YPS card, QR services available for 90 YBS bus lines

YPS card and QR services have been extended step by step, and now they can be used for 90 bus lines and will be continued for the rest of the bus lines, according to Yangon Payment Services-YPS.
These services are currently available on the following bus lines: YBS (55), YBS (13), YBS(57), YBS (63), YBS (42), YBS (65), YBS (22), YBS (64), YBS (111), YBS (133), YBS (134), YBS (84), YBS(135), YBS (142), YBS (130), YBS (136), YBS (138), YBS (139), YBS (39), YBS (21), YBS (131), YBS (80), YBS (81), YBS (132), YBS (85), YBS (76), YBS (27), YBS(66), YBS(79), YBS (12), YBS (14), YBS (25), YBS (30), YBS (38), YBS (117), YBS (128), YBS (100) and YBS (103).
Further bus lines — YBS (19), YBS (40), YBS (35), YBS (61), YBS (68), YBS (137), YBS (62), YBS(87), YBS (108), YBS (88),YBS (37), YBS (43), YBS (96), YBS (104), YBS (109), YBS (72), YBS (89), YBS (24), YBS (28), YBS (58), YBS (113), YBS (36), YBS (116), YBS (11), YBS (115), YBS (60), YBS (29), YBS (17), YBS (141), YBS (145), YBS (26), YBS (114), YBS (15), YBS (10), YBS (7), YBS (112), YBS (8), YBS (4), YBS (59), YBS (2), YBS (3), YBS (110), YBS (32), YBS (78), YBS (93), YBS (94), YBS (118), YBS (97), YBS (143),YBS (23), YBS (144) and YBS (66) — have also started providing the services.
YPS cards and YPS QR services are available at YPS counter one at Sule and YPS counter two at Thakin Mya Park. YPS counter three is at Myanmar Plaza, YPS counter four is at Hledan, and YPS counter five is at the 8th mile (in front of Junction 8).
“We have jointly worked with respective bus lines for cases where some YBS bus lines closed card readers. If passengers take a record of the bus number and bus line number, we will carry out inspections and take action promptly,” YPS announced.
For the use of the YPS QR system, the MPyps+ Application (Android version) can be downloaded from the Google Play Store or Huawei AppGallery, and it can be used after registration.
“Some bus lines don’t open card reader. A QR code is more convenient, though it is not supported for some phones. We want them to be reformed. Some drivers behave impolitely towards passengers, and we want also it to be repaired,” said Ko Pyae Sone, a company employee who uses YPS service every day. 

Source: The Global New Light of Myanmar

CBM authorizes banking agents for expanded financial services

The Central Bank of Myanmar (CBM) has announced its decision to permit the operation of banking agents, who will conduct banking transactions on behalf of banks.
This initiative aims to extend financial services to people in remote, unbanked, and underserved areas, promoting inclusivity within the economic system.
Banking agents are business entities that have entered into representative contracts with authorized banks to facilitate banking services, following regulations set by the CBM.
These authorized banking agents will collaborate with the digital banking sector overseen by the CBM and will be required to pay a service charge of K200,000 to the CBM upon appointment.
Potential banking agents applying for this role must provide details such as the proposed agent’s name, location, address, and contact numbers, along with evidence of past business experience from the two years preceding the application. Additionally, they must submit a draft of the agreement between the authorized bank and the agent, complying with existing laws.
CBM will notify successful applicants within three months of receiving complete application documents. Incomplete applications will be replied with requirements to the respective bank within the same timeframe.
Banking agents will be authorized to conduct various transactions, including cash deposits and withdrawals, bill payments, loan collections, remittances, and checking account balances, as per the agreements between the bank and the banking agent.
Banks must submit a single application to the CBM for all proposed banking agents. If a bank wishes to expand the number of banking agents, it must apply for permits every quarter typically in March, June, September, and December.

Source: The Global New Light of Myanmar

Prompt repair and action taken against closed YPS card readers on YBSs

If machines on YBS bus lines which provide YPS card payment service are closed, and there are  reports  along with vehicle number and bus line number, YPS will check check or repair them and take immediate action in cooperation with respective bus lines, according to Yangon Payment Service-YPS.

YPS responded to a passenger’s comment on its Facebook Page about some YBS buses having closed card readers.

“We have cooperated with respective bus lines in cases of closed readers on YBS bus lines. And we have carried out check or repair at once and taken prompt actions if you have recorded vehicle number and bus line number,” the page replied.

YPS added that it will try to ensure better services.

In order to be convenience of paying bus fares for YBS passenger, YBS card as well as YBS QR code payment service which enables to pay bus fares by mobile phone are available.

YPS QR code payment service was launched for YBS 13, 55, 57 on 11 January, for YBS 63 on 18 January, for YBS 42 and 65 on 19 January, for YBS 22 and 64 on 20 January, for YBS 111, 133 and 134 on 22 January.

