Supportive service system to benefit local entrepreneurs

Myantrade will set up a supportive service system for the local entrepreneurs, according to an officer from the organization. To set a milestone of the business support in Myanmar, the Myanmar Trade Promotion Organization provided advanced trade information service and management technique pieces of training to some 40 government officials from Myantrade headquarters and regional trade centres and 15 Myanmar commercial trade attaches from foreign countries.

The two-day training that started from 22 to 24 September is part of the larger initiative aims to upgrade the availability and accuracy of businesses, market and trade information available to the local small and medium-sized enterprises (SMEs) which want to reach foreign markets. The training gave Myantrade’s trade information officers the practical skills on how to analyze trade and market information resources. Providing reliable and timely trade information will enable the officers to assist their small businesses better to make them competitive in the global markets using up to date market intelligence. So, the exporters can get information safely online during COVID-19 crisis.

Embracing these new tools and methodologies can improve our capacity to provide modern and effective information services to everyone interested in trading. Myantrade is the Trade Promotion Organization of Myanmar which is aimed at promoting the trade and export of Myanmar through the building of the capacities of the local companies to make effective competition in the regional and global markets. Moreover, Myantrade aims to tag the label of “Made in Myanmar” brand on Myanmar’s goods and services.

Source: The Global New Light of Myanmar


Household service providers in Myanmar among latest COVID-19 casualties

Providers of housekeeping and home maintenance services are among the latest casualties of the second wave of COVID-19 in Myanmar. Many have suspended their businesses in view of the spread of the virus in the past month. Demand for housemaids, cleaners, and other household service providers has collapsed and these businesses have also been suspended to protect their workers from becoming infected, a local startup providing household services.

Besides water pipe maintenance, AC and electrical servicing, all other services have been suspended. As our workers cannot work from home, our businesses will stop until the end of this year. Even if the disease is controlled and businesses in the industry restart, it will take six to seven months for maid and cleaning services to return to normal.

MyanAnts had resumed business as a usual in May, after the first wave of COVID-19 but is now closed again. Household services, which mainly include part-time housework and cleaning services became popular in 2017 and demand had reached a peak in early 2020, before the pandemic.

Source: Myanmar Times

MasterCard plans to open local branch office in Myanmar

MasterCard announced that they are planning to establish a local branch office in Myanmar and that they will appoint a country business development manager. MasterCard aims to support the advancement of Myanmar’s digital payments ecosystem and its efforts to build a futuristic and inclusive cashless society. The establishment of the local office also underscores MasterCard’s long-term commitment to advancing Myanmar’s national digital agenda and reflects the company’s continued confidence in the market. Myanmar’s GDP growth is expected to rebound to six per cent in 2021, making it one of the fastest-growing economies in the Southeast Asian region.

The market has successfully leapfrogged several of the usual transition steps on its way to becoming a digital economy. The government of Myanmar has been actively leveraging these advances to lay the foundation for a new payments’ infrastructure designed to allow entrepreneurs and businesses to capitalize on  vision to enable sophisticated capabilities like real-time payments for its citizens and businesses, Myanmar is at a truly pivotal stage in its economic evolution.MasterCard has a long and established history in partnering with hundreds of nations around the world on growing and scaling their payments ecosystems. MasterCard’s ambition for Myanmar is no different – the organization is focused on bringing its global best practices, coupled with a deeply rooted local presence and understanding of the domestic environment, to bear, to help the country secure a digital future defined by efficiency, agility, and security.

As Myanmar continues its digital transformation, it is also necessary to empower its people with the skill sets and knowledge they need to participate actively in the digital economy. MasterCard will bring to Myanmar decades of experience in technology skilling that will enable the country to accelerate human capital development. Furthermore, as part of the organization’s commitment to growing the local talent pool, MasterCard is well on its way to assembling a local leadership team which will be integral for sustainable, domestically relevant, long-term success” he added. MasterCard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.

Source: The Global New Light of Myanmar

Insurer, bank tie up to provide bancassurance in Myanmar

Capital Taiyo Life Insurance and Myanmar Citizens Bank have announced that they will cooperate to provide life insurance products in Myanmar. Capital Taiyo Life and Myanmar Citizens Bank (MCB) signed announced in Friday that they had signed an agreement on June 29 to provide bancassurance products via MCB’s network of branches. The agreement brings about the sales, distribution, promotion and marketing of Capital Taiyo Life Insurance’s life insurance products to MCB’s customers.

Bancassurance is a business model in which banks and insurance companies work together to sell a wide variety of insurance products through the bank branches. Earlier this year, the Insurance Business Regulatory Board (IBRB) under the Ministry of Planning, Finance, and Industry issued a directive allowing banks and microfinance institutions to operate as agents selling insurance products. The MOU signed with Capital Taiyo Life Insurance will kick off a nine-month pilot project where Myanmar Citizens Bank will conduct sales of life insurance. The government’s directive allows banks to enter into partnership with two life insurance companies per bank, and Myanmar Citizens Bank selected Capital Taiyo Life Insurance as one of its partners.

