{"id":2308,"date":"2016-05-24T21:08:03","date_gmt":"2016-05-24T21:08:03","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=2308"},"modified":"2018-06-29T18:52:11","modified_gmt":"2018-06-29T18:52:11","slug":"myanmar-interview-with-tim-scheffmann-ceo-at-mypay","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/analyses\/myanmar-interview-with-tim-scheffmann-ceo-at-mypay\/","title":{"rendered":"#MYANMAR – Interview with Tim Scheffmann, CEO at MYPAY"},"content":{"rendered":"

Some FinTech entrepreneurs are\u00a0making financial inclusion a reality in Myanmar. Our team met\u00a0some of those fascinating and diverse people who will make tomorrow\u2019s FinTech revolution in Myanmar, such as\u00a0MyPay :<\/strong><\/p>\n

[one_half][divider] The company\u00a0[\/divider]<\/p>\n

\"Techfoliance_myanmarMYPAY<\/strong> 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.<\/p>\n

[\/one_half]<\/p>\n

[one_half_last][divider] The entrepreneur [\/divider]<\/p>\n

\"Techfoliance_myanmar<\/a>Tim is\u00a0passionate 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\u00a0more than 20 years of experience in the financial industry.<\/p>\n

[\/one_half_last]<\/p>\n

We headed to Myanmar\u00a0to\u00a0try to figure out if\u00a0FinTech, through agency and mobile banking, could change what traditional Burmese banks were unable to change over the past years.<\/p>\n

We are\u00a0Tuesday\u00a0the 24th of May – 21:30 local Time (Yangon)<\/strong><\/p>\n

[divider] The Interview [\/divider]<\/p>\n

[tabs tab1=”Company” tab2=”Market” tab3=”Challenges” tab4=”Opportunities”]
\n[tab]<\/p>\n

 <\/p>\n

FINTECH TWINS<\/strong><\/span><\/p>\n

Hello Tim, can you start describing the value proposition of your company? <\/em><\/p>\n

TIM<\/strong><\/span><\/p>\n

‘MyPay will be the first Social Media Payments <\/strong>Company in Myanmar. We will provide two types of services:1)Peer-to-Peer (P2P) payment<\/strong> and remittance<\/strong> solutions for customers and 2)Peer-to-Merchant (P2M) payment <\/strong>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<\/strong>. We also partnered with MySQUAR, which is the Facebook-equivalent in Myanmar [1.5 million user accounts].’.<\/p>\n

[\/tab]
\n[tab]<\/p>\n

FINTECH TWINS<\/strong><\/span><\/p>\n

What does the FinTech scene look like in Myanmar?<\/em><\/p>\n

TIM<\/strong><\/span><\/p>\n

‘Myanmar is really at the beginning, and the financial system is still like the one in Vietnam, let\u2019s say\u202615 years ago! For now, most FinTech activities are concentrated in the payment and mobile money<\/strong> areas. But there is still no FinTech activity in lending, crowdfunding, Bitcoin, or even big data\u2026’<\/p>\n

[\/tab]
\n[tab]<\/p>\n

FINTECH TWINS<\/strong><\/span><\/p>\n

What key challenges does Myanmar have to face before a FinTech ecosystem can really emerge?<\/em><\/p>\n

TIM<\/strong><\/span><\/p>\n

‘There have been recent improvements in the regulation<\/strong>, with the announcement of a regulation for mobile money operators<\/strong>. But, so far, there is no policy regulating the overall payment<\/strong> 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<\/strong>, and it is still difficult to attract foreign talent\u2026 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.’<\/p>\n

[\/tab]<\/p>\n

[tab]<\/p>\n

FINTECH TWINS<\/strong><\/span><\/p>\n

Why does Myanmar still represent a huge opportunity in banking and in FinTech?<\/em><\/p>\n

TIM<\/span><\/strong><\/p>\n

‘Myanmar is one of the fastest growing countries in the world<\/strong>! 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!’<\/p>\n

[\/tab]<\/p>\n

[\/tabs]<\/p>\n

\n

WHAT’S NEXT ?<\/strong><\/span><\/p>\n

We conclude our interview here. We hope you enjoyed discovering this amazing start-up\u00a0! Follow us on our quest accross the world of Fintech and see on the\u00a0map what will be our\u00a0next stop\u00a0:\u00a0<\/strong><\/p>\n

\"Techfoliance_Fintech<\/a><\/p>\n

Country analysis\u00a0: Fintech in Myanmar<\/a><\/strong><\/p>\n

FinTech analysis\u00a0: MyPay – Payment service provider – Yangon<\/strong><\/p>\n

FinTech analysis : TrueMoney – Payment and remittance – Yangon<\/strong><\/p>\n

Country conclusion\u00a0: \u00a0What can FinTech really do in Myanmar?<\/p>\n","protected":false},"excerpt":{"rendered":"

Some FinTech entrepreneurs are\u00a0making financial inclusion a reality in Myanmar. Our team met\u00a0some of those fascinating and diverse people who will make tomorrow\u2019s FinTech revolution in Myanmar, such as\u00a0MyPay : [one_half][divider] The company\u00a0[\/divider] MYPAY is a payment services provider active in Myanmar. MYPAY is offering the standard payment method for Myanmar, innovative ecommerce solutions for […]<\/p>\n","protected":false},"author":2,"featured_media":2314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[551],"tags":[390,533,406,531,529,616,619,212,265,620,618,617,217],"yoast_head":"\n#MYANMAR - Interview with Tim Scheffmann, CEO at MYPAY - INVYO Insights Europe : Media Fintech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/europe\/analyses\/myanmar-interview-with-tim-scheffmann-ceo-at-mypay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"#MYANMAR - Interview with Tim Scheffmann, CEO at MYPAY - INVYO Insights Europe : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"Some FinTech entrepreneurs are\u00a0making financial inclusion a reality in Myanmar. 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