Untapped FinTech Opportunities in Myanmar?
Source: 07 Jun 2017 | CNA Insider
CNA reports that in Myanmar, people are buying big ticket purchases like cars and homes with gunny sackfuls of cash. In today's society, where money is rapidly transforming into digital assets, people in Myanmar still strongly believe in the adage "Cash is King". This is despite the fact that the Burmese government is strongly pushing towards a cashless society.
According to the report
"... in Myanmar typically have cash holdings of between 5 per cent and 10 per cent - significantly more than Singapore banks with less than 1 per cent of cash-on-hand.
But could change be in the wind? Mobile penetration in Myanmar has risen from 15 per cent to about 80 per cent in just three years, and some are saying that mobile banking and payments is the way to go - possibly even before a credit bureau is established.
Compared to the hassle of needing to determine credit standings for credit card issuance, mobile banking only requires one to have a basic Internet connection to be able to make cashless payments."
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FinTech in Asia is definitely heating up. Whilst most people are focusing their efforts on countries such as Hong Kong and Singapore, which have the infrastructure more or less developed, Blue Ocean spaces such as Myanmar are often off people's radar.
So what are the Blue Ocean spaces available for FinTech professionals to tap on? Find out more in our upcoming FinTech Professionals Congress. One of our distinguished speaker would be speaking on "Blue Ocean Strategies in FinTech". Join us as we discuss and share ideas on topics that would SHAPE OUR FUTURE!
For more information regarding the congress, please follow the link:
General Information: https://www.asiafintechhub.com/upcoming-events-1
Speakers’ Profiles: https://www.asiafintechhub.com/speakers-profile
Promotional Video: https://youtu.be/n759Ipmaji8
