Some FinTech entrepreneurs are making financial inclusion a reality in Myanmar. Our team met some of those fascinating and diverse people who will make tomorrow’s FinTech revolution in Myanmar, such as MyPay :
[one_half][divider] The company [/divider]
MYPAY is a payment services provider active in Myanmar. MYPAY is offering the standard payment method for Myanmar, innovative ecommerce solutions for companies and innovative social media payments for consumers.
[one_half_last][divider] The entrepreneur [/divider]
Tim is passionate about Finance, Banking & Myanmar. He strongly believes that efficient financial ventures combined with the right technology can help millions of people to transact payments, save money, avoid poverty & build wealth. Tim has more than 20 years of experience in the financial industry.
We headed to Myanmar to try to figure out if FinTech, through agency and mobile banking, could change what traditional Burmese banks were unable to change over the past years.
We are Tuesday the 24th of May – 21:30 local Time (Yangon)
[divider] The Interview [/divider]
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Hello Tim, can you start describing the value proposition of your company?
‘MyPay will be the first Social Media Payments Company in Myanmar. We will provide two types of services:1)Peer-to-Peer (P2P) payment and remittance solutions for customers and 2)Peer-to-Merchant (P2M) payment solutions for both bricks-and-mortar and e-commerce firms. Last year, we made a strategic partnership with FastaCash, a Singapore-based payment start-up enabling payments across social media platforms. We also partnered with MySQUAR, which is the Facebook-equivalent in Myanmar [1.5 million user accounts].’.
What does the FinTech scene look like in Myanmar?
‘Myanmar is really at the beginning, and the financial system is still like the one in Vietnam, let’s say…15 years ago! For now, most FinTech activities are concentrated in the payment and mobile money areas. But there is still no FinTech activity in lending, crowdfunding, Bitcoin, or even big data…’
What key challenges does Myanmar have to face before a FinTech ecosystem can really emerge?
‘There have been recent improvements in the regulation, with the announcement of a regulation for mobile money operators. But, so far, there is no policy regulating the overall payment ecosystem. There are a lot of grey areas, which give space to unregulated activities such as hundi [unofficial remittance system]. Another issue is talent. There is limited local know-how in Myanmar, and it is still difficult to attract foreign talent… Capital is also limited. Here, we have the Myanmar VC Club, but venture capitalist funding is done more through foreign VC, coming from Singapore for instance.’
Why does Myanmar still represent a huge opportunity in banking and in FinTech?
‘Myanmar is one of the fastest growing countries in the world! E-commerce players are emerging fast and there is a real need for efficient payment solutions. Social payment through social media is a huge opportunity, and that is what we focus on at MyPay!’
WHAT’S NEXT ?
We conclude our interview here. We hope you enjoyed discovering this amazing start-up ! Follow us on our quest accross the world of Fintech and see on the map what will be our next stop :
FinTech analysis : MyPay – Payment service provider – Yangon
FinTech analysis : TrueMoney – Payment and remittance – Yangon
Country conclusion : What can FinTech really do in Myanmar?