Singapore Firm Acquires Stake in Myanmar Payment Company

Singapore-based payments firm fastacash has made a strategic investment in Myanmar-focused payments company, MyPAY. MyPAY, which is developing a mobile payment system, also has a strategic partnership with local social network MySQUAR, which claims to have 1.5 million user accounts. However, a fastach spokesperson told Myanmar Business Today that the firm “won’t be able to […]

KBZ Eyes Niche Market with Credit Card

Local lender KBZ Bank has launched Myanmar’s first credit card recently, eyeing to tap into big businesses and high-income individuals’ needs for credit card in the country. Launched late last month, there were 500 applicants at the beginning, which has grown in its first week to 600, according to KBZ officials. U Nyo Myint, managing […]

Myanmar’s first electronic bill payment solution launched

2C2P a leading Southeast Asian (SEA) payment services provider, and Myanmar Payment Union (MPU), the national payment network of the Republic of the Union of Myanmar, have launched Myanmar’s first electronic bill payment solution, easyBills according to a media release on 9 June. 2C2P and MPU are providing a non-cash payment option for prepaid phone […]

MPU, JCB Ink Licence Agreement for EMV Debit Cards in Myanmar

Myanmar Payment Union (MPU) and JCB International Co, a subsidiary of Japanese credit card company JCB Co Ltd, have signed a licensing deal to issue JCB cards in Myanmar, the firms said. With this agreement, MPU member banks in Myanmar will be able to issue MPU/JCB co-branded cards linking to their customers’ saving bank accounts. […]

Yangon Tax Department Announces Restaurant Crackdown

YANGON — Yangon Division’s Internal Revenue Department has urged restaurateurs to use official stamps on diner receipts to indicate payment of commercial tax, warning of hefty fines for noncompliant business owners. The pre-purchase system began in Yangon last month, requiring business owners to affix stamps bought from the department to customer receipts in order to […]

Gold miners fall behind on fees

Three large private mining companies at the Moehti Moemi mines owe hundreds of millions of dollars worth of in-kind payments to the Ministry of Mines, according to U Win Htain, Mining Department director general. Fevered bidding in a 2011 tender may have seen the three firms overreach, as they offered high payments in the future […]

Yangon Online Delivers Amazon, eBay And Apple To Myanmar

The website of the Yangon Online Store resembles an early, very pared-down Amazon or eBay site. The familiar categories of merchandise for sale include books, electronics, computers, sports equipment, health & beauty, clothing, automotive, and Apple products. Look a little closer and you will notice that only a few items have prices listed and that […]