Visitors flock to Loimonemain Hill to enjoy cloud sea scenery

by HOTEL & TOURISM

Many people have been visiting the magnificent cloud sea site in Mongpan Township, Langkho District, southern Shan State this cold winter. The site is located on Loimonemain Hill, at the right side of the Mongpan-Kengtung Road, northwest of Mongpan. It is located at an altitude of 2,222 feet. It is a mountain town with a cold climate. Rice paddy, garlic, pineapple and orange are the most widely grown crops in the area. At the entrance of Mongpan Town, there is a pagoda, which is a replica of the Shwedagon Pagoda.

Since many years ago, the magnificent cloud sea can be seen in winter at that place, but the cloud sea was not very popular because it is located in a mountainous area with difficult access. In early November 2020, many people started to become interested in the cloud sea in Mongpan. The residents in Mongpan said that when COVID-19 related restrictions are lifted, more and more visitors will visit Loimonemain Hill, on which the beautiful cloud sea scenery appears in winter.


To make the site become a landmark of the town; Buddhist monks, MPs, local officials, town elders, the residents and donors are making collective efforts. A Buddha image was built at the site. Towers were also built to help people enjoy the view of the cloud sea. Now, because of the attraction of the magnificent cloud sea, not only the residents but also visitors from far away are flocking to the Loimonemain Hill in the winter. 

Source: The Global New Light of Myanmar

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Imports rose in the third quarter of the current fiscal year to more than $ 230 million

by TRADING

Imports rose in the first three months of the current fiscal year to a trade deficit of more than $ 230 million, up more than $ 140 million from the same period last year, according to the Ministry of Commerce. In the three months from October 1 to January 1 of the 2020-2021 fiscal year, Myanmar’s exports were worth $ 3.685 billion, down more than $ 1.2 billion from the same period last year. Imports were worth $ 3.920 billion, down more than $ 1 billion from the same period last year. The trade deficit means that Myanmar imports more than it exports. In the first three months of the current fiscal year, Myanmar’s exports and imports were $ 234.525 million higher than exports. 

As a result, Myanmar’s trade deficit reached $ 234.525 million in the first three months of the current fiscal year. In the same period of the 2019-2020 fiscal year, the trade deficit was only $ 89.233 million, according to the Ministry of Commerce. Comparing the two periods, Myanmar’s trade deficit in the first three months of the current fiscal year was $ 145.289 million higher than the same period last year. The Union Minister for Commerce and Industry, said that while Myanmar was developing and implementing export strategies to boost exports, it was also trying to reduce the trade deficit as domestic demand could not be reduced due to domestic demand. In practice, domestic consumption has improved. 

In terms of investment, especially small and medium enterprises. Medium-sized businesses need raw materials. Livestock, for example, is on the rise. Chicken is very imported. In the past, soybean mills were allowed to import about 20,000 tonnes a year, but now up to 50,000 tonnes a year. This will not be reduced as the business here grows. Some have to import good fish, such as sausages, which cannot be produced here when traveling. Coconut oil does not reduce it. Diesel cannot be reduced. Medicine cannot be reduced and cosmetics cannot be reduced.

Source: Daily Eleven

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Wave Money has transferred MMK 12 trillion (US $8.7 billion) in 2020

by SERVICES

During COVID-19 pandemic, as the use of digital financial services has increased, Wave Money has transferred MMK 12 trillion (US $8.7 billion) in the year 2020. The remittance figures raised doubled concerning the last year’s figures K6.4 trillion (US $4.3 billion) according for 11.5% of the county’s gross domestic product (GDP) US $75.5 billion of 2020. From January to December 2020, the number of users of WavePay application has over 1.5 million and the number of agent users has over 3.9 million.

According to the Chief Executive Officer of Wave Money, despite of the different challenges, Wave Money has provided the essential service which has the strive for innovation to reach the million of users, businesses, governments and humanitarian organizations. According to 2020 statistics, the amount of donations and grants in the first wave of April to June 2020 were K 32 billion (US $24 million). Wave Money is the largest financial service network with 68,000 agents and overwhelmed 91% of the country.

