World Bank urges Myanmar government to implement changes in finance sector

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A report (called the Observance of Standards and Codes or ROSC) from the World Bank and International Money Fund (IMF) has just been released.

Among its findings were that the revisions the government has made to its statutory institutional framework for accounting and financial reporting will align the country much more with international good practice. It praised the ‘good progress’ that has been made with the suggested amendments to the framework, but notes that these changes are yet to be finalised.

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Economic progress hasn’t yet reached Myanmar’s rural children

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The UN Children’s Fund (UNICEF) has warned that while progress has been made in terms of economic growth in Myanmar, life is still difficult for children in remote areas.

A report by the United Nations shows that the government’s reforms and efforts at reconciliation and improving the economy still leave around 2.2 million kids in desperate need of humanitarian help. Most of these children are in the remote areas of the particularly conflict-ridden regions of the country.

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Political stability and the economy

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In order for any burgeoning economy to find its feet and work for the country, political stability is key. And nowhere more so than in Myanmar. After so many decades of military dictatorship, the economy is new, delicate, and growing rapidly.

According to EU ambassador Roland Kobia in an interview with The Myanmar Times, the importance of the country’s political stability can’t be underestimated.

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Fintech arrives in Myanmar

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With a newly burgeoning economy and an open market for the first time in 50 years, along with rapid advances in technology, Myanmar is ripe for fintech companies to offer new products and services.

All around the world, technology is transforming people’s access to financial management services, whether for personal use or for investment and business. Fintech start-ups are now capitalising on Myanmar’s speedy development and growing use of smartphones. It’s a market ready for low cost, user friendly, accessible financial products accessible online, whether from a computer or a smartphone.

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Will Myanmar’s economy mirror Vietnam’s growth?

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Myanmar undoubtedly faces challenges when it comes to opening up its economy in order to flourish in the future.

According to a leading British diplomat, Myanmar has the potential to grow its economy by as much as 10 per cent, effectively following in the footsteps of Vietnam’s economic growth. In comments made at Bloomberg’s conference in Yangon recently, he went on to say that Myanmar needs to be speedy when it comes to opening up markets and making new policy in order to enjoy this growth.

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Myanmar Set to Modernise Banking System

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The banking system in Myanmar is key to modernising the financial system of the nation, in the face of its rapid economic growth.

An audit is soon to underway of state owned banks in Myanmar – the first of its kind for several decades. It’s hoped that the results of this comprehensive audit will clarify the best ways forward for the restructure of the banking sector.

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Myanmar’s Foreign Trade Rises in Latest Fiscal Year

Image of stocks online. Htet Tayza discusses Fintech in Asia.

Myanmar’s government is currently focusing on facilitating greater foreign involvement with the nation’s economy, to supply small businesses with the funds required to foster growth. Figures show that these efforts are paying dividends, as Myanmar’s foreign trade rose during the latest fiscal year.

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Singapore and UN to Promote ASEAN Financial Inclusion

Image of stocks online. Htet Tayza discusses Fintech in Asia.

Singapore has the most developed finance sector, especially in the area of financial technology (fintech), of all the Association of South-East Asian Nation (ASEAN) territories. The city-state is, therefore, well-placed to promote sorely-needed financial inclusion across the region, which its central bank, the Monetary Authority of Singapore (MAS), has just teamed up with the UN to do.

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Singapore and London Named Top Global Fintech Sectors

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We are seeing the gradual rise of a robust financial technology (fintech) sector around the world, with financial hubs such as London, New York and Singapore fast-developing thriving fintech industries. London and Singapore were recently named the world’s top fintech hubs.  Htet Tayza comments.

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