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February 18, 2019

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MBF signs K2 billion funding agreement with Yoma Bank

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Mahar Bawga Finance (MBF), a Myanmar non-banking finance institution (NBFI), and Yoma Bank last Friday signed a semi-collateralised funding agreement under which Yoma will provide MBF with K2.2 billion in funds to support its operations.

The agreement, which aims to address growing borrower demand for unsecured loans for personal or business development, could see MFB adding up to 5000 new customers to its client base.

Since starting operations in 2014, MBF has more than 14,000 clients in Yangon and now has an aggregate loan book totaling K4.59 billion.

The semi-collaterised agreement supporting NBFIs is a first for Yoma Bank in its drive to bring the unbanked population of Myanmar into the formal financial system. The bank believes the agreement will not only be mutual beneficial for those involved, but also to consumers by improving the level of their borrowing behavior and financial literacy.

Source: Myanmar Times

Direct flight from Yangon to Chongqing begins

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Hainan Airlines, China’s fourth largest airline, on Sunday began providing direct flights from Yangon to the south-western port city of Chongqing.

The airline is the 32nd international airline to operate in Yangon, according to a statement from the Yangon Aerodome Co Ltd (YACL).

Hainan Airlines will fly the Yangon-Chonqing route four times a week using Boeing 737-800 aircraft, which has a 156-seat capacity. It hopes to carry about 1300 passengers weekly.
Source: Myanmar Times
New services to fuel Grab’s leadership in ride-hailing market

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Following its substantial growth last year, Grab, a Singapore-based technology firm providing the most popular ride-hailing service in Myanmar, recently announced its plans for expansion in the market, according to Alvin Loh, acting country manager of Grab Myanmar.

Loh takes the pride in saying that Grab Myanmar enjoyed 300 percent growth in terms of daily rides last year, when compared to 2017. Last year, passengers in Yangon traveled over 93 million kilometers through the application. 85 per cent of all rides were rated 5-stars by passengers last year, proving that the passengers are extremely satisfied with Grab’s services said Lou.

Source: Eleven Myanmar

Yangon chief minister calls for auto production efforts for global market

The chief minister said Myanmar is a car market because it has only about 800,000 cars despite a population of over 50 million.

This is the first international auto show Myanmar is hosting with a display of Toyota, Suzuki, Ford, BMW, Scania and DFM-Myanmar.

The current auto show is very important and efforts are necessary to attract more enthusiasts to car shows in order for the public to have extensive knowledge of automobiles, the chief minister added. He said such an automobile show was the first step towards international level show.

He laid out the government’s preparations for facilitating car imports as well as giving opportunities for domestic car production.

Source: Daily Eleven

 

Fintech firms partner to expand reach in Myanmar

Local digital payments provider Ongo and mobile data operator Ananda announced a partnership to expand the reach of their services in Myanmar.

Ananda users will have the added option of topping up their accounts at Ongo agents across the country as well as on its mobile application when they sign up for Ongo’s payment services. Meanwhile, Ongo users who subscribe to Ananda’s 4G+ data service can also pay for the service on the Ongo app.

Ongo’s digital payment system aims to reduce the cash handling burden for businesses as well as function as a digital wallet for individuals. More recently, it introduced a mobile payroll to employers, negating the need to process individual cash salary payments for employees.

TOM N TOMS Coffee shops from Korea to open in various places in Myanmar

  TOM N TOMS, a cafe chain based in South Korea, has already opened two outlets in Myanmar. The first one is in Yangon international airport and the second one is at the Kantharyar Center in Yangon. The next spots will be in the Yankin Township and Secretariat Building in Yangon. In 2019, 5 outlets of TOM N TOMS will be opened here. In 2020, TOM N TOM will be opened in Mandalay, Taungggyi, and Nay Pyi TAw according to Myanmar International Business Alliance Company, the franchise of TOM N TOMS Coffee.

TOM N TOMS was established in 1998 in South Korea. From them on the company has established branches and franchises across the world including Singapore, Malaysia, Mongolia, Thailand, the Philippines, United States, and China. TOM N TOM entered Myanmar market in 2018.

                                                                              Source: Daily Eleven

Mytel cooperates with a ride-hailing application company, FastGo

Image result for Mytel cooperates with a ride-hailing application company, FastGo

Mytel and FastGo will cooperate fully with each other to promote both companies’ strength in each sector and their market development in Myanmar

Mytel announced that they have signed a Memorandum of Understanding (MoU) with FastGo, a Vietnamese ride hailing app on December 28, 2018 for the development of demanding ride-hailing services that are expanding in Myanmar.

Mytel will be providing 2G/4G mobile services for FastGo drivers and FastGo customers in Myanmar market. Mytel will also be supporting with the integrated Mytel e-wallet service as a payment platform for drivers and customers using the FastGo application. The collaboration will provide the drivers with several benefits by employing E-wallet integration. The E-wallet integration will allow drivers to save the tedious trips to banks to deposit or withdraw money by going to Mytel’s Point of Sales around the country to deposit or withdraw money easily.

Source: Myanmar Business Today

New flight service from Yangon to Pathein operational

Image result for New flight service from Yangon to Pathein operationalA new Yangon-Pathein-Yangon flight began its maiden trip from Yangon to Pathein in Ayeyawady Region.

The new air route will employ an ATR 72-600 72-seater aircraft from Myanmar National Airlines and it is operated by International Travel Asia Co. Ltd, a subsidiary of Asia World.

The new air route will depart from Yangon to Pathein at 3:30 pm, and from Pathein to Yangon at 4:30 pm, every Monday, Tuesday, Thursday and Saturday. A direct flight will only take 40 minutes.

Flight tickets from Yangon to Pathein cost K 55,000 for a local passenger and US$ 55 for a foreign passenger; while tickets from Pathein to Yangon cost K 53,000 for a local passenger and US$ 53 for a foreign passenger.

Source: Global New Light of Myanmar

Myanmar National Airline to begin flights to China’s Chenghu

Related imageState-owned Myanmar National Airlines (MNA), will begin flying to China’s Chengdu, quoting a chief executive officer of the airline.

The MNA planned to introduce its flights to Chengdu and Wuhan. It will run three times per week to Chengdu with Boeing 737-800 NG aircraft.

The MNA was founded on September 15 1948 under the name of Union of Burma Airways (UBA). At present, the airline is flying its flights to Hong Kong, Singapore, Bangkok, Phuket and Chiang Mai and it is flying its domestic flights to 28 towns.

Source: Eleven Myanmar

Telenor Myanmar and Experian partner to accelerate financial inclusion for unbanked subscribers

Telenor Myanmar announced the partnership with Experian, the world leader in information services, to provide affordable, accessible and relevant financial products to Myanmar’s unbanked individuals, households and small businesses.

Through Experian’s ecosystem of partners including financial institutions and lenders, Telenor Myanmar will help the unbanked to have access to loans that are otherwise only available to individuals with traditional banking history.

Using the subscription profile, Telenor Myanmar subscribers will be able to avail of financial products and services that suit their needs. Be it for household expenses or for livelihood, Experian will help Telenor Myanmar facilitate premium pre-qualification of individuals for securing micro-financing (unsecured loans of equivalent to US $1,000 and below) and credit cards (equivalent to US $1,000 and below) at no cost.

Source: Telenor Myanmar

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