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Microfinance firms to get more support

Myanmar Apex Bank (MAB) has allocated K57 billion to support selected microfinance companies that lend to small businesses, the bank announced on Wednesday. MAB is now supporting Fullerton Finance Myanmar, Proximity Finance Microfinance, Vision Fund Myanmar, Early Dawn Microfinance, and Pact Global Finance Microfinance Fund. “Microfinance companies play an important role in supporting small businesses […]

MAB launches wealth banking service as competition rises

Myanmar Apex Bank (MAB) has launched a special wealth banking and rewards programme – MAB Gold Wealth Banking – for high net worth individuals in Myanmar. For now, the platform is targeting those who have the cash to place a minimum fixed deposit of K300 million as potential clients. Interest rates for fixed deposits are […]

Private banks loan Ks 868.733 bln to SMEs

Until December, 2017, private banks have granted a Ks 319.228 billion loan to the agricultural and livestock sector and Ks 868.733 billion to small and medium-sized enterprises, said Soe Thein, Vice-governor of the Central Bank of Myanmar. MP Kyaw Htwe representing Yangon Region Constituency-8, raised a question on the policies set for the establishment of […]

Chin State SMEs to Be Eligible For K8.5 bn Worth of JICA Loans

Chin State’s small and medium busi­nesses (SMEs) will be eligible for up to K8.4 billion worth of small loans which the govern­ment plans to make avail­able later this financial year, a union minister has said. The funds are the re­mainder of a K50 billion Japanese loan granted to the government for the development of local […]

Visa Bullish on Nationwide Growth in Myanmar

​​ S ONLY 0.5 per cent of the population has access to electronic payments so far, Visa Inc, the global payments firm, sees a lot of room for improvement in Myanmar. Arturo Planell, Visa country manager for Myanmar, said at a press conference last week that the number of Visa cards in the country had […]

A Myanmar bank’s e-wallet scheme to go nationwide

YANGON – Myanmar Apex Bank, the nation’s first bank to offer an e-wallet service, has set its sights on expanding the service across the country in three months, banking on the high mobile phone penetration rate. Managing director Win Min Khine said mobile banking was developed as an agent-based model where customers can open their […]

Western Union launches outbound money transfer service in Myanmar

WESTERN UNION, a global payment services provider, has launched Myanmar’s first outbound money-transfer service, three years after launching inbound services. Patricia Riingen, the firm’s senior vice president for Southeast Asia and Oceania, said the target consumers would be people aged from 25 to 60 who are active on social media and have international exposure (either […]

Apex to lend against farm permits

Myanmar Apex Bank will begin allowing farmers to access bank loans by using their work permit certificates as collateral, according to bank chair U Chit Khine. The Form-7 certificates were created with the 2012 Farm Land Law, functioning as a farmland work permit certificate for people with the right to farm a particular plot of […]

Burmese Banks Fret Over Foreign Competition

YANGON — Private Burmese banks are calling on the country’s Central Bank to be more transparent in plans to grant limited operating licenses to foreign banks next month. After decades of isolation under a military junta, Myanmar’s banking sector is opening to foreign competition in a bid to attract foreign investment into the economy. Executives […]

Thilawa SEZ public offering sees 700,000 shares sell out

A total of 700,000 shares of the Thilawa Special Economic Zone had sold out by March 14, according to the chairperson of the SEZ’s public company. The shares, ranging from tens of thousands to millions of kyat, are in high demand, said Win Aung. Share sales between March 3 and March 14 amounted to more […]