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 […]

Thilawa SEZ price reductions aimed at property dealers

Plans to significantly reduce the price of land at the Thilawa Special Economic Zone are aimed as property dealers and will not harm to those already doing business. Win Aung, chairperson of the Thilawa SEZ Public Company, has announced plans to reduce land prices in the area by 30 percent to try and attract international […]

Thilawa SEZ Shares to Go on Sale to Raise $21 Million

Shares of Myanmar’s Thilawa Special Economic Zone (SEZ) will go on sale in March in a bid to raise $21.8 million to fund the first phase of construction of the SEZ near the country’s commercial hub Yangon. The plan was announced last week at a news conference by U Set Aung, chairman of Thilawa SEZ […]

VISA expand presence in Myanmar through three banks

VISA card holders will soon be able to use the cards for making payments at point-of-sale terminals at Kanbawza Bank, Cooperative Bank and Myanmar Apex Bank, Visa said. VISA card holders will soon be able to use the cards for making payments at point-of-sale terminals at Kanbawza Bank, Cooperative Bank and Myanmar Apex Bank, Visa […]