a provider of small loans to consumers who pay back the money in installments — is becoming easy to spot at one Yangon shopping center, especially at appliance and cellphone […]
Foreign banks allowed to set foreign currency loan interest rate
December 11, 2018 by
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 […]
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