Myanmar MM Myanmar
Beneath Myanmar's paradise of Periwinkelle, light coloured peagodas sparkle like earth-bound starlets, men and woman dressed in colourful dresses named lunggyi, shimmering and shaking in rippling trees, fisherman rowing their vessels with one foot driving an rudder, and a huge gold rocks floating on the edge of a bluff that is compensated for by a string of Buddha-ha.
The young Hla is describing the land of her childhood in living, poetical narratives for her little sisters. Their tales deliver vibrant picture signatures for the pictures, which shine like gems and brillantly depict the vibrancy and civilization of a little-known world.
There is a rising number of wireless carriers running for agent registration, but the poor level of brand interaction has given rise to concern about the sector's growth in the futuropop.
An increasing number of wireless carriers are running for agent slots, but the inability to interoperate between the various makes has given rise to concern about the sector's further development. ONE FRONT DOOR of Ko Aung San Thwin's small cell phones store in Yangon's Hlaing Township shows a decade of his work.
The majority are for monetary mobility that did not existed a few years ago. As a multi-vendor WaveMoneys, TrueMoney and M-Pitesan are some of the most common agents that allow players to fund, withdrawal and wire transfers through an agency rather than a local network.
Even though currency is still the dominant currency in Myanmar, Aung San Thwin is one of many who see great opportunities for growing on the move, especially as only 10 per cent of the country's people have a banking accounts. Out in this crowded, middle-class area of Yangon, he says that many are already taking full benefit of the benefits of mobile currency, and he now makes about 200 wire transfer transactions per week.
Yet another Hlaing Township spokesman said that consumers who use cell phones to buy funds or bill their friends are also happy because they save a lot of inconvenience. It was first provided with top-up credits through Red Dot, a portable paying solution rolled out in January 2015 and available in 16,000 shops across the country.
Since then Saw Mya Kyi's store has grown and offers Wave Currency, TrueMoney and M-Pitesan. "We use Wave Moneys mainly for domestic operations, while[Migrant] often use TrueMoney to return funds from Thailand," she said. An important fight in the field of portable gaming is taking place between cell phone companies, in particular Telenor and Ooredoo.
Three years after the decommissioning of telephone subscribers, they are turning their attentions more and more to the use of their nets to catch a slice of the cake of the finance world. There are two approval processes for Myanmar's mobiles. The TrueMoney connection to AGD allows businesses to work with underwriters. If you want to do it alone, you can request a license for wireless finance service.
So far, three have been spent on Wave Moneys, M-Pitesan and OK Dollars. Telenor owns 51 percent of Wave Currency, which was licenced in September 2016, while M-Pitesan is Ooredoo own and obtained its license in July 2017. Since the agency network is seen as decisive for the win of the monetary battle, the two international cell phone providers are working intensively to win new agencies.
Mr Stephen Swan, Wave Money's Director of Production and Digitally, said the firm has over 15,000 sales representatives and the services are available in most parts of the state. Yoma Strategic Holdings, a Singapore quoted investment bank, reported that it had acquired a 34% interest in Wave Money from First Myanmar Investment for $19. 4 million in early March, it was reported that Wave Money had recorded a 22% increase in turnover per annum from January 2017 to January 2018, while the volume of transfers had increased by 30% per annum over the same two years.
Jacques Voogt, Ooredoo CFO, said Frontier in early February that M-Pitesan has contracted 5,000 operatives in the first four month and expected 10,000 by mid-year. A partnership has also been established with Red Dot so that the company's terminal can be used to connect to M-Pitesan.
The most important thing about the roaming cash services is kosaleh," Voogt said, using the term "agent" in Myanmar. Meanwhile, Myanma Posts & Telecommunications (MPT) is also getting ready to introduce its own services, MPT Mobil Money. On the first morning of the February MPT Private Bankers Meeting, Ms Oyungerel Rentsen, MPT Private Banker's Vice President, said the solution was "now in the test phase".
It said that once launched, the system will be available at 86,000 CPT "Point of Sales" across the state. Yangon's business participants at the Summit on M&A were optimistic about the outlook for mobilization. Also the recent divestment of an investment in Wave Currency with a value of almost 60 million dollars underlines the Group' s growing upside.
Justin Ho, Vice-President of Amdocs MFS, said that mobility cash service and agency-banking is crucial to the expansion of MIS. While he found that few individuals have a Myanmar branch office, smartphone usage is very high. However, there are a number of important issues, in particular the insufficient level of mobility among MNOs.
This means that it is currently not possible to deposit funds from an M-Pitesan bankroll to an OK Dollars bankroll or from Wave Currency to TrueMoney. MNOs are an example of interoperability: it is possible to call a Teleno SIM via MPT, for example. They are inter-operable as well, as you can deposit funds from a KBZ bank to a CB bank acc.
A number of speeches at the event cautioned that this failure to interoperate could restrict the growing capacity of the country. "In Amdocs' view, the mobility of funds is a prerequisite for operators' efforts to expand the services networks. U Aung Kyaw Moe, CEO and founding member of Singapore payments services 2C2P, said something similar in an December meeting with Frontier.
"Aung Kyaw Moe, whose business started 1-STOP, an e-commerce platform of shoppers and vendors in Myanmar, in January 2016, said that what wireless carriers are doing now is to build their empire, not for funding integration. Voogt of M-Pitesan confirmed that it was a problem and said it could be treated later.
An important element in expanding the ecosystem, he said, is to make sure operatives don't give up the services because they don't make moneys. Mr Voogt said that the most serious problem that portable financial services companies have to solve is confidence. That was a problem especially when registering an agent, as they have to put cash into an e-wallet and keep it there.
They cannot serve clients who do not have their own accounts without funds in their accounts. "In Myanmar in particular, there is a major confidence problem that we cell network providers have to override. However, it is still doubtful for the agent and the customer that it is secure to put cash on the phone," Voogt said.
They were contacted by many cell phone companies to act as intermediaries and to consider thoroughly which ministries they should work with. As an example, they declined to provide the OK Dollars account because it was not connected to a banking or cell phone number. The original issue of this paper was part of Frontier's Digital Myanmar 2018 extra.