Insurance companies in Myanmar can see bancassurance growing significantly and becoming the predominant sales channel in the future. Yangon Stock Exchange listed Myanmar Citizens Bank, established in 1992, is one of the first private commercial banks in the country and has nearly 50 branches covering 26 towns in the country. Capital Taiyo Life Insurance is joint venture between Capital Life Insurance, a domestic life insurance company established 2013, and Taiyo Life Insurance, one of the largest life insurance companies in Japan.

Source: Myanmar Times

New G Bank branch opens in Myawady border town

As new banking services expand in Myanmar’s economic sector, Glory Farmer Development Bank, or G Bank for short, opened a new branch office in Myawady Township, Kayin State, on 7 August. With the new branch in Ward 4, Bamar Su 8 in Myawady and its headquarters on Yuzana Road in Bayint Naung Warehouse, Yangon, G Bank offers standard banking services such as depositing or withdrawing cash, domestic and payment orders during its operating hours and is striving to extend its reach to other prominent cities across the nation.

G Bank is offering a maximum interest rate of 8.7% in a fixed deposit account with a minimum tenure of one year to commemorate the opening of its Myawady branch in addition to other souvenirs.G Bank aims to offer balanced, outstanding services to all its customers in line with its code of conduct and integrity while keeping astride with technological developments to ensure banking services are accessible to all people.

G Bank opened its first branch in Monywa, Sagaing Region, in the month of September in 2018 and bases its mission on developing the agricultural sector, which can be regarded as the lifeblood of the nation.G Bank’s objectives also include making banking services accessible to everyone through the use of technology while incorporating ingenuity, responsibility, accountability, ethics and rules and regulations issued by the Central Bank of Myanmar in its services.

Source: The Global New Light of Myanmar

Prudential Myanmar introduces first-of-its kind digital health and fitness module on AI-powered app Pulse

To promote healthy habits among the people of Myanmar, Prudential has launched its first fully digital product PRUTerm Digital. PRUTerm Digital is a one-year term-life insurance product that provides financial protection against unfortunate and unforeseen events such as death, disability, and additional benefits for hospitalization due to accidents. Available exclusively on Prudential’s artificial intelligence(AI)- powered app- Pulse, PRUTerm Digital is an affordable product at 25,000 Ks and provides standard insurance coverage of 2.5 million Ks for one year. In addition, the customers can start enjoying the “Healthy Habits” pilot module on Pulse, which is designed to help them purse and track fitness activities, and receive rewards of free, additional insurance coverage based on their progress.

Pulse is now available in Myanmar and downloadable for free on both Apple App Store and Google Play Store. Through Pulse, Prudential aims to make healthcare accessible and affordable for everyone in Myanmar. To provide a seamless and delightful experience to customers, Prudential uses the latest advancements in AI and machine learning to automatically capture key customer information fields from their NRCs, followed by instant underwriting along with instant issuance of the insurance policy. The purchasing experience will be amongst the simplest with just a few clicks and digital payment through the WavePay App. Pulse also helps users to “earn points” easily by doing at least 15 minutes of daily healthy habits such as walking and running. The points automatically lead to an increase in insurance coverage at no additional cost. There are also other exciting and exclusive benefits to be enjoyed if users “share” with friends and family.

“Healthy Habits” of PRUTerm Digital reaffirms Prudential’s commitment to helping Myanmar people and communities lead healthy lives.It aligns with the company’s brand spirit of “We DO Health” and “We DO Fitness”. Prudential is committed to bringing in the latest insurtech and healthtech advancements to Myanmar through its AI powered app Pulse, which has been downloaded more than 8 million times in Asia, helping individuals and families get the most out of their lives. Research has proven that carrying out a healthy activity for just 45 minutes every day can go a long way in transforming the health and well being of individuals across age groups. Technology can also play a significant role in quipping individuals with the tools and features to purse and track health and fitness activities of their choice.

Source: Myanmar Times

GrabFood offers food delivery services in Yangon | The Myanmar Times

Grab anticipates continued growth in Myanmar with expansion of GrabFood services to Mandalay, Myanmar’s second largest city

GrabFood offers food delivery services in Yangon | The Myanmar Times

GRAB, on 24 July 2020, has launched GrabFood, its on-demand digital food delivery service, in Mandalay. The introduction of GrabFood in Myanmar’s second largest city comes after the growing popularity and take-up of the service by customers in Yangon in recent months, with thousands of customers ordering their favorite meals daily using the same Grab App they already trust for daily transportation services. With GrabFood, Grab has invested in human resources, city operations, and technology to bring the industry-leading digital ordering platform to Mandalay eaters who can enjoy their favorite foods from all across the city, with convenient, fast and affordable deliveries.

