{"id":2324,"date":"2016-05-26T19:36:14","date_gmt":"2016-05-26T19:36:14","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=2324"},"modified":"2018-06-29T18:52:05","modified_gmt":"2018-06-29T18:52:05","slug":"myanmar-interview-with-truemoneys-country-manager","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/analyses\/myanmar-interview-with-truemoneys-country-manager\/","title":{"rendered":"#MYANMAR – Interview with TRUEMONEY’s country manager"},"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 TrueMoney\u00a0:<\/strong><\/p>\n

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

\"Techfoliance_fintech<\/a>TRUEMONEY<\/strong>\u00a0is one of the subsidiaries of True Corporation and has now entered Myanmar to provide affordable and easy-to-use financial services developed for the consumers and businesses in Myanmar.<\/p>\n

\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 25th of May – 20:00 local Time (Yangon)<\/strong><\/p>\n

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

[tabs tab1=”Company” tab2=”Model” tab3=”Market” tab4=”Opportunities” tab5=”Challenges”]
\n[tab]<\/p>\n

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

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

COUNTRY MANAGER<\/strong><\/span><\/p>\n

‘TrueMoney is a subsidiary of CP Group, Thailand\u2019s first and only convergence lifestyle Provider Company<\/strong>. We proposes e-Top up services; domestic and international outbound remittance<\/strong> [outbound international money transfers are still not allowed] and bill payments<\/strong>. We mainly operate on the consumer-to-consumer channel<\/strong> and we will soon operate on the Business-to-Business channel<\/strong> through an agent-based model<\/strong>.’<\/p>\n

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

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

An \u2018agent banking\u2019 model? What does this really mean?<\/em><\/p>\n

COUNTRY MANAGER<\/strong><\/span><\/p>\n

‘This business model consists of partnering with a private bank<\/strong> [AGD Bank in TrueMoney\u2019s case], and building a network of agents<\/strong> in the whole country. Overall, TrueMoney has a network of 700 agents<\/strong>, which have all gone through a strict KYC process [Know-Your-Customers]. We then provide all the technology to our agents: the Point-Of-Sale terminals<\/strong> [made in China], the NFC technology<\/strong>, and the fingerprint recognition<\/strong> so that agents do not have to remember their passwords!’<\/p>\n

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

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

What is the financial landscape in Myanmar?<\/em><\/p>\n

COUNTRY MANAGER<\/strong><\/span><\/p>\n

‘The banking sector is under a deep [re] structuration in Myanmar<\/strong>, with the government granting new licences to foreign banks<\/strong>. The government also encourages the opening of the financial market<\/strong> to Telco\u2019s. As of today, Myanmar has 3 Telco\u2019s [MPT, Telenor, Ooredoo] and, as you may know, a fourth operator will be granted a licence soon. Central Bank of Myanmar will also enact the Mobile Financial Service License<\/strong> [MFSL] to regulate mobile money<\/strong> in Myanmar.’<\/p>\n

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

[tab]<\/p>\n

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

How is FinTech emerging within this nascent financial system?<\/em><\/p>\n

COUNTRY MANAGER<\/strong><\/span><\/p>\n

‘Some banks have actually already started to provide some mobile banking services<\/strong>, for instance KBZ, CB Bank, AGD or AYA. However those services are not always used by their customers because there is a lack of awareness and trust in technology<\/strong>. A lot of people don\u2019t have a bank account<\/strong> in Myanmar. Therefore, another strategy for banks is to partner with agent-based service providers<\/strong> such as TrueMoney\u2026 It is good for us!’<\/p>\n

[\/tab]<\/p>\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 then?<\/em><\/p>\n

COUNTRY MANAGER<\/strong><\/span><\/p>\n

‘As I said, there is a real lack of trust and customer awareness<\/strong>. Burmese people do not trust technology yet, and even though people do have mobile phones<\/strong>, they are not educated to use their phone for mobile money[\u2026] I think there is also a lack of distribution networks<\/strong> and cash in\/out infrastructures. There are only 800 bank branches<\/strong> for the whole country! This also prevents the local e-commerce industry – for instance \u2018Shop.com\u2019 or \u2018zowgay.com\u2019- to really emerge. There is a real demand for FinTech services<\/strong> in the payment and remittance areas<\/strong> [\u2026] Infrastructure is really an issue: we have a real problem with the Internet connectivity<\/strong> and electricity here [\u2026] Another challenge might also be the regulation. There is no specific licence for e-wallet, thus preventing FinTech [such as Paypal] to enter the market.’<\/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<\/a><\/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 TrueMoney\u00a0: [divider] The company\u00a0[\/divider] TRUEMONEY\u00a0is one of the subsidiaries of True Corporation and has now entered Myanmar to provide affordable and easy-to-use financial services developed for […]<\/p>\n","protected":false},"author":2,"featured_media":2331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[551],"tags":[625,390,120,340,623,624,339,529,265,586,291,626,622,621],"yoast_head":"\n#MYANMAR - Interview with TRUEMONEY's country manager - 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-truemoneys-country-manager\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"#MYANMAR - Interview with TRUEMONEY's country manager - 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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