From January to December 2020, K 88 billion (US $ 6.5 million) agent fees was paid which an increase of more than 60% over the previous year. Wave Money is currently providing 37 projects including the social welfare programs under the Ministry of Labour, Immigration, and Population, the agricultural loan plan from Myanmar Agricultural Development Bank, the financial support program for mother and child under the Ministry of Social Welfare and the Support Program for garment workers under the Peace Nexus Response Mechanism (NRM) and UNICEF.

Source: Daily Eleven

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Price of watermelon exported to China keeps falling

by TRADING

According to the Myanmar Melon Producers and Exporters Association, the prices of the watermelon exported to China are continuously falling.
“Although the watermelons fetched over 7,000 Yuans per tonne at the end-November of last year, the price has currently fallen to 2,300 Yuans per tonne,” said U Naing Win, chairperson of the association. “The price of watermelon is at its lowest price. Now, the watermelon is priced only at 2,300 Yuans per tonne for the high-quality ones. At the end of November, the watermelon price rose to 7,400 Yuans per tonne. However, the price is now only 2,300 Yuans per tonne,” he added. Besides, the price of muskmelon is ranging between 3,500 and 4,000 Yuans per tonne. About 200 trucks carrying the watermelon and 50 trucks carrying the muskmelon are entering China through Muse border area.

At present, Myanmar exports its watermelons and muskmelons mainly to China. Last December, Myanmar exported 25 tonnes of seedless watermelons to the Dubai market for the first time. According to Myanmar Melon Producers and Exporters Association, Myanmar is also arranging to export more melons to Dubai and Qatar markets. According to the statement released by the Fruit Commodity Depot in Muse 105th Mile trade zone on 5 January, the number of fruit trucks will be limited to be able to control the melon market. Although Myanmar could export more watermelons and musk melons through Kyinsankyawt border post because of extended operating hours from 7 am to 8:30 pm that started 5 January, Myanmar will export the fruits limit to quantity to maintain the market.

The Fruit Commodity Depot at Muse 105th Mile trade zone announced on 5 January that the trucks would enter the exchange ground under the Fruit Commodity Depot and Truck Supervision Board management. Last year, Myanmar faced a problem in the export of melons to China because of COVID-19. So, the local growers and melon traders suffered significant losses because the exported melon price declined. Watermelons and muskmelons are grown across the country, excluding Kayah and Chin states. It can be harvested until coming May. Myanmar yearly exports over 800,000 tonnes of watermelons and about 150,000 tonnes of muskmelons to China, the association affirmed.

Source: The Global New Light of Myanmar

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AYA SOMPO and Oway come together to launch first-of-its kind Comprehensive Travel Insurance for Domestic and International

by SERVICES

AYA SOMPO Insurance (AYA SOMPO) and Oway Pte Ltd, have entered a collaboration that will make domestic and international travel a lot safer for Myanmar citizens. AYA SOMPO and Oway launched the newly approved comprehensive travel insurance products – AYA Go and AYA Joy. As Myanmar’s first-ever comprehensive travel insurance products, AYA Go and AYA Joy travel insurance benefits are unique and provide a more holistic coverage, providing coverage for a wide range of challenges travellers face during their travels. AYA Joy is focused for international travellers and provides benefits for baggage loss, flight delay compensation, accident, hospitalisation, medical expense and personal liability coverage. AYA Go is for domestic travellers, providing coverage for medical/hospitalisation expenses, personal liability coverage, and accidental death payout. An optional child education fund is also offer under AYA Go.

