Myanmar’s digital economy is seeing significant growth, due to investment in its infrastructure and partnerships with China. This progress is enabling the country to compete on a global scale and attract the attention of other world players.
Chinese Foreign Minister Wang Yi has proposed a co-operation between China and Myanmar. This will see the construction of an economic corridor between the two countries. This was proposed during his November visit to Myanmar. The idea was put forward at a meeting between Myanmar State Counselor Aung San Suu Kyi and Chinese President Xi Jinping, according to reports by Xinhua News Agency.
With technology transforming the business operations of the financial services, it is key that these sectors are adapting to these changes. While already reacting well to technology, Singapore has released several initiatives to strengthen its status as a financial hub in Asia.
The Monetary Authority of Singapore (MAS) released these plans with the intention of further pushing the financial technology. Aiming to establish itself as a regional leader of fintech, it is hoped that the sector will grow by 4 per cent a year and create thousands of jobs in the area.
Digital Banking is fast becoming the universal standard for personal banking. Factors such as the rapid increase in internet and smartphone adoption have led to this cultural shift towards the virtual. This increasing rate of growth has been particularly seen in Asia, with the area’s growth rate being the fastest in the world. As digital banking gains significant traction in the region, consumers here are swiftly embracing an online alternative.
Digital consumers now represent a sizable population in most markets across the world. In developed Asian markets, internet banking is now near universal. Smartphone banking has grown more than threefold since 2011, with no signs of slowing down. Emerging Asian markets are showing a similarly dynamic trend.
Myanmar’s new Yangon Stock Exchange (YSX) will begin using blockchain in its settlement platform over the next two years. Two stocks are currently trading on the exchange, with four more on the way.
The opening of Myanmar’s new stock exchange in 2015, the Yangon Stock Exchange (YSX), highlighted the increasing development of the area. Introducing blockchain will see the region overcome the problems of infrastructure in order to compete at a global level.
Working with the Myanmar Agricultural Development Bank (MADB), the Japan International Cooperation Agency (JICA) is launching two-step loans to nine Mandalay-based farms.
JICA will loan money to MADB, who will then disburse to farmers. The arrangement was initially approved in December 2016, and the loans are now being distributed.
Strides Transportation, a company based in Singapore, has signed a joint venture agreement to provide limo services in Yangon from 2018.
Under the terms of the agreement, SMRT Strides Toyotsu Alliance owns 60% of the venture. The rest is split equally between Toyota Tsusho Asia Pacific and Alliance Urban Transport (AUT).