Blockchain startup Everex secures seed funding and seeks more in token sale

Singaporean fintech startup Everex has just raised US$500,000 in seed funding from Chinese industrial conglomerate Holley Group. It hopes to add a substantial sum to that figure from its token sale, which kicks off today. Everex has developed an Ethereum blockchain-based online payments suite, which comprises cash transfer and micro-lending services, as well as an […]

Myanmar’s business community must tap cluster potential to compete on global scale

“There are clusters formed by firms in similar sectors. In the Mandalay Region, the Directorate of Industrial Supervision and Inspection formed industrial clusters since 2014 and there are now 111 groups in 15 industrial clusters.” “But the business community in Myanmar is not very interested in this potential,” he said. “Businessmen here prefer to work […]

National Prosperity Company under scrutiny on gold debt to gov’t

Negotiations are currently being carried out for NPC to make the payments. The company owes 5.5 tonnes of gold (over 3,400 viss) priced at a fixed rate to the government. NPC has an 8-year contract with the government to mine for gold in the resource-rich Moehti Moemi area, which spans over 6,000 acres of land. […]

Philippines’ Aboitiz Power to Pursue Hydro Projects in SE Asia

LISTED AboitizPower Corp. said on Tuesday it plans to set aside up to $500 million over the next five years to invest hydro power projects in Southeast Asia, particularly in Myanmar, Indonesia, and Vietnam. In a television interview, Aboitiz President and Chief Operating Officer Antonio Moraza also said the company will finish the construction of […]

CBM Restrictions on Foreign Banks to be lifted ‘Soon’- Deputy Governor

The governor of the the Central Bank of Myanmar (CBM) has said restrictions that stop foreign banks offer­ing retail services in My­anmar will be lifted ‘soon’. Deputy Governor U Set Aung told a July 10 Pyithu Hluttaw meeting that it’s time foreign banks were allowed to open branches across the nation and pro­vide their retail […]

As the World Moves to Renewable Energy, Myanmar Will Follow

YANGON — The government has been pushing plans for coal-fired power plants to address Myanmar’s great need for electricity. Renewable energy expert Hans-Josef Fell talks about how Myanmar can develop its energy plan. Fell is a former parliamentarian in Germany and the current president of the Berlin-based Energy Watch Group. The Myanmar government has been […]

Thailand’s Transport Co Eyes Myanmar Link

Transport Co, the state-owned public interprovincial bus service provider, plans to expand its routes to link Myanmar and India. Managing director Jirasak Yaowatchasakul said the plan was part of the company’s bid to expand to Asean, especially Myanmar, where tourism was booming, according to a Manager Online report. The planned route will link Thailand with […]

Nationwide survey launched to draft business environment index

The San Francisco-headquartered Asia Foundation (TAF) and the UK-funded DaNa Facility have launched a three-year nationwide program to improve sub-national business environment. The program is funded by the UK Department for International Development (DFID) and implemented by DAI Europe, a London-based international development company. DFID provided £25 million (K43.9 billion) to fund DaNa, which supports […]

Myanmar has maintained military ties with North Korea, US officials claim

Myanmar’s military was believed in the past to have imported North Korean-made weapons and North Korean personnel also worked in Myanmar Myanmar’s military has maintained ties with North Korea, even though the civilian-led government denies any cooperation, and the Trump administration is pressing for a complete break-off of remaining links, current and former US officials […]

Myanmar’s textile workers pay the price for Australia’s fast fashion addiction

Textile workers in Myanmar struggle to make ends meet as big brands such as H&M move their production to the country chasing the lowest price of production. Garment workers in Myanmar are struggling to cover everyday living costs while factory owners enjoy the surge in demand from the global fashion brands expanding into Australia. Ma […]