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Bursting the red balloon

The only surprising thing about the failure of payment service provider Red Dot was the apparent suddenness with which the company departed. For months – if not years – it had seemed that the company was on its last legs. Fewer terminals were active and agents had reported that it was becoming increasingly difficult to […]

Digital landscape rapidly changing

Today’s smartphones can now show people what apps they use most frequently, how much time they spend on them and remind them to take a break. Moreover some mobile applications can have different settings for use by adults and children and limit applications and games by age, because many children use their parents’ phones. “Nowadays […]

At least five more years needed for Myanmar to go cashless

Myanmar’s cash dependent economy has become a burden on the government’s coffers in recent years and a widespread adoption of an electronic payment system in the country is needed. Yet, experts say it could take a minimum of five more years for society to go cashless. “It costs the government money to print cash and […]

2.0 launches ride-hailing app which includes bikes, boats and horse carts

2.0 Limited has launched a new transport mobile app in Yangon, Mandalay and Nay Pyi Taw that could rival Grab’s taxi app. The new OK app, which launched earlier this month, offers both drivers and passengers more flexibility and options compared to the other taxi apps in Myanmar. ‘’We created this app with Myanmar citizens, […]

MOBILE MONEY PLATFORM LAUNCH

MySQUAR, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, has entered into agreements with Uber Remit Ltd (“Uber Remit”), a New Zealand incorporated cross-border remittance and mobile money transfer provider, and Internet Wallet Myanmar Limited, a Myanmar company trading as OK Dollar […]

Myanmar’s Migrant Workers: The Vanguard of Financial Inclusion

Photo: Courtesy of Telenor Wave Money  Andrew Thomson considers the role of internal migrants in promoting financial inclusion in rural areas. Myanmar’s internal migrant workers have the potential to be the vanguard of financial inclusion. Presently, the vast majority of Myanmar’s population do not have access to the formal banking system, mostly the product of […]

Mobile money services make waves in Myanmar

Seven years ago, the country had virtually no formal banking sector. Now, its clunkier commercial lenders face extinction thanks to the arrival of exciting new mobile money services whose mission is to march onwards and upwards. Brad Jones wasn’t sure what to expect when he moved to Yangon in early 2015 to become chief executive […]

Government support needed to develop digital payment habits in Myanmar

Government support is badly needed for the local digital payments sector to develop further, U Zaw Lin Htut, CEO of Myanmar Payment Union (MPU) told The Myanmar Times in a recent interview. Despite the MPU’s attempts to reduce cash dependency since 2012, local payments are still mainly settled via paper money. Even for payments for […]

ATM makers eye Myanmar market

Global automated teller machine (ATM) makers are locked in a race for market share in Myanmar, where more than 90 percent of the population remains unbanked. US-listed NCR Corporation is one, while Diebold Nixdorf, a recent merger between US-based Diebold and Germany’s Windcor Nixdorf, is another. With less than 2,000 ATMs installed in the country, […]

CBM licensing procedures in the spotlight in Yangon

The Central Bank of Myanmar (CBM) should allow financial organisations including fintech companies to operate only after confirming that their business models are credible and licensed, said MP Daw Sandar Min from Seikgyi Khanaungto township during a Yangon Region Parliament session on October 3. The issue was brought up after fintech company Ok Dollar was […]