Local bankers are concerned as traditional financial services face competition from mobile financial service providers, following the approval of industry regulations by the Central Bank of Myanmar (CBM).
The Central Bank announced in April that any interested party could apply for a mobile financial service license under the Financial Institution Law.
Proponents of mobile banking trumpet the move as a means to dramatically expand the financial services industry in Myanmar, by assisting mobile operators to partner with local banks in an effort to reach Burma’s millions who live in rural areas with limited access to physical bank branches. (Courtesy of irrawaddy.com)
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