Customers need not head out and meddle with crowds especially as health authorities continue to encourage social distancing; instead, users can rely on GrabGrab anticipates continued growth in Myanmar with expansion of GrabFood services to Mandalay, Myanmar’s second largest city Food to save them time to focus on other daily priorities as they await safe deliveries of their food orders. At launch, GrabFood is ready to cater to customers in the
four major Mandalay townships– Aungmyethazan, Chanayethazan, Chanmyathazi and Maha Aungmye. In preparation for the launch of GrabFood, the Grab Myanmar team on-boarded the largest number of licensed business food merchant-partners among the delivery platforms currently operating in Mandalay. With no minimum order required, customers simply use the Grab App they already trust to easily make orders of their favorite food and drinks. During the initial trial period, orders were found to be delivered by Grab’s efficient delivery-partners on motorbikes to the customer’s doorstep in under 30 minutes .Aided by Grab’s technologies, they are seeing a shift in how people in Myanmar consume their favourite foods as well as how more traditional restaurant operators have embraced digital channels to find and serve more customers as the nation takes steps towards economic recovery.

Grab has on-boarded hundreds of delivery-partners to operate the GrabFood service and provides numerous benefits to protect their livelihoods. In addition to remuneration above the industry standard, GrabFood delivery-partners are positioned for success with safety gear and
equipment, supplies of persona hygiene, along with training on food handling and hygiene as well as road safety. All delivery-partners are
covered by Trip Insurance during each GrabFood delivery. In addition, all delivery-partners are eligible for financial assistance of MMK 200,000 under the Grab Partner Relief Fund should they be diagnosed with COVID 19 or
officially placed into quarantine by the health authorities.

Source: The Global New Light of Myanmar

Yangon bus operator begins prepaid card service - Global New Light ...

Yangon bus operator begins prepaid card service

Yangon bus operator begins prepaid card service - Global New Light ...

The Asia Starmar Transport Intelligent Co.,Ltd. has launched the prepaid card service for its 597 buses in Yangon. The Yangon Bus Service plays a crucial role in the bus transport network system for public. The prepaid card service could solve the problem in the changes of paper money in bus fares.

The YPS cards are available at the 102 outlets of G&G convenience stores in Yangon, and the company is providing the customer service at the three centres in downtown Sule, Thamine and Tamway. Moreover, the Yangon City Development Committee has opened sales and top-up counters for prepaid cards at the bus stops in front of city hall, Myanmar Plaza, 8 Mile and Parami Nyaungbin. The launch of YPS card system is a new historic milestone and an onset of a long journey, helping the cashless ecosystem of the country. The company will also introduce other prepaid card services.

The YPS cards can be used at the bus line numbers 43,62,72, 87, 88, 89, 96, 12,14,25,30 and 38. The price of each card is K2,000 and the available top-up amount is from K1,000 to K50,000. During the promotion period from 16 July to 15 August, the card will be free of charge for the minimal top-up K5,000. The user needs to touch the card with the bus validator at the front door of the bus, and it must be put on another validator near the exit door to deduct the fee when someone got off the bus. If the user failed to put the card on the exit validator, the fare will also be taken for the previous ride when the card is touched on the front validator. Only one passenger could use the card service each time.

Source: The Global New Light of Myanmar

Income Tax Payment: How to pay taxes online and offline

Companies in Myanmar urged to pay taxes online

Income Tax Payment: How to pay taxes online and offline

Local companies with a Taxpayer Identification Number (TIN) are urged to pay taxes using electronic payment systems made available online starting October. This is to facilitate ongoing efforts to control the spread of COVID-19 by avoiding mass gatherings in public places.

Firms can now pay their taxes through digital services provided by local banks including CB Bank, Ayeyarwaddy Bank, UAB Bank, KBZ Bank and Myanmar Apex Bank, via mobile money transfer and corporate debit cards by the Myanmar Payment Union.

Arrangement will also be made for individual taxpayers to pay their income taxes online. Instead of issuing a tax record book, transactions will be recorded electronically on a mobile app. The government will support mobile payment methods and local financial institutions will make digital and mobile payments available as much as conditions allow.

Source: Myanmar Times

Grab expands grocery-delivery service into eight SE Asian markets ...

Grab launches GrabMart, an on-demand grocery delivery service which promises deliveries of daily essentials within an hour

Grab expands grocery-delivery service into eight SE Asian markets ...

GRAB, the leading everyday app in Southeast Asia, has launched Grab Mart, a new on-demand grocery delivery service. Grab Mart provides consumers convenience in purchasing various consumer goods, including groceries, home essentials, health and beauty items as well as gifts directly from hundreds of shops through the Grab App.The launch of Grab Mart is timely given the growing adoption and reliance on delivery services among people in the country during the ongoing pandemic.

Grab Mart’s store merchant partners now benefit from a new online customer base, increased revenue opportunities, and access to Grab’s technology platform to manage order transactions. Many more local businesses will be brought on-board the Grab platform as Grab Mart store merchant partners in the coming months.

This partnership provides us with an additional channel to reach new customers and provide another service to our existing customers.Consumers will benefit from the promise of home deliveries under one hour.Grab has launched GrabMart across 50 cities in Southeast Asia, in partnership with over 3,000 supermarkets and convenience stores.

Source- The Global New light of Myanmar