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Concerns mount in the wake of Red Dot shutdown

Agents of Red Dot Network Ltd are unhappy that deposits paid to the now defunct payment solutions provider will likely not be returned to them. Red Dot’s system involves small terminals and trading balances. The firm buys credit from Myanmar’s telcos – Ooredoo, Telenor, MecTel and MPT – the same as that which shop owners […]

Posco Daewoo to invest $94.2 mn for gas well development in Myanmar

Posco Daewoo Corp., the energy development unit of South Korean steelmaker Posco, will develop new subsea wells for stable gas production near its offshore production base in the A-3 block in Myanmar with an investment of $94.2 million. Drilling of three new wells will start in the first quarter of 2020, the company announced Monday. […]

Skiold enters Myanmar market

The Danish company Skiold has entered the Myanmar market. The company, which has its headquarters in the small Danish town of Sæby, specializes in providing equipment for full-line pig farms, feed production plants and project solutions for the feed, grain, seed and pig industries. Since 2000, the company has moved its businesses into Asia and […]

4G services launched in Myanmar

COMPETITION in Myanmar’s telecom industry is as fierce as ever with two foreign players launching 4G services to cope with increasing data demand in the country. Telenor Myanmar last week launched a 4G service in Nay Pyi Taw, nearly two months after Ooredoo Myanmar offered the technology in the capital city along with Yangon and […]

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 […]

BTMU Eyes Raising Banking Professionals’ Competencies

The Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU) announced that it will fund the development of a learning centre at the Myanmar Institute of Banking (MIB), the training arm of the Myanmar Banks Association (MBA). The Japanese bank said the learning centre will be equipped with the latest computer equipment and training resources, and the centre […]

Two Japan Banks First Foreign Banks to Open Myanmar Branches

Japan’s two top banks are set to open branches in Myanmar this week, becoming the first foreign banks to set up shop in the country: a place viewed by many as one of the “last frontiers.” Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp. will open branches on Wednesday and Thursday in the center […]

Mitsubishi UFJ Financial Group

The first of three foreign banks to open branches in Myanmar this week – Bank of Tokyo-Mitsubishi UFJ (BTMU) – says there is no turning back for economic reforms and that patience is the key for success. “If we look at the long term, Myanmar has lots of potential. The liberalisation of the country and […]

Centuryply to explore Oceania to overcome Myanmar’s log ban

Kolkata, March 19 (IANS): As Myanmar’s ban on the export on Gurjan wood remains in place, Indian plywood major Centuryply is exploring options of sourcing logs from countries in Oceania as well as Europe. “We are exploring options of bringing logs from Papua and New Guinea and the Solomon Islands. However, logistically these are difficult […]

Heavyweight Bank of Tokyo-Mitsubishi UFJ prepares its Yangon office for opening

The Bank of Tokyo-Mitsubishi UFJ could officially open its branch office as soon as next month, as the firm looks to provide financial services to foreign investors, according to the bank’s chief executive officer for Asia and Oceania, Go Watanabe. “We are excited to open the branch as soon as possible, maybe even next month, […]