The CEO of the AYA SOMPO said that they are delighted to receive approval from the Financial Regulatory Department (FRD) on our new comprehensive travel insurance products AYA Go and AYA Joy. As the first of their kind in the market, AYA Go and AYA Joy provide a more complete protection to travellers. AYA SOMPO continuously innovates not only in the digital services, but also the product offerings. They are one of the insurance companies in Myanmar to provide customers easy access to insurance products through innovative channels, enhancing the overall customer experience which includes an online submission of claims through our website. Pre-pandemic domestic air travels reached a total of 5.7 million and domestic travels from January to September 2020 reached a total of 5.7 million and domestic travels from January to September 2020 reached 2.4 million even during the COVID-19 pandemic.

The CEO of Oway Group said that their partnership with AYA SOMPO is part of their commitment to make travel easy and safe for people in Myanmar. They have been consistently investing in building a robust and sustainable ecosystem for online travel to expand so millions can take advantage of this digital economy. Oway’s website, oway.com.mm is the largest online travel portal in Myanmar. Launched in 2012, Oway offers a wide range of solutions for business and leisure travellers in Myanmar. The site is a one-stop shop that allows users to book domestic and international flights, hotels, land transportation, tours, holiday packages, e-commerce, ride hailing and now insurance using multiple payment options. To find out more about AYA Go and AYA Joy Comprehensive Travel Insurance from AYA SOMPO, visit www.ayasompo.com or AYA SOMPO’s Facebook Messenger at m.me/ayasompo.

Source: Myanmar Times

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Myawady-Maesot border trade normal despite transport restrictions

by TRADING

THE border trade through Myawady-Maesot between Myanmar and Thailand remains normal although Thailand ordered restrictions in Maesot, according to Myawady Chamber of Commerce. Myawady border trade
did not halt owing to the restriction orders by Thailand. Myanmar trucks cannot enter Maesot, but trucks from Thailand come and pick up the goods at Myawady post, the chamber stated. We have experienced trade
suspension via Myawady in October. The halt in trading undoubtedly harms the traders and truck drivers from both sides. It is good that trade does not stop at present, said a trader from Myawady.


Trade between Thailand and Myanmar via the Myawady border between 1 October and 18 December in the current financial year 2020-2021 plunged to US$199.959 million from $238.639 million registered in the year-ago period, according to the data from the Ministry of Commerce. During the last financial year, Myanmar has increasingly exported corns to Thailand through Myawady border crossing. Myanmar’s corn exports to Thailand significantly soared to over 1.2 million tonnes through land borders between Myanmar and Thailand during October and May period in the 2019-2020FY, said an official of the Ministry of Commerce.

Myanmar is prepping for corn export to Thailand under zero-tariff starting from 1 February 2020, said U Min Khaing, chairman of Myanmar Corn Industrial Association. There are seven border posts between Myanmar and Thailand, Tachilek, Myawady, Kawthoung, Hteekhee, Myeik, Mawtaung and Maese. Myanmar primarily exports corn, natural gas, fishery products, coal, tin concentrate (SN 71.58 percent), coconut (fresh and dry), beans, and bamboo shoots to Thailand. It imports capital goods such as machinery, raw industrial goods such as cement and fertilizers, consumer goods such as cosmetics and food products from the neighbouring country.

Source: The Global New Light of Myanmar

Myanmar, US to cooperate in digital economy development

by ECONOMY

The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and US Information and Communication Technology (US ICT) Council for Myanmar will continue working together to develop Myanmar’s digital economy. The UMFCCI said the cooperation will ensure Myanmar does not fall behind when it comes to the digital economy sector.

The UMFCCI vice chair said that the development of their digital economy is important. They will feel the effects if they are left behind by other countries. This is why they will cooperate (with the US ICT Council for Myanmar) last year and this is the second singing following the expiration of their initial one-year term.

The UMFCCI and the US ICT Council for Myanmar signed a new memorandum of understanding (MoU) on January 5. They will also cooperate in all sectors related to IT. The US ICT will provide technical and financial assistance though it is still not known how much funding the US ICT will provide. They will implement digital economy for the industrial and education sectors as well. The current Myanmar digital economy landscape has improved a lot of compared to the past.

