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money transfer from malaysia to myanmar

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Myanmar Banks See Opportunities for Overseas Money Transfer from Malaysia to Myanmar

Posted on 19 December 2012 by Myanmar Guardian

money transfer from malaysia to myanmarYangon, Myanmar: Banks in Myanmar will soon start to allow official Myanmar workers who are currently working oversea to transfer money from Malaysia to Myanmar. Nevertheless, a manager from CB Bank, said that this system depends a lot on the people who will use the proposed overseas money transfer option.  Currently it is known that there are only a few people who use banking services to transfer money to Myanmar while the rest still relying on Hundi, the old way of transferring money by private companies.

“It’s very convenient to use Hundi to transfer money into our country, Myanmar.  We don’t need to worry even if our homes are located in a remote place of Myanmar.  They will reach to our homes.  With banks, our family needs to go to the bank to get the money.  And those private banks are not in every town of Myanmar so this is a problem.”

U Phae Myint, a manager of CB Bank told that “This money transferring process cannot be achieved at the moment.  We need support from the people that are employed overseas and are currently transferring money with Hundi.  Currently, May Bank is providing training to all our staff and this money transferring process will start when the training has completed.”

He also stated that it is not certain whether the bank will charge the transfer fees in trial period or not.  However, it is confirmed that trial period will be three months time. It is known that government has declared that there are about 600,000 workers who are officially working overseas but the Myanmar Post News Journal reported that there will be about 800,000 workers who are currently working officially overseas.  The banks expected that if this money transfer process is successful, the system can transfer about 100,000 to 200,000 of foreign currencies per month.

“People will only care for their own convenience rather than government’s profit.  It is true that it is safer to use banks, but private banks are not in every city and town of Myanmar. Having said that, there are some difficulties in transferring money, one of the foreign workers said. The Myanmar Post News Journal reported that Banks from Myanmar namely, KBZ Bank, CB Bank, Ayeyarwaddy Bank, AGD Bank signed a contract with Malaysia based bank, MayBank, for this money transferring process.

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electricity power in myanmar

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Businesses in Myanmar May Suffer This Year Due to Electricity Rationalization

Posted on 27 October 2012 by Myanmar Guardian

Yangon, Myanmar: Early this year, Yangon Electricity Supplying Board started to distribute electricity throughout the formal capital of Myanmar in randomized order.  This affected all wards and quarters of Yangon, each of which will only get electricity for 12 hours a day. U Maung Maung Latt, secretary of the Yangon Electricity Board said, “It will be in 6 hours interval.   3 sections will be divided in each ward; A, B and C.  There will be 2 groups which will get electricity from 5 am to 11 am, two groups for 11 am to 5 pm, two for 5 pm to 11 pm and another two for 11 pm to 5 am.   So, in sum, there will be 6 hours for each section to get electricity, another 6 hours without electricity, and so on.”

Government news reported that banks, jails, hospitals, embassies, airport, police stations, telecommunication offices will get 24 hours electricity. The industrial zones will be separated into two zones; one for 6 am to 11am and other for11 am to 4 pm.  There will be no electricity from 4 pm to 6 am in industrial zones.

“How can it be possible?  We have 24 hours electricity in year 2011.  But now, it will be again with the flip flop system.  Minister of energy had told the public that the government was selling electricity to the neighboring countries because we have excessive electricity.  So how about this situation?  Are we still having excessive electricity?”  told by one of the disappointed citizens.

One businessman said, “electricity is key for business, the government is welcoming foreign investors but if they cannot supply enough electricity, how can an investor sink its roots in our country?  They don’t want democracy for the investment, they need stability; political, economic, currency stability.  No business can prosper with this flip flopping system of electricity.”

“It’s too bad.  We will only get 12 hours of electricity in a day.  How can we work ?  With generators?  Do you think our clients will accept the extra charges we need to run our business with generators?  Fuel price is also going high, and how can I run my business?” told by one of  the IT professionals. Although Myanmar promises great business opportunities, the infrastructure needs to support the economic growth.

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foreign investment law in myanmar

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Foreign Investment Law in Myanmar to Be Determined Soon

Posted on 18 July 2012 by Rob

Yangon,Myanmar: Foreign investment law in Myanmar, which allows foreign investors to invest in Myanmar fully in long term land permits, detaching tax and law for intellectual property will be established in Myanmar before the beginning of new fiscal year, Weekly Eleven News Journal reported.

“As the new foreign investment law is a lot more adequate than the previous one, I believe more foreign investors will pour into Myanmar.  This foreign investment law is based not only on the law of developed countries but also takes into account the investment law fromVietnam,Cambodia, andLaos.  That is why it will persuade international countries and I am quite sure that interested countries will approach us in the near future.  I have heard that it will enact before the beginning of upcoming fiscal year”, mentioned Dr. Nay Zin Latt, one of the President counselors.

