The Fintech Landscape in Myanmar

Paying for houses and cars in huge pallets of cash is normal in Myanmar right now, but will be almost unimaginable in just a few short years. Financial technology in Myanmar is at a critical inflection point - many players have thrown their hats into the ring and are innovating in order to win customers and digitize a highly cash-based economy. We’ve attempted to map out the current state of the Myanmar fintech landscape below - see how many of the companies you know!

As can be seen from the map, payments are especially messy - mobile wallets (Wave, OKDollar etc) are competing with cash acceptance networks (Reddot, 123), banks (AGDPay, KBZPay), card networks (MPU, Visa) and platforms (Oway, Get) in an all-out war to gain traction, although cash is still the main competitor, accounting for over 99% of ecommerce transactions. We expect to see a lot of consolidation in the next 2-5 years, with a digital payment adoption rate that mirrors the trajectories of other countries in the region like Thailand and Indonesia.

One of the major challenges is a lack of financial infrastructure, for example interbank transfers and credit bureaus, although progress is being made on these fronts, aided by new regulation from the government.
The fintech ecosystem is evolving rapidly, and overall we think it’s in a healthy state. As adoption rates climb, everyone will reap the benefits of increased convenience and efficiency, driving growth in the economy as a whole. We’re looking forward to seeing how it all plays out.
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See full list of sectors and players below:
Telcos: MPT, Telenor, Ooredoo, MyTel
​Mobile Wallets: Wave Money,  M-Pitesan, True Money, OnGo, OKDollar, MyKyat
Payment Systems: MPU, MyPay,  Reddot, Get Digital Store,  Paypoint, 123, 1stop, Giantpay, Oway
Banks: MOB, Aya,  CB, Shwe, KBZ, Yoma, MAB, AGD and more
Backends: ConnectNPay, 2C2P, Trusty E-commerce, Fintech Myanmar
Insurtech: Stonestep
Lending: Thitsaworks, Scorestarter, Mother Finance, Zigway
Crypto: Skybit, Everex