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January 22, 2020

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Wave Money, 2C2P partner to expand services, reach

Mobile financial services provider Wave Money and payments platform 2C2P on Tuesday signed an MoU to deliver online payment services for WavePay users nationwide. The move marks Wave Money’s expansion into digital payments for the airline, hotels and retail industry. WavePay customers can now make direct purchase for goods and services with their WavePay app.

2C2P is a global payments platform helping regional airlines, travel companies and global retailers securely accept payments across online, mobile and in-store channels. The company has dual headquarters in Bangkok and Singapore and operates across Southeast Asia, North Asia, Europe and the US.

There are over 17 million people in Myanmar using Wave Money’s platform for remittances, utility payments, airtime purchase or top-ups and various digital payments. The development comes after 2C2P in November  2019 announced that it had received US$52 million in new funding from the World Bank’s International Finance Corp, Cento Ventures, and Arbor Ventures.

2C2P will use the funds to invest in new technologies that enhance its payments platform and hire local talent. Southeast Asia’s internet economy is hit US$100 billion in 2019 and is expected to hit US$300 billion by 2025, according to a report by Google, Temasek, and Bain & Company. Digital financial services is one of the key drivers of growth, with digital payments in Southeast Asia in particular, expected to exceed $1 trillion in gross transaction value by 2025.

Source: Myanmar Times

AIA Myanmar set to meet life insurance needs in Myanmar

From left: Nhon Ly, AIA Myanmar CEO, Ng Keng Hooi, AIA group chief executive and president and U Zaw Naing, secretary of the Insurance Business Regulatory Board. Nyan Zay Htet/The Mynamar Times

AIA Myanmar aims to provide high quality life insurance to meet the needs of policyholders in Myanmar.

AIA is one of five wholly owned foreign life insurance providers allowed by the government to operate in Myanmar after the government opened the country’s domestic insurance market to foreign investment last year. AIA received a life insurance licence from the Ministry of Planning, Finance and Industry to operate in Myanmar last November.

AIA provides its service in 18 markets in Asia Pacific and provides long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. It also provides employee benefits, credit life and pension services to corporate clients.

AIA Myanmar CEO Nhon Ly said “We aim to build excitement around the life insurance industry and convey our promise of healthier, longer, better, lives for all. Alongside our commitment to grow the country’s blossoming insurance sector with our partners, we aim to organise more unique occasions to better connect with the people of Myanmar and achieve a brighter future together filled with even more amazing memorable moments.”

 Source: Myanmar Times
Need more jetties to expand Yangon Water Bus operation: Minister

Image result for yangon water busIn order to expand Yangon Water Bus services, the government needs to construct more jetties, said Daw Nilar Kyaw, Minister for Electricity, Industry, Road Transportation and Communications for Yangon Region.Currently, the Yangon Water Bus is operating in the Hline River.

The jetties need to support our water bus. At present, the water bus can be operated only in Hline River.To develop Yangon Water Bus operations, the Myanma Port Authority (MPA) is collecting rent for only two jetties out of nine, which are used by the Yangon Water Bus.The nine jetties are Botahtaung Terminal (No.4 bridge), Nan Thi Da Terminal (Pansodan Street), Lan Thit Jetty (Lan Thit Street), Kyimyindine Terminal Zay Gyee jetty, and Hline railway station terminal from Yangon side, and Hsarparchaung, Thamadakanchay, Angyithinbawkyin from Insein and Dala side.

The Yangon Water Bus has suspended services since last September for renovation. During this period, the authority has conducted major repairs on vessels and jetties, and planned to buy new vessels to start operations in Ngamoyeik creek, build jetties along Ngamoyeik creek, renovate the Thanlyin jetty, and install machines for the new payment system. The company provides services from Insein jetty to Botahtaung jetty, using 11 motor vessels..The Yangon Water Bus is also offering daily services for pilgrims and riverine cruise tours.

Source: Global New Light of Myanmar

Grab offer premium rental services in Bago, Mdy, Bagan and Chaungthar

Image result for grab myanmarGrab is providing premium rental services using seven-seater Alphard vehicles in Bago, Mandalay, Bagan and Chaungthar in addition to Yangon, announced Grab Myanmar.It is one of the parts of “Grab for Good” arrangement from the Grab with a five-year goal till 2025 to have benefits in communities from South-East Asian countries.

