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December 11, 2018
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NEWS
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Myanmar to start Credit Bureau Service within a year

Related imageMyanmar will start credit bureau service in 2019 in a bid to develop the country’s financial sector, the official Global New Light of Myanmar reported on previous week.

“Once the credit bureau service starts, businessmen or small and medium enterprises, which have proven their accountability, will receive loans easily, quickly and comfortably, U Zaw Lin Aung, executive director of the private giant bank, Kanbawza, and Chairman of the Myanmar Credit Bureau Ltd (MCBL) was quoted as saying.

Local loans will be easily accessible and the service will enable better access to credit, he added.

Source: Xinhua

Myanmar Economic Bank extends online phone billing system to household fiber internet

Image result for online phone billing systemMyanma Economic Bank is cooperating with Myanmar Post and Telecommunication, collect the post paid phone bills (Yangon, Mandalay Regions) and fiber to the home (FTTH) by using online. And then MEB present the phone bills in website on behalf of MPT. This Online Phone Billing System was launched on August 2011 and the customers can pay their phone bills and FTTH bills at 7 MEB branches Naypyitaw, Yangon (1)(2)(5) Saving (3), Mandalay (1)(2). Moreover, the other agents which were assigned by Ygn(2) and Mdy(1), this Online Phone Billing System can get service at City Mart Shopping Centre, Super One Shopping Mall and so on.

Source: The Mirror

Telenor Myanmar top as the largest taxpayer in Myanmar

Image result for Telenor had been paying tax since 2014

Telenor Myanmar stands as the largest taxpayers among foreign companies contributing both commercial tax and corporate income tax sectors for 2017/18 tax assessment year, says the announcement of the Myanmar government last week.

The announcement which was issued by the government stated that Telenor Myanmar ranks first on the commercial tax paying private, international companies list like the one and only foreign company contributing more than Kyat 50 million.

From inception to date, Telenor has paid more than Kyat 241 billion corporate income tax and more than Kyat 81 billion commercial tax. The company has to date contributed more than Kyat 441 billion to the Myanmar government under various tax categories.

Source: Telenor Myanmar

Grab introduces its services in Bagan

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Grab Myanmar held a ceremony to introduce its taxi booking services in Bagan at its head office in Yangon on November.

Grab started a trial test of its ThoneBane taxi booking services in Bagan on November using 30 vehicles and now the services are officially launched.

The travellers can access taxi services by calling Grab call center in Bagan and hire vehicles by hourly and other fixed fares based on pick-up and drop-off points.

They can hire two-hour, four-hour or eight-hour rides. In a two-hour ride – transport to lunch, dinner, viewing of sunrise and sunset locations are provided. In a four-hour and eight-hour rides, sightseeing locations around the town are included.

Customers can book ThoneBane taxi services one-hour in advance by calling the Grab call center, serviceable in both Burmese and English languages.

Source: Eleven Myanmar

iMyanmarHouse.com introduces online applications for home loans

Image result for iMyanmarHouse.com introduces online applications for home loans

Online applications are now available to seek home loans and there have been over 100 applicants within days after iMyanmarHouse.com announced online application.

This is the first online application to seek home loans launched by the website.

In this new sector, anyone can apply for home loans to buy any housing apartment they like. The online application requires basic facts only such as buyer’s name, phone number, occupation, monthly income and value of the apartment chosen.

iMyanmarHouse.com has links with KBZ Bank, Ayeyawady Bank and CB Bank. Buyers can know facts about purchasing apartments through loans by showing the prescribed amount of money they have in a bank.

Source: Eleven Myanmar

Mineral Development Bank to provide loans to gems, mineral SMEs

Image result for MineralsMyanmar opened the first Mineral Development Bank (MDB) to provide banking services to small and medium size enterprises (SMEs) in the gems and mineral sector.

The main aim of the MDB is help SMEs in the gem, mineral and gold sectors to transition from the selling raw stones and minerals to developing value-added products for sale.

For the right to handle foreign currency, the MDB will apply for a license from the CBM three months after the bank’s opening. To qualify for the license, the MDB must show US$5 million in capital. If approved, the bank will also offer services to sellers at international gem expos, said U Yone Mu, chair of the MDB.

Source: Myanmar Times

China Airline, Sichuan Air will fly a new route to Yangon International Airport

Image result for Sichuan Air

Sichuan Airlines from China, the 30th airlines to land in Yangon International Airport, will launch a direct flight to Yangon in coming week, sources from the airline community said.

More than 10 flights are running between Myanmar and China daily at present and new flight schedules will be arranged to fly between Yangon and destinations in China, according to Myanmar-China tourism development meeting.

The meeting is intended to promote tourism sector in Myanmar after it introduced free visa to Japanese and South Korea and visa on arrival for Chinese (including Hong Kong and Macao) starting from October.

The YACL, in-charge of operating the services of the YIA, is cooperating with Pioneer Aerodrome Services Company Limited, which is managing the services of the Nay Pyi Taw International Airport, to make a contact to Chinese airlines and to run new flight schedules between Myanmar and China by cooperating with the ITA.

Source: Eleven Myanmar

CBM allows foreign banks to extend services to local companies

Image result for central bank of myanmar

The Central Bank of Myanmar (CBM) has announced extending grant to allowing foreign bank branches to provide any banking services to local enterprises, according to the CBM’s notification issued on previous week.

The move aims to help local corporate gain further access to finance, the bank’s notification said.

The CBM have allowed foreign bank branches to provide export financing and related banking services to local firms in December last year. The bank also granted licence to foreign banks for providing wholesale banking services to local enterprises in partnership with foreign enterprises, local and foreign financial institutions.

Source: Daily Eleven

25,600 companies registered in three months with MyCO registration system

Image result for MyCO registration system

Over 25,600 companies have registered by using the MyCO Myanmar Companies Online registration system, according to Director U Myo Min of the Directorate of Investment and Company Administration (DICA).

The MyCO registration system was launched on August. Within three months until October, the number of new company registration with MyCo reached more than 5,600  and the number of old companies reached over 20,000.

The Directorate of Investment and Company Administration (DICA) have announced  that the existing registered companies have to re-register  by using MyCO registry on January 2019 and if an existing company does not register electronically before the deadline,  its registration will be canceled.

Source: The Global New Light of Myanmar

Neos Airline launches direct charter flight from Milan to Yangon

Related imageMilan-based NEOS Airline officially launched its Yangon-Milan direct charter flight with a chartered Boeing 767-300 ERW on Mondays and Boeing 787-9 Dreamliner every Wednesday.
The Boeing flight arrived at the Yangon International Airport after departing from Phu Quoc, Viet Nam, as part of its Viet Nam-Yangon-Milan route.

A welcoming ceremony was held for the flight, in which Union Ministers U Thant Sin Maung and U Ohn Maung and officials welcomed 35 passengers at the airport.

According to statistics from the Ministry of Hotels and Tourism, the number of travellers from Italy to Myanmar for the period of up to September last year reached 11,976, though the number declined by 14.6 per cent to 10,221 visitors.

Source: The Mirror

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