COVID-19 Is Boosting Fintech and Mobile Money in Myanmar, but What’s Next?
Source: ASEAN Today
Myanmar’s financial technology, or fintech, industry has passed its embryonic stage and emerged as a regular feature in parliamentary agendas and business plans. Following the country’s political reforms in 2011, Myanmar invested heavily in telecommunications, reducing the price of SIM cards, smartphones and data coverage. This increased connectivity facilitated the rise in fintech services as a modern tool for financial inclusion.
Compared to fintech hubs like Singapore and Malaysia, Myanmar has only registered approximately 23 fintech ventures. These ventures mainly develop infrastructure for mobile and digital payments, providing services for Myanmar’s unbanked population. This is making digital financial platforms more popular, as approximately 95% of people in Myanmar now have cell phones. The fintech industry is now moving towards making a greater impact on Myanmar’s economic development and modernization.