Source: Myanmar Times

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Number of companies registered on MyCo exceed 15,000 in 2020: DICA

by SERVICES

The number of companies registered on the online registry system, MyCO, reached over 15,000 in 2020, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, keeping with the Myanmar Companies Law 2017. Last year, the figures of registered companies stood at 1,415 in January, 1,298 in February and 1,015 in March, only 348 companies in April, 798 in May, 1,314 in June, 1,650 in July, 1,551 in August, 1,378 in September, 1,693 in October, 1,099 in November and 1,521 in December, as per statistics of the DICA.


At present, 100 per cent of the applicants are using the online registration platform, according to the DICA data. In 2019, the figure stood at 1,733 in January 2019, 1,419 in February, 1,108 in March, and over 1,045 in April, 1,411 in May, 1,307 in June, 1,428 in July, 1,302 in August and 1,181 in September. The figures reached a fresh new peak of 2,059 in October 2019. Then, 1,615 new companies in November and 1,772 in December were recorded, indicated the DICA data. When the online registry was launched in August 2018, 1,816 new companies registered on MyCO. The figure stood at 2,218 in September 2018, 1,671 in October, 1,431 in November and 1,364 in December 2018.


Since the online registry platform’s establishment, 40,960 new companies and 46,377 existing companies have registered and re-registered on MyCO, bringing the total number of registered companies to 87,337 by October-end. Also, all registered companies need to file annual returns (AR) on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation), according to Section 97 of Myanmar Companies Law 2017. According to Section 266 (A) of the Myanmar Companies Law 2017, public companies must simultaneously submit annual returns and financial statements (G-5). All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending, as per Section 53 (A-1) of the Myanmar Companies Law 2017.


Newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns.
The DICA has notified that any company which fails to submit its AR within 13 months will be notified of its suspension (I-9A). If it fails to submit the AR within 28 days of receiving the notice, the system will show the company’s status as suspended. Companies can restore their position only after shelling out a fine of K50,000 for AR fee, K100,000 to restore the company on the Register, and K100,000 for late filing of documents. According to the DICA notice, if a company fails to restore its status within six months of suspension, the registrar will strike its name off the Register.

Source: The Global New Light of Myanmar

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Defying the Pandemic Cathay United Bank Yangon Branch Officially Opens

by SERVICES

The Yangon Branch of Cathay United Bank (the Bank) was granted preliminary approval by the Central Bank of Myanmar in April, 2020. The president Alan Lee said that this year, despite the impact of the COVID-19 pandemic, they have successfully established the Yangon Branch with the efforts of their colleagues in Myanmar and Taiwan and the spirit of “One Team”. They hope to continue to contribute to the Myanmar in the future. Successful Opening Despite Severe Pandemic since 2010, when the economic and political reforms were initiated and the country was opened to foreign direct investment.

Myanmar economy has grown rapidly, with an average GDP growth rate of over 6% from 2016. In 2014, the Bank established a representative office in Yangon, the commercial capital of Myanmar. By deeply cultivating the local market, grasping business dynamics, and building a network of relationships over the past 6 years, the Bank has planted the seed of success for the Yangon Branch. Myanmar has been hit hard by COVID-19 with over 120,000 confirmed cases by the end of 2020. Despite the challenges posed by the pandemic during the preparation phase, the Bank is able to open its branch within 9 months of approval through the efforts of supervisors and staff in Myanmar, supported by remote technology from the HO.

The Yangon Branch will focus on corporate banking business, provide deposits, remittances, corporate loans, syndicated Loans, project finance, trade finance and other financial services in local currency and USD, target local medium & large enterprises and Taiwanese enterprises, and assiduously participate in infrastructure and economic development projects. With a strong presence in Greater China and Southeast Asia, combined with the expertise and passion of the professionals, the Bank expects to provide quality, complete, and comprehensive cross- border financial services, creating a win-win scenario for both customers and the Bank.

