Posts in category: SERVICES

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

South Korea’s largest housing finance bank, KB Bank, has announced that it will formally launch KB Bank Myanmar in December. KB Bank was one of the seven foreign banks to be awarded a license to operate in Myanmar by the Central Bank of Myanmar in April this year. With a license in place, it will bring in a large amount of foreign direct investment into Myanmar, KB Bank stated.

The bank plans to sell advanced financial products in the country, offer financial support to domestic businesses and SMEs, real estate and infrastructure finance, and other new instruments and services. Three of the Korea-based KB Financial Group subsidiaries now provide financial services in Myanmar, including KB Bank, KB Kookmin Card (KB Card) and KB Microfinance. The bank has already received a license to operate, the KB Card has been in Myanmar since 2017, and is awaiting final approval for its 2018 license application to operate as a non-banking financial institution in Myanmar.

The KB Card, once approved, will offer care hire purchase facilities to customers, besides instalment based loans for purchase of mobile phones and high-end home appliances. It plans to expand through a network of branches in Yangon, Mandalay and Nay Pyi Taw. KB Microfinance has been operating in Myanmar since 2017 through its 21 branches in various states and divisions in the country. It has been lending funds for homes and small businesses to the local people.

Source: Myanmar Times

DHL Express will spend close to EUR 750 million to expand its global infrastructure and network over the next two years, the company said this month. Around EUR 60 million to expand its air network in Asia Pacific by introducing new direct flight routes connecting its logistics hubs in the region to Yangon and Vientiane in Laos. DHL Express said it expects shipment volumes in Asia Pacific to be 30percent-40pc larger than last year’s peak season, which typically starts around November and lasts until the Lunar New Year.

Ken Lee, CEO of DHL Express Asia Pacific, said the investment are “crucial” as the company is anticipating an “usually strong peak season.” The expanded infrastructure and new flight routes across Asia Pacific will also position the company to benefit from a growing e-commerce market and cross- border trade in the longer run, he said. Since the start of 2020, DHL Express has experienced a 50 pc surge in e-commerce shipments in Asia Pacific (excluding China), the company said. DHL Express will invest EUR 25 million to build a new facility in Bangladesh that will combine its country office and service center into a 10,000 sqm site.

The new facility will bring about an approximate 35pc increase in shipment processing capacity, and is expected to be opened in 2022. Meanwhile, the company will triple its capacity in Malaysia, with a new EUR39.4 million facility enabling it to increase its processing capacity by more than 200pc in the region. This, too, is scheduled to be completed by 2022. At the same time, construction of a new gateway facility in Bangalore, India is underway, slated to be ready by 2021. The company will also build new facilities in Australia, Japan, Hong Kong, South Korea countries and new airline networks will be expanded to Beijing and Yangon.

Source: Myanmar Times

Manulife Myanmar has launched two life insurance products designed to help families make better financial decisions and improve their financial security. Families in Myanmar can now choose Manulife Protector to safeguard their financial future and Manulife Education Life to save for a child’s education. Both plans also offer unique COVID-19 benefits. Manulife Protector is a comprehensive life insurance plan that is designed to protect the insured’s family in an unexpected and unfortunate event when the insured can no longer do so. Also, it is kind of long-term savings if the protection is not needed.

Customers can start a life insurance plan for K5,000,000 with flexible payment terms. The oldest age for life insurance is 55 years old for the 10-year plan and 45 years old for the 20-year plan. Manulife Education Life allows parents to save for their child’s future education, with insurance to take care of the child’s education needs in the unexpected and unfortunate event if they are not able to do so. It can start with a face amount of K5,000,000 and offers flexible premium payment terms, as well as the option to select Double Benefit for extra life insurance protection. Customers that purchase either plan from now until 31 December 2020 are automatically entitled to special COVID-19 benefits that cover themselves and immediate family members.

These provide a potential maximum one-time K600,000 total payouts if the life insured and/or their immediate family members (maximum four payments per family) are diagnosed with COVID-19; a further K600,000 to cover intensive care costs if the life insured is hospitalized in an ICU ward; and an extra death benefit of K6,000,000, if the life insured unfortunately passes away due to COVID-19.Manulife Protector and Manulife Education Life are now available. Customers can purchase the plans from Manulife agents. 

Source: The Global New Light of Myanmar

Myanmar’s Kanbawza (KBZ) Bank and Malaysia-based cross-border payments provider Tranglo have formed a remittance partnership to facilitate inbound money transfers directly into the accounts of KBZ Bank customers. The service, which has been approved by the Central Bank of Myanmar, allows Myanmar citizens working in Singapore, Malaysia and South Korea to send money home more cheaply and efficiently without the need to go through traditional or informal means of remitting money, which can be expensive, troublesome and risky.

Beneficiaries will receive the money in real-time in their current, savings deposit or call deposit accounts with KBZ Bank and be able to withdraw the funds via ATM or access the money through KBZPay. Those who wish to remit money to Myanmar through Tranglo can do so at Tranglo’s counters in Malaysia or the branches of its partners such as GPL and MaxMoney in Malaysia, SlidesSG in Singapore, or GME in South Korea. The maximum amount for each remittance transaction to Myanmar is the equivalent of US$5000 in the local kyat.

With the KBZ Bank Partnership, Tranglo will extend its global network – which now includes countries such as China, Indonesia and Singapore – to include Myanmar. For Tranglo, Myanmar represents a significant market in an increasingly competitive remittance industry. The World Bank estimates that more than US$3 billion was formally remitted by Myanmar migrant workers in 2019, approximately 4.6 percent of Myanmar’s GDP. This does not include the funds that are informally remitted through brokers or hand-carried back home.

Source: Myanmar Times

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

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