Source: The Global New Light of Myanmar

MyRO website launching and rice storage registration system briefing held for businesspersons

Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein said during the MyRO website launching ceremony and rice storage facilities registration system briefing in Nay Pyi Taw that it would be easy and fast to do the same as the company registration system and that the ceremony is the first step to digitalize the rice sector, so they would like to make an all-out effort to improve the future processes to be carried out.
In MyRO, activities such as rice warehouse registration, exporter registration, and rice mill registration will be carried out in the form of a digital platform.
The Union minister said that the process of establishing a crop insurance system for farmers is being implemented and that the national government will create a good environment in terms of policy stability and favourable investment.
Then, Union Minister for Commerce U Tun Ohn said that his ministry is working to ensure that farmers get benefits, traders get appropriate benefits, and consumers are not burdened. With the approval of the State Administration Council, the implementation of the financial support system based on warehouse receipts was formed and the plan was drawn up to implement the financial support system based on warehouse receipts.
Starting as a pilot project, entrepreneurs who want to invest in the construction of warehouses must implement the new system successfully.
As a pilot project, plans are underway in the Union Territory of Nay Pyi Taw, Bago Region, Yangon Region and Ayeyawady Region. In MyRO, information, services and registration activities will be done in a short time with ease and simplicity for all in one placDeputy Prime Minister and Union Minister for Planning and Finance U Win Shein said during the MyRO website launching ceremony and rice storage facilities registration system briefing in Nay Pyi Taw that it would be easy and fast to do the same as the company registration system and that the ceremony is the first step to digitalize the rice sector, so they would like to make an all-out effort to improve the future processes to be carried out.
In MyRO, activities such as rice warehouse registration, exporter registration, and rice mill registration will be carried out in the form of a digital platform.
The Union minister said that the process of establishing a crop insurance system for farmers is being implemented and that the national government will create a good environment in terms of policy stability and favourable investment.
Then, Union Minister for Commerce U Tun Ohn said that his ministry is working to ensure that farmers get benefits, traders get appropriate benefits, and consumers are not burdened. With the approval of the State Administration Council, the implementation of the financial support system based on warehouse receipts was formed and the plan was drawn up to implement the financial support system based on warehouse receipts.
Starting as a pilot project, entrepreneurs who want to invest in the construction of warehouses must implement the new system successfully.
As a pilot project, plans are underway in the Union Territory of Nay Pyi Taw, Bago Region, Yangon Region and Ayeyawady Region. In MyRO, information, services and registration activities will be done in a short time with ease and simplicity for all in one place.

Source: The Global New Light of Myanmar

Grab EV Taxi service launched in YIA, Nay Pyi Taw Thabyaygon Market on 23 Oct

According to the EV taxi service companies, the Grab EV Taxi service has been operating at Yangon International Airport and Thabyaygon Market (Nay Pyi Taw) since 23 October.
Passengers who want to use the Grab EV Taxi service can book a ride through the Grab Taxi Service Counters at Yangon International Airport Terminal 1 and Terminal 3 during the test run.
The Grab EV Taxi service is not only safe to ride but also helps in reducing carbon emissions, according to Yangon International Airport’s statement that it meets the standards of Yangon International Airport’s commitment to reduce carbon emissions.
Currently, 10 EVs from Chindwin Shan Construction are operating as public taxis based at Yangon International Airport and 10 EVs imported from NPK Motors are operating as public taxis at Thabyaygon Market (Nay Pyi Taw). 

Source: The Global New Light of Myanmar

E-commerce guide published for all online trade and services

An E-commerce guide has been published for all businesses selling goods and services over the Internet, including online shops.

The Ministry of Commerce has issued an E-commerce guide for all businesses selling trade and services through the Internet, including online shops.
The guidelines state that all those who will be engaged in E-commerce business in Myanmar must register in the registration system managed by the Ministry of Commerce and must comply with the law specified by the relevant field.
In addition to this, E-commerce operators must disclose the methods and information to resolve any dispute regarding the address and phone number registered on the website or social network where they are selling goods.
Furthermore, sellers through the website must include a way to make a contract with the buyer and consumer, and sellers from social networks must also make a contract in some way.
Consumer protection has been included as a chapter in the guide, requiring sellers to clearly describe their goods and services.
Sellers are required to provide information on prices and taxes, as well as delivery and refunds, and if delivery takes more than 15 days beyond the agreed-upon date, the buyer may terminate the transaction and receive a full refund following the agreement.
It is forbidden to use the endorsement of people who are not actual users of the product. E-commerce operators must keep payment records for at least three years and provide them free of charge if requested by users. It is also instructed to provide such information if requested by the court or authorities.
There are 99 points in the guidelines for e-commerce businesses, which are rules to be followed based on disputes between buyers and sellers of goods and services.
These rules are issued for all methods of commerce, including payment systems for online businesses, advertising terms, copyright, fraudulent sales and fraudulent purchases, and consumer protection rules.
The E-commerce guidelines can be read on the official website of the Ministry of Commerce named www.commerce.gov.mm, as stated by the ministry. 