Under the new foreign investing law, a foreigner can form a joint venture with the government departments or other individuals. With regards to the proper legal forms, it can be done as a sole propriety or as a limited company.  If it is formed as a limited company, the government’s capital should be at least 35 percent of the total capital amount invested.

The new investment law in Myanmar will cover: machineries, machine spare parts, tools, essential products which are not available locally, licenses, brands, copy rights, invention copy rights, intellectual properties such as architectural designs,  professional subjects are included in categories of investable capital.

According to the newly formed foreign investment law, new investment commission will also be evident.  The commission will handle land usage, exemption and tax relief for example. According to the investment capital put forth the commission will allow 30 years for the initial permission and will provide 15 years extension periods.

If foreign investors think their investments should be tax-free, they can apply to for an investment commission; income tax can be waived for 5 years (including the first year of formation of the business) upon production and service businesses.  Moreover, the commission will lift income tax or relieve some tax depending on the achievements of the foreign investor and the overall business.

If the foreign investor makes a fund from the profit and reinvests the fund within one year, income tax will be waived upon those profits or some taxes may be relieved.  Weekly Eleven News Journal also reported that many more tax exemptions policies are included in the new investment law.

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myanmar foreign investment

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China Is The Largest Foreign Investor in Myanmar

Posted on 25 June 2012 by Myanmar Guardian

Yangon,Myanmar: China is the largest foreign investor in Myanmar according to the latest foreign investment statistics. China invested $13.9 million USD to date.  This represented a total investment of 34.50% percent of the total investment made by all foreign countries in Myanmar.

In total, 33 companies from China are heavily investing into Myanmar representing over $13.9 million USD.  Just behind China,Thailand is in the No. 2 spot by investing $9.6 million USD and Hong Kong in No. 3 position by $6.3 million USD.  There were total 61 companies from Thailand and 38 from Hong Kong.

Top 10 investors of Myanmarare: China, Thailand, Hong Kong, South Korea, England, Singapore, Malaysia, France, America and Indonesia, according to the Weekly Eleven News Journal in Myanmar. “We expect that there will be more foreign investors in the future.  We have got a great interest from neighboring countries now.  Malaysia is also now very interested in investing in our country especially in the infrastructure projects such as highways, airports, production businesses and some other development projects.  South Korea is investing in Myanmar and is rated at No. 7 position” mentioned by Dr. Maung Maung Lay, vice chairman of  The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

Among the investments, energy sector is the main interest among investors holding $18.8 million USD of  investments.  Petroleum and natural gas sector is second most interested sector and it holds $13.8 million USD.  Mineral resource market represents $2.7 million USD.  The production sector holds No.4 spot with $1.7 million USD.  Tourism sector is in No.5 spot with $1,1 million USD.  Investments in real estate sector are growing by foreign investors and holds $1.1 million USD. Lastly, transportation and telecommunication markets in Myanmar are placed at No.8 with $313 million USD invested.

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Myanmar car importing and CIF value

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Myanmar Car Market, Car Import to Myanmar Linked to More Car Racing

Posted on 17 June 2012 by Myanmar Guardian

Myanmar car marketYangon, Myanmar, Myanmar car market:

if you love cars and read the car journal in Myanmar, you are bound to have witness car racing events in Yangon. Although illegal, these races on the main streets of Yangon are still taking place. Even though this is a common event in Yangon for a few years now, more information about this is surfacing. This is attributed in part to the growing car importing trend in Myanmar and the overgrowing Myanmar car market.

Some taxi drivers and eye witnesses told the government newspaper that there are car races on streets when heavy traffic is subsided, especially at night time.  Due to the high speed, there have been some car accidents, reported the government newspaper in Yangon.

“They are not doing these races spontaneously; I think they had planned for the time and place.  Not only at midnight, but also in the late evening; sometimes they are racing at about 9 or 10 PM. Most of them are sport cars usually driven very fast.  Sometimes, even taxis are included. Taxis usually wait for the passenger at the highway bus terminal which is located at the suburb of Yangon, at the early morning at about 4 AM.  When they have passengers, they drive at high speed so that they can queue again at the highway bus terminal before sun rise.” One witness told the government Myanmar newspaper, The Mirror.

In the report from The Mirror, one taxi driver told that, “It is very dangerous for the citizens who are using main roads, especially individuals that are walking.  I think they will not take any responsibility when accident happens. Surely they will drive away. Government should give special attention to these matters and they should take action upon those night time high speed drivers.”

Government newspaper also reported that those illegal racers totally neglect the traffic lights.  So, drivers that have the right of way usually get into trouble and encountered some accidents even though they had the right way. “Those cars are speeding very fast, so fast that I could not even read its license plates with my own eyes.  I saw some on the Ka Ba Aye Pagoda road, near Sedona Hