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Myanmar grants country's first mobile financial service license

Xinhua, October 5, 2016 Adjust font size:

The Central Bank of Myanmar (CBM) has granted a joint venture company the first mobile financial service license, the bank announced Wednesday.

Digital Money Myanmar (Wave Money ) is a joint venture of the First Myanmar Investment (FMI), a listed company on Yangon Stock Exchange , Yoma Bank, a subsidiary of FMI and Telenor Myanmar, a Norway based telecom company.

Telenor holds 51 percent of stake while FMI and Yoma take 44 percent and 5 percent respectively.

The move is intended to boost not only the country's financial inclusion but also people' access to mobile financial services, said the announcement.

The CBM issued the country's regulations on those services in March this year.

"Enhancing the mobile banking service can be a part of improving the country's banking and financial sector, which has potential to be a big driver for the country's growth," Habib Rab, Senior Country Economist of World Bank Myanmar, told Xinhua. Endit