Source: Myanmar Times

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YSX stock trading dives in 2020

by TRADING

According to the annual report released by the exchange, a total of K12.6 billion worth of 1.87 million shares by six listed companies were traded on the Yangon Stock Exchange (YSX) in 2020, a significant drop compared to 2019. Over 2.4 million shares from five listed companies, valued K13.39 billion, were traded on the exchange in 2019. Both continuous trading and block trading on YSX fell in 2020 despite Ever Flow River Group Public Co’s (EFR) debut, on the exchange on 28 May 2020. Amid the COVID-19 crisis, Myanmar’s securities market has been able to continue operating without stopping trading. At present, shares of six listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH) and the EFR are being traded on the exchange.

In 2020, the value of stocks traded on the exchange peaked at K1.48 billion in February. In contrast, trading on the exchange registered an all-time low of K552.9 million in November due to the COVID-19 resurgence in Myanmar. In January 2020, 196,836 shares worth K1.25 billion were traded on the exchange while 188,919 shares, with an estimated value of K1.48 billion, were traded on the exchange in February and K1.42 billion worth 228,913 shares were traded in March respectively. It touched the lowest of K902 million with 173,808 shares in April. It rose to K1.2 billion with 200,416 shares being traded in May. The share volumes traded on the exchange surged to 221,682 in June, with estimated value K1.3 billion and then, it fell to K1 billion with 125,137 shares in July. In August, the exchange witnessed a low stock trading value at K747.5 million, with 118,850 shares traded. The value slightly rose to K838.67 million, with 85,237 shares on the exchange in September. It continued drops in October with 85,630 shares worth K673.5 million.

The value of shares traded on the exchange sank to the lowest level of K552.9 million in November, with 107,028 shares. The trading value rose to K1.14 billion with 139,513 shares in December, the exchange’s monthly report showed. The price per share of FMI decreased from K11,500 in January 2020 to K9,900 on 30 December 2020. The share price of MTSH remained unchanged at K3,850 last year. MCB’s stock price also dipped to K8,000 from K8,200. The cost of FPB showed a small drop from K23,000 to K22,500, while TMH slightly fell to K2,800 from K2,850. Nevertheless, the share price of EFR rose to K3,700 in Dec-end compared with the rate in May 2020. In 2016, only three companies were traded on the YSX — FMI, MTSH, and MCB. One more public company, FPB, was listed on the YSX in 2017. In 2018, TMH debuted on the exchange. EFR entered the exchange in 2020. This year, Amata Holding Public Co., Ltd has been approved to be listed on the exchange, and the listing date will be announced soon.


More than 2.5 million shares of three listed companies were traded on the YSX in 2016, and their value was estimated at K70 billion. In 2017, despite an increase in the stock trading volume to 2.6 million shares, the trade value was only K22 billion. In 2018, 2.3 million shares of five companies, worth K11.5 billion, were traded on the exchange, according to the annual report of the YSX. The stock markets worldwide have reported their largest declines since the 2008 financial crisis. Similarly, the local equities market is also scared by the COVID-19 crash, points out a market observer. At present, people are putting money in savings, rather than investing during the COVID-19 crisis, he added. YSX held webinar sessions on 26 and 27 December to share the future benefit of stock investment for the investors, in coordination with securities companies (MSEC, KBZSC, CBSC, AYA Trust SC, KTzRH and uabsc).


Next, the Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020.
Furthermore, YSX launched pre-listing board (PLB) on 28 September 2020 to provide unlisted public companies with fund-raising opportunities and build a bridge toward listing on YSX, YSX stated. The YSX was launched three years ago to improve the private business sector. It disseminates rules and regulations regarding the stock exchange and knowledge of share trading through stock investment seminars. The stock exchange has also sought the government’s support to get more public companies to participate in the stock market and help more institutional investors, such as financing companies, investment banks, and insurance companies, to emerge.

Source: The Global New Light of Myanmar