Source: The Global New Light of Myanmar

Myanmar banks facilitate petty cash exchange for outbound travellers

The Central Bank of Myanmar has reported that banks with authorized dealer licences (AD-licensed banks) have disbursed petty cash ranging from US$300 to US$500 to each of 2,956 individuals who are preparing to travel abroad. CB Bank, A Bank, and Tun Commercial Bank have communicated through their social media platforms that individuals planning to work, study, or undergo medical treatment abroad can now acquire petty cash in foreign currencies.

With the directive from CBM, the AD-licensed banks have been instructed to provide individuals with petty cash between US$300 and US$500 per person (or its equivalent in other foreign currencies), based on the submission of requisite documents following the specific purpose of their overseas travel.
This initiative was launched on 31 May, and as of 8 August, a total of US$789,806 has been distributed to 2,603 individuals. Furthermore, 2,454,550 Thai baht has been provided to 301 persons, 9,861 Singapore dollars to 27 individuals, 16,738 Malaysian ringgit to 20 individuals, and 1,450 euros to five individuals.
Transactions have been carried out at rates of K2,500 or K2,600 per USD, and K75 to K85 per Thai baht. These rates vary based on the daily average exchange rate prevalent in the market.

Participating in this effort are CB Bank PCL (CB), KBZ Bank, AYA Bank PCL (AYA), Ayeyawady Farmers Development Bank (A Bank), Myanma Apex Bank (MAB), Yoma Bank (YOMA), UAB Bank (UAB), Asia Green Development Bank (AGD), Myanmar Oriental Bank (MOB), Global Treasure Bank (GTB), Tun Commercial Bank (TCB), Shwe Bank, First Private Bank (FPB), Innwa Bank Limited (Innwa), and Myanmar Citizens Bank (MCB). These banks have publicly disclosed the available counters for purchasing foreign currency on their respective websites and Facebook pages. 

Source: The Global New Light of Myanmar

“Dee Money” App facilitates seamless cash transfers for Myanmar citizens in Thailand

The Myanmar Embassy to Thailand has announced that Dee Money mobile application has been
jointly established by two Myanmar-Thai non-bank financial service companies as an official money transfer service so that Myanmar nationals in Thailand will not be deceived when transferring money to their motherland. The embassy stated that Myanmar nationals in Thailand are being exploited while sending money back to Myanmar due to various reasons, as well as facing high transfer fees and a lack of guarantees daily.

If people transfer the baht currency equivalent to K10 million through the Dee Money mobile application, they will only be charged 49 baht per service fee. According to the embassy statement, Dee Money App is a safe and secure money transfer service for all Myanmar citizens in Thailand. Currently, Thai-Myanmar exchange rates are not stable and the value of the kyat is falling, reaching over K100 per Thai baht, as per the prevailing conditions in the forex market.

Source: The Global New Light of Myanmar

ME allows renewal for expiring PJ passports in Thailand from 2 August

The Myanmar Embassy to Thailand announced on 20 July that PJ passports in Thailand which will expire on 31 March 2024, must be renewed from 2 August. The appointment tokens for the newly issued PJ passports will be given at the old office gate (the former location) from 8 am to 12 pm every Saturday starting from 29 July. Those who come to pick up the appointment token must bring their passport books, and the token will be issued only after the face match is verified. Therefore, it has been notified that withdrawals by agents will not be granted at all. All visitors are requested to come only in the morning because there are only a small number of PJ passport holders expiring on 31 March 2024, and line up in an orderly manner to obtain tokens.

Source: The Global New Light of Myanmar

CBM: exchange rate determined on forex online trading platform

THE Central Bank of Myanmar (CBM) notified that the exchange rate transacted on the online trading
platform is the actual currency value and the US dollar was exchanged at over K2,900 on 22 June when the online trading platform started. In 2013, the CBM implemented a forex market for interbank transactions among authorized dealers and bank-customer transactions for foreign exchange market development. International forex trading platform (Refinitiv) helped the authorized dealers deliver a complete function for inter-bank transactions. The CBM has been managing online trading for bank-customer transactions. Starting on 22 June, the CBM led the online trading platform for bank-customer transactions and transactions between clients.

The total turnover for the trading of the six authorized banks was US$6.89 million with an exchange rate of K2,920. Furthermore, the CBM also provided USD SWAP Financing and sold 1.2 million dollars. The exchange rate transacted on online trading platforms determines the actual value and the rate in shady dealings and posted on social media platforms are just grey market rates, the CBM warned. The CBM will provide SWAP Financing for the essential goods in need and intervene in the forex market, according to the notification issued on 21 June 2023.

Source: The Global New Light of Myanmar