Central Bank of Myanmar introduces updated clearing and settlement system

Central Bank deputy governor U Soe Min said the institution has introduced a new payment and settlement system called CBM-NET 2 on November 16. The Central Bank of Myanmar, supported by Japan and commercial banks, this week launched the Central Bank of Myanmar Financial Network System 2, an upgraded version from the old system. It […]

NearMe expands digital reach during pandemic

Myanmar start-up NearMe, which provides a digital purchase and payments platform for retailers, has attracted financial help from Sumitomo Corp, a Japane Fortune 500 global trading and business investment company. The funds will enable NearMe to offer more digital solutions to its retail partners, which comprise mainly small- and medium-sized enterprises (SMEs) seeking technology to […]

Drop in sales for luxury cars

Though prices for imported cars have dropped significantly over the past few months, sales for luxury vehicles have remained low. Very few cars above K20 million have been sold during August, representatives from car trading centers claim. “People anticipate that the stamp duty for changing ownership may increase from 3 to 6 percent. There are […]

CBM extends WeChat Pay pilot phase by three months

The pilot phase for the use of the WeChat Pay service in Myanmar has been extended for a second three-month period, Central Bank of Myanmar (CBM) director general Daw Myint Myint Kyi said. The pilot phase began in February when the CBM approved the request of Paypb Co Ltd for the use of the WeChat […]

KBZ Bank sees rising adoption for its mobile wallet app

KBZ Bank, Myanmar’s largest privately-owned bank, facilitated one million transactions with its mobile wallet application KBZPay, signalling progress towards a mobile-first Myanmar, the bank said in a statement yesterday. From 28 to 31 March, guided by the 18,000-strong KBZ Bank team across the country, customers performed an extensive range of transactions with KBZPay. This included […]

Mandalay real estate agents hope for stable market

Some veteran estate agents in Mandalay said they would rather see a steady market, when the new government takes office next year, than surging prices. Property sales have been subdued across Myanmar’s major cities this year, with only the rental market performing. In Mandalay, real estate speculators took control of the market in late 2011 […]

Sales to rise, prices to fall, say Yangon real estate agents

Real estate is likely to bounce back in 2016 after more than a year of depressed sales, while prices will fall as new supply comes online, said investors and agents. Following a relatively smooth election, the volume of transactions will be “back to normal”, they said, referring to last year when the industry was thriving. […]

Prepaid Citizen Card launched for Myanmar’s travellers

A new reloadable prepaid card that is accepted by MasterCard merchants worldwide has been launched with the Myanmar traveller in mind. Developed by 2C2P, a Singapore-based payment services provider, and Myanmar Citizens Bank (MCB), the card comes with an optional smartphone app for both iOS and Android platforms that allow cardholders to manage transactions in […]

UK lawyer Lucy Wayne reopens Myanmar firm after 12-year hiatus

UK lawyer Lucy Wayne has relaunched a practice in Myanmar 12 years after international sanctions placed on the country forced her to pull out. Having qualified at Dentons legacy firm Denton Hall Burgin & Warren in 1989, Wayne moved to Asia in 1992 to become managing lawyer of Ho Chi Minh City-based Indochina Consulting Services, […]