The missing piece of Myanmar’s fintech puzzle: Cross-border remittance

Hundi, an informal value transfer system for sending cash domestically or internationally, is widely adopted by Myanmar citizens and offshore migrant workers to send money. The centuries-old hundi system, which originated in India, is built on trust and rapport. It usually involves “an unconditional order in writing made by a person directing another to pay […]

With 70% Unbanked Population, Myanmar Bets on Fintech to Improve Financial Inclusion

Despite the Myanmar government’s push to expand access to financial services, the country still trails far behind the rest of Asia in rates of participation in formal financial services, financial literacy, savings rates and the use of digital financial services, according to a new report by social enterprise ONOW Myanmar. But fintech and mobile technology […]

Digitalisation will boost savings culture in Myanmar: expert

The prevalence of cash transactions and smart phone ownership in Myanmar provides an attractive opportunity for the spread of digital savings services to underserved or unserved households, a UN expert says. UN Capital Development Fund (UNCDF) Country Coordinator for Myanmar Paul Luchtenburg said this during a talk last Saturday at a forum held in conjunction […]

Banks receive boost as Myanmar urges citizens to beef up savings

The number of adults who save via banks is at a measly 11%. Banks in Myanmar can start looking forward to a larger liquidity pool as the country drafts a National Savings Mobilisation Strategy to encourage its citizens to save more, reports The Myanmar Times. “Despite rising volume of savings at local banks, more is […]

Problems rise for micro-finance borrowers

Microfinance institutions (MFIs) in Myanmar have lent more than K3.9 trillion to three million small-scale borrowers since the business of microfinance emerged in the country up until February this year, according to Financial Regulatory Department under the Ministry of Planning and Finance. But while the additional lifeline has brought financial relief to borrowers, many have […]

Telenor’s Valyou receives UNCDF support for financial inclusion in Myanmar

Valyou, a service from Telenor Group, will provide low-cost international remittance services to Myanmar in its effort to promote greater financial inclusion in Southeast Asia. Through Valyou’s international remittance platform, Myanmar nationals in Thailand and Malaysia will soon be able to send money directly to their family and friends back home. Valyou’s international remittance service […]

US Solar Firm Tackles Cost Barriers Through Instalment System

A US-based solar product company launched its services in Myanmar with the support of the International Finance Corporation and United Nations Capital Development Fund to widen access to clean energy among the rural population. The opening of its first store in Myanmar was accompanied with the introduction of the instalment system for purchases. Greenlight Planet […]

Bringing banks to the poor

Changes need to be made to promote financial inclusion particularly among the poorest, according to a report by a joint team including several United Nations organizations. Some 15 percent of adults are currently borrowing an estimated US$3.9 billion from unregulated money lenders in Myanmar while less than 5pc of the population have formal bank accounts. […]