Myanmar full car VideoBurma Full Car Video
At Myanmar, buy automobiles and houses with gunsacks full of money.
In fact, they have even been given S$ 10 million in notes in a land where most still favour currency in their hands. However, could portable purses make all this work? YANGON: It's not uncommon at Myanmar banking institutions for folks to carry giant and heavier gunnies into the mob. As soon as they get inside, they're gonna slit the bags and spill the money.
Its highest grade is valued at 10,000 kyats (S$10). Myanmar's proverb "cash is king" is never more accurate than in Myanmar, where "people usually use money for large deals like the purchase of a car or even an apartment," said David Wang, AYA Bank's vice president. Here, ATMs are unusual, and as a rule, ATM badges are given to medium- and higher-income individuals.
A big challange is that there is no loan agency here. It is therefore very hard to determine the creditworthiness of a customer," he said. Whilst the administration has tried to move towards more noncash operations - a loan agency is in preparation, says Mr Wang - they are still carrying around money.
Mr Wang said that he has deposited up to 10 billion kyats (S$10 million) in liquid funds with the EBRD, especially those owned by companies. Said Myanmar is a country with a typical stock of money of between 5 percent and 10 percent - significantly more than Singapore with less than 1 percent of money.
Myanmar's cellular penetration has increased from 15 percent to about 80 percent in just three years, and some say that cell phone and payment are the right way forward - possibly even before a loan agency is born. In comparison to the effort involved in determining the creditworthiness of issuing cards, only a simple web browser is required for making non-cash payment.
"There are tremendous possibilities in the field of the portable purse. Money Mind goes to Myanmar this Saturday, 10 June at 22.30 SG/HK, in a particular session on its economic and capital spending environment.