December 19, 2020 – Min Myanmar

NearMe, OK Dollar join forces for easier digital payments

Two Myanmar digital payment firms have partnered up to push for a cashless system in the country. The two digital service providers, offline payment aggregator NearMe and mobile wallet service OK Dollar, have jointly announced a collaboration to offer digital payments for NearMe’s micro, small and medium-sized enterprises (MSMEs) in the country.

The partnership is an effort to encourage the customers of NearMe’s retail partners throughout the country to limit the infection risks by using digital options like OK Dollar, according to the companies’ release. This partnership is an effect to reduce the usage of cash spending during the COVID-19 period. Starting from this year, their retail and delivery partners like OK Dollar can accept multiple payments. With the steady growth of users, NearMe is well-positioned to meet the needs of the businesses in Myanmar by extending reach and accessibility offline through the timely collaboration with OK Dollar.

Launched in 2015, NearMe enables retailers to sell digital goods and tickets, collect bill payments, process personal loan applications, and accept electronic payments. The firms has over 50,000 retail partners nationwide. In September, NearMe attracted financial help from Sumitomo Corp, a Japanese Fortune 500 global trading and business investment company. The funds will enable NearMe to offer more digital solutions to its retail partners seeking technology to help them grow in the post COVID-19 period.

Source: Myanmar Times

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Entrepreneurs are worried about their future economic situation due to COVID-19

A report released by the Asia Foundation said some business owners were worried about the future of their business, as some businesses were still closed and some COVID-19 lines were closed. Due to the continued outbreak of COVID-19 disease, it is likely that businesses in Myanmar will continue to lag behind in terms of sales and profits. A second survey by the Asia Foundation on the economic impact of COVID-19 found that the effects were more varied and that some businesses were able to adapt to minor impacts and epidemics, but that some businesses were still closed and were not selling, and business owners were worried about their business prospects.

Manufacture of garments in Yangon and Mandalay Region, Myanmar’s urban townships; Transport and hotel services are the hardest hit compared to other places and businesses. However, despite no significant improvements in business performance, business owners are becoming more optimistic about the viability of businesses on COVID-19. It is clear that the government should continue to support businesses, especially those that are particularly vulnerable.

In addition, the government should consider the potential link between economic downturn and lockdowns, or the number of COVID-19 outbreaks. Both COVID-19 global epidemic impact assessments on businesses are based on data from the Asia Foundation’s Myanmar Economic Environment Index (MBEI) survey. The survey asked respondents their views on the business environment and compared the results in states, regions and townships in Myanmar.

Source: Daily Eleven