Myanmar’s fintech industry is expected to see strong growth due to the increasing use of digital payments and strong investor interest. 80% of the country’s 55 million people do not have a bank accountFintech solutions have huge potential.
Myanmar’s fintech startup scene is expanding, with digital and card transactions expected to reach 1.57 billion, with a total value of MMK12.3 trillion (US$3.8 billion), in 2022. according to We asked UAB Bank’s Assistant Manager for Sustainability, Thant Mam Hein. The total value of these transactions was 12.3 trillion kyats (US$3.8 billion). Digital transactions accounted for 17.4% of total retail transactions, indicating a gradual shift to cashless payments. The report also found that about 50% of Myanmar’s adult population had a bank account in 2020, reflecting the growth of financial inclusion and creating new opportunities for businesses and individuals.
Regional investors are also showing interest in Myanmar’s fintech startup market. Ant Group, for example, $73.5 million We will expand our digital payments network with Wave Money in 2021 to accelerate adoption.
Fintech is poised to grow in Myanmar, with several fintech startups in the country experiencing impressive growth and poised for further expansion. Today, we profile four private, independent fintech ventures in Myanmar that are recognized as strong innovators and making a major impact on the sector.
Top 4 fintech companies to watch in Myanmar
Wave Money
WaveMoney is a prominent financial services provider in Myanmar. Over 65,000 stores nationwideUsers with a mobile number and a valid National Registration Card (NRC) can send and withdraw money, recharge, and pay bills and loans without having to register an account.
Since its launch in November 2016 as a joint venture between Yoma Bank and Telenor Group, WaveMoney has significantly expanded its services and network, covering approximately 89% of Myanmar by November 2020. By 2020, WaveMoney will Processed The transaction value was US$8.7 billion, accounting for about 12 percent of Myanmar’s GDP.
In mid-2020, Wave Money introduced its mobile wallet application, WavePay, to enable customers to make digital payments anytime, anywhere. Mobile Wallet provide It serves over 11.5 million customers.
June 2024, Wave Money Release An international remittance service that facilitates remittances from Thailand to Myanmar. The service allows users to send money directly to a Wave account or Wave agent through the DeeMoney app or an agent in Thailand.
Method
Modus Operandi (MO), founded in 2021 teeth Digital financial solutions provider. The company aims to empower unbanked communities and businesses in developing countries by providing an integrated financial ecosystem with advanced tools and resources.
Missouri Offers A range of products catering to both business-to-business (B2B) and business-to-consumer (B2C) markets. These products include MoBiz, MoBills, MoPayments, and MoMoney. MoBiz focuses on payroll and advanced payroll services, B2B remittances, bank-to-bank transfers, cash deposits and withdrawals, bulk bill mobile top-ups, and utility bill payments. MoBills acts as a bill aggregator that simplifies banking and mobile financial services transactions. MoPayments facilitates wallet, card, and bank account payments for e-commerce businesses. MoMoney, a B2C product, offers loyalty programs, QR code payments, mobile top-ups, cash withdrawals, and bill payments.
MO is also committed to financial inclusion through its microfinance products, providing small loans to low-income households, employees and small groups. Additionally, the company’s foundation, MO Foundation, raises public funds to support charitable activities and contribute to social welfare.
MO has operations in Myanmar, Thailand, Singapore and Vietnam and is rapidly expanding its footprint in Southeast Asia. The company has received numerous awards, including the Rising Star Award 2023 at the Asia Fintech Awards, Most Innovative Fintech Company of Myanmar 2023 by Global Brand Magazine, Fastest Growing Payment Solution Provider Award at the International Finance Awards and Myanmar Technology Excellence Award 2023 at the Asia Technology Excellence Awards.
Ongo
“Ongo” is a brand owned by Ronok Myanmar teeth App-based mobile money service catering Providing digital payment services to businesses and consumers in Myanmar. Founded in 2016, Ongo offers a digital payment system that significantly reduces the burden of cash handling for a range of sectors, including fast-moving consumer goods (FMCG) product sellers, e-commerce sites, money lenders and travel agencies. Ongo also offers mobile payroll services, eliminating the need for individual cash payments for salary payments.
For individual consumers, the Ongo app offers the convenience of online shopping, mobile credit top-up and person-to-person remittance via a personal e-money digital wallet. Users can also earn free gifts and rewards through the app. Ongo has an extensive cash agent network of over 300 in Yangon and 30 in Mandalay, making it easy to convert cash into digital e-money.
Ongo offers services to businesses such as mobile airtime top-up, peer-to-peer (P2P) money transfers, B2B payments, bill payments, digital payroll services and online shopping payments.
Ronock, Established Founded in 2007 and based in Dublin, Ireland with offices in London, New York, Singapore and Yangon, Ronoc Myanmar advises and invests in a range of sectors including microfinance, retail financial services, fintech and web services. Founded in 2013, Ronoc Myanmar is focused on building networks, developing relationships and evaluating investment opportunities across Asia.
One Pay
Onepay launched in 2018 teeth A lifestyle app designed to connect users and businesses in Myanmar and facilitate financial transactions on a unified platform. The app aims to integrate finance and lifestyle activities, making payments and managing everyday transactions easier, faster and smarter. target Financial inclusion, especially for individuals who do not have an NRC and cannot open a bank account, is a common issue in rural areas.
Onepay is available to anyone with a smartphone and a registered SIM, so no bank account is required. It allows users to perform mobile money payments, making it a versatile tool that can be used for a wide range of financial activities. The app is available for download on both iOS and Android platforms and is designed with an intuitive interface for ease of use.
Apps Offers It has numerous features, including paying for goods and services at retail stores using QR codes, topping up mobile phones with local carriers, paying utility bills and living expenses, online shopping, and more. Users can also order food from popular restaurants, buy games and digital codes, consult fortune tellers, buy bus and plane tickets, and donate to charities. The app supports seamless top-ups and withdrawals from e-wallets, integration with AGD bank accounts, and transfers from Visa and Mastercard credit cards, domestic or international. Authorized users can make interbank transfers to 16 domestic banks within one business day.
2024, One Pay Release Onegold is an online gold trading platform that allows users to buy and sell gold digitally within the app, where they can purchase 24-karat gold, access real-time market prices, and withdraw physical gold from designated partner outlets such as Shwe Sin Academy Gold Shop in Yangon and Zawtika Gold Shop in Nay Pyi Taw.
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