Business

Myanma Apex’s e-wallet scheme to go nationwide

Myanma Apex Bank, the nation’s first bank to offer an e-wallet service, has set its sights on expanding the service across the country in three months, banking on the high mobile phone penetration rate.
 
Managing director Win Min Khine said mobile banking was developed as an agent-based model where customers can open their own mobile wallet accounts at any agent's outlets without going to the bank.

Bosch eyes 18-70 per cent growth in Myanmar on rising demand for auto after-market products

BOSCH GROUP, a global supplier of technology and services, has set its sights on growing its business in Myanmar by 18-70 per cent a year, banking on continued high demand for automotive aftermarket products.
 
The German company made its presence felt in Myanmar in 2013.
 

Government to put 47 state-owned factories for lease

 

The Ministry of Industry has announced that the remaining 47 state-owned factories will be put up for lease for local and foreign private investors.

According to Deputy Secretary Myo Zarni Win, those interested in leasing the factories can find details on locations and staff at the ministry’s website, while further details can be discussed at relevant departments under the ministry.

Official trade website launched

The Ministry of Commerce has opened a trade website to ease Asean-wide business exchanges.

A ministry official said: “This website aims to ensure entrepreneurs can easily understand trade information and help support the smooth functioning of business. Since 2014, USAid has sent technical experts and our officials have visited USAid. It has provided funds of US$500,000 for the project.”

The website should enable traders to comply with Asean's trade agreements and provide details of the country's business laws.

Green gram price rises

A tonne of green gram is now priced at Ks 1.85 million (US$1,500), marking an increase of Ks 25,000 over a few days, according to the Bayintnaung Wholesale Centre.

The price rise is due to a surge in the dollar value and increasing demand from India.

The prices of green gram and pigeon pea on Tuesday were Ks 1.85 million and Ks 1.5 million, respectively.

Myanmar rice to penetrate Philippine market

The Philippines has offered to buy Myanmar rice through a government-to-government channel, according to the commerce ministry.

Khin Maung Lwin, the assistant secretary of the commerce ministry, said: “The Philippines contacted the Myanmar embassy there requesting to buy rice from Myanmar. Normally, the Philippines imports rice from Vietnam. It can be said that we may overtake Vietnam if [the deal] materialises.”

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