Weekly Business News from Myanmar

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  The Central Bank of Myanmar (CBM) may allow banks to launch trading services if local banks are unable to facilitate trade financing for importers and exporters (Director General of the CBM)

  “The Central Bank has already allowed local private banks to do trade financing. If they [local private banks] cannot fulfil the matter of trade financing, we have a plan to allow foreign bank branches in Myanmar to serve importers and exporters with trade only accounts [trading accounts], but other types of account [such as saving accounts] will not be given permission to open at these branches,” he said.
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  Local vehicle manufacturer Myanmar Motor Corporation (MMC) will begin producing buses for both domestic and international markets: the company aims to produce 100 buses annually, going up to 200 per year within nine years and hopes that demand from countr

  Local vehicle manufacturer Myanmar Motor Corporation (MMC) will begin the production of buses for both domestic and international markets, after the Yangon based company was given the nod by the Myanmar Investment Commission (MIC). MMC has set aside $10 million for the operation which covers upgrades to its Mingaladon assembly facility and production costs. Initially, the company plans to produce two types of bus-a 49 seater and a 55 seater for city and highway use.
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  A bank that caters for small scale travel and tour companies is expected to launch this year (Myanmar Tourism Federation)

  A bank that caters for small scale travel and tour companies is expected to launch this year, accord¬ing to the Myanmar Tour¬ism Federation. The Tourism Bank Pub¬lic Company, which the federation began making plans to launch in Octo-ber 2014, will open three branches nationwide: at Bo Son Pet Street in Yan¬gon, Thabyay Gone Mar¬ket in Nay Pyi Taw and 27th Street in Mandalay.
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  The Central Bank of Myanmar has required local banks to upgrade the card payment technology, as a step toward integrating the payment system with the ASEAN region

  Daw Than Than Swe, the director general of the Central Bank, told the Myanmar Times that all the payment cards issued by local banks will have to be upgraded to EMV standard, as a measure to strengthen security. Currently, Myanmar banks are issuing debit and credit cards which are classified as non-EMV chip cards. Therefore, these cards will be switched to the EMV standard which offers more protection, and all local banks will finish phasing out the old cards by 2020, she explained.
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  The rental market on the outskirts of Yangon's metropolitan area will improve in 2017 (real estate service providers in the region)

  The real estate mar¬ket on the outskirts of Yangon’s metro¬politan area will improve in 2017, real estate service providers in the region have said.
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  Internet service provider 5BB Broadband is planning to expand the number of free Wi-Fi hotspots in Yangon, aiming for 50 access points by the end of February

  Internet service pro¬vider 5BB Broadband is planning to expand the number of free Wi-Fi hotspots in Yangon, aim¬ing for 50 access points by the end of February.
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  Lack of safety measures in Myanmar's booming shopping centres poses a threat to mall-goers, shopkeepers and investors (experts)

  Despite Myanmar’s softer-than-expected growth, there are still fairly visible developments compared to the years before 2010. A rise in the number of shopping malls is a striking testimony to the recent economic changes of Yangon. This trend has intensified since 2012, when plush shopping malls started reaching beyond downtown into other areas of the city. The emergence of modern plazas, accommodating foreigners and the rising middle-class, is welcome and impressive.
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  Ooredoo Myanmar Limited has introduced a dedicated internet access for business-to-business (B2B) customers in Myanmar

  The ‘Dedicate Internet Access’ (DIA) is able to provide a range of basic internet to complex international point links to meet the needs of communication of B2B customers, the Qatari telco said. Ooredoo said its DIA will provide dedicated high-speed connectivity to the internet through modern access technologies using fiber optics or microwave. It will provide flexible bandwidth from 1Mbps to 100Mbps with unlimited upload and download data.
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  Thailand's SET-listed digital finance firm Group Lease PCL (GL) has formed a strategic partnership with Myanmar tycoon U Aung Moe Kyaw and other investors at AMK Consortium to launch financial services in the country

  Thailand’s SET-listed digital finance firm Group Lease PCL (GL) has formed a strategic partnership with Myanmar tycoon U Aung Moe Kyaw and other investors at AMK Consortium to launch financial services in the country. Under the new partnership, GL will set up a joint venture company with AMK Consortium, which will support Century Finance Company Limited, a Myanmar finance company owned by AMK, to provide a range of financial services, especially for people in the rural countryside.
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  The International Finance Corporation (IFC) is lending up to 13.5 million USD to United International Group Limited, a leading domestic hotel owner and operator in Myanmar, to expand the firm's hospitality business

  The International Finance Corporation (IFC), a member of the World Bank Group, is lending up to $13.5 million to United International Group Limited, a leading domestic hotel owner and operator in Myanmar, to expand United International’s hospitality business, the IFC said in a statement.