Grab Myanmar introduced premium rental services for business people and local and foreign tourists. They can attend meetings in Yangon and tour around the town. The customers can use premium rental services in packages. Now they can travel to Bago, Mandalay, Bagan and Chaungthar. All-inclusive fares in Yangon areas are Ks15,000 for one hour, Ks26,000 for two hours, Ks40,000 for four hours, Ks110,000 for ten hours and Ks22,000 for airport transfer package.Grab has partnered with Myanmar Insurance, a state owned insurance enterprise, to provide personal accident insurance (PAI) scheme to its driver-partners and passengers.

Grab’s group PAI policy offers coverage for drivers and passengers in the event of accidental death, permanent dismemberment and bodily injuries as a result of accidents. This policy provides the eligible insured person for an accidental death of US$5,000 per person, subject to aggregate limits including US$10 million per occurrence in Myanmar.Grab has partnered with Myanma Insurance for the personal accident insurance scheme which covers driver-partners and passengers in the case of an unfortunate accident during a GrabTaxi, GrabThoneBane or GrabBike ride.

Source: Eleven Media

Prudential receives licence to operate in Myanmar

Image result for prudential myanmar life insurance ltdPrudential Corporation Asia has received a life insurance licence from the Ministry of Planning and Finance (MoPF) of Myanmar, the insurer has announced in a statement. The newly-granted licence will allow Prudential to start conducting life insurance business in Myanmar.

According to Prudential, Myanmar has a fast-growing middle class, as well as an increasingly urbanised and tech-savvy population. The country has around 57 million mobile subscriptions, with a mobile penetration of around 105%. The insurer will attempt to harness its wide-ranging digital capabilities and broad range of offerings in Asia, and implement a digital-led strategy, complemented by face-to-face distribution, to broaden access to life insurance in Myanmar.

In April 2019, Prudential was named by MoPF as a preferred applicant to operate a wholly-owned life insurance operation in Myanmar. Last month, Prudential Myanmar moved into its new corporate office in Sule Square in Yangon, reinforcing its commitment to the long-term development of the country, the statement said. “A key focus of Prudential Myanmar will be to support national efforts to raise life insurance penetration, at just 0.05% of GDP in 2018 and financial inclusion in the country,” said Asit Rath, CEO of Prudential Myanmar.

Source: Insurance Business Asia 

Suzuki launches instalment plan for purchases of four models

Image result for suzuki swiftAutomobile company Suzuki Myanmar Motor Co Ltd has announced a new instalment-payment scheme on November 7, for four models in its local line-up of vehicles. The new scheme is being offered in collaboration with Co-operative Bank Public Co Ltd (CB Bank).

The Suzuki models available beginning this month, under the scheme are the Ciaz sedan priced at K27 million, Ertiga mpv at K27.2million, Suzuki Swift GL and GLX hatchbacks at K20.9million and K24.1million, respectively. The initial down payment can be 20pc or 25pc of the car’s price, with 7 years of repayment period. Besides this, the new financing scheme also includes insurance coverage for the vehicle provided by GGI Insurance. People who want to purchase a car under the scheme will need to apply through CB Bank with a passport photo, national identity cards, a copy of their Household List, and original ward and police station recommendations.

Applicants who are employed are also required to provide recommendations from their company’s human resource department, three months of salary slips, and bank account book with least six months history. Self-employed applicants are required to show their business licence or company registration documents, two years of financial statements, tax receipts for two years, a bank account history of six months, and photo of their business.

Source: Myanmar Times 

MAB to Lend K57 Billion to SMEs

Myanmar Apex Bank (MAB) will provide a total of K57 billion in loans to local Small and Medium Enterprises (SMEs). The bank will provide the loans through five microfinance companies, namely Fullerton Finance (Myanmar), Proximity Finance, Vision Fund Myanmar, Early Dawn Microfinance and Pact Global Microfinance, said U Kyaw Ni Khin, CBO of MAB Bank.

The five microfinance companies and MAB signed the agreement at MAB’s headquarters on October 30, 2019. To obtain approval from the related ministry, the bank has prepared details about rates and methods of providing and collecting loans. There are over a dozen of microfinance companies that work with MAB.

MAB has also proposed a plan to provide K5-10 billion in loans through other micro financing institutions, but has yet to receive approval from the government. In addition to these loans, MAB is also providing loans to SMEs using Germany’s Development Bank aid and JICA’s two-step loans, in which JICA lends money to banks, who provide loans to SMEs using JICA’s loan.

Source: Myanmar Business Today

e-ID System Working Committee discusses to contract with Austrian company

Image result for e idThe e-ID System Working Committee held their fourth coordination meeting at the Ministry of Labour, Immigration and Population yesterday. The main, and finishing topic left for discussion is the matter of payment transactions. OeSD, the implementing Austria-based company, has sent their proposal and DACU has sent their suggestions while the Ministry of Planning and Finance is coordinating on them both.

According to Union Minister, the electronic citizen registration system is an essential component to implementing an e-Government. And, the project will be done with collaboration from the Austrian Government and implemented with an MoU by the Austria-based OeSD company. The final draft of the contract has been sent to the Union Attorney-General’s Office for further analysis.

Next, Vice Chairman U Thar Oo and committee members deputy ministers U Aung Hla Tun and U Thet Aung explained the suggestions provided for the draft contract, the urgency to detail on the national project, DACU’s comments on the Austrian Government’s loan, and the need for input from multiple different perspectives to make the contract comprehensive.

Source: Global New Light of Myanmar

Singapore-listed Yoma in tie-up with Ayala unit for renewable energy projects in Myanmar

Image result for Yoma strSingapore – Myanmar-focused Yoma Strategic Holdings is planning to form a strategic partnership with AC Energy, the energy platform of Philippine conglomerate Ayala Corporation. The two companies are looking to establish a 50:50 joint venture (JV) to scale up Yoma Micro Power (S) Pte Ltd (YMP) and to explore developing around 200 megawatts of additional renewable energy projects within Myanmar, which will include participating in large utility-scale renewable projects.

As part of this transaction, Yoma Strategic and AC Energy have signed a binding term sheet for the new JV to invest at least US$30 million (S$41.2 million) into YMP. YMP builds micro power plants and mini grids that provide electricity to off-grid rural communities and telecommunications towers in Myanmar. It is rolling out 250 micro power plants by the end of 2019 and is expected to scale up to more than 2,000 sites by 2023.

Yoma Strategic owns a 35 percent stake in YMP, while the International Finance Corporation (IFC) and Norway’s private equity firm Norfund each hold 30 per cent. The remaining 5 per cent is held by YMP’s managing director Alakesh Chetia. After the investment and restructuring, which is planned for 2020, the JV is expected to hold at least 50 percent of YMP.

Source: Inquirer Plus

YCDC taxes can be paid by mobile phone from 1 Oct, 2019

Image result for mobile bankingYangonites will be able to pay Yangon City Development  Committee’s (YCDC) taxes by mobile phone from 1 October. The mobile payment system for taxes was launched at a ceremony held on 12 September at the Yangon City Hall. The system was introduced with the aim of facilitating the payment of YCDC taxes, such as the municipal land tax, property tax, general tax, and kitchen and sewage tax through a mobile application wallet.

It uses Yangon City Bank’s (YCB) payment gateway, which has been set up in cooperation with the KBZ, AYA, and CB banks. The new YCDC bills function gives users flexibility and the assurance of safe and secure payments, and the option has been added to the QuickPay function, which allows payments to over 90 companies, organizations, and universities.

With full receipt of taxes, better urban services can be extended and provided, such as the installation of GPS systems on garbage collection vehicles and construction of a waste-to-energy plant. In addition, rubbish bins and public toilets can be also be maintained as part of public services. Currently, the YCDC is using taxes collected from the public to upgrade the city to make it beautiful and clean. It is also planning to launch other applications to provide better services to the public, if the mobile payment system succeeds.

Source: Global New Light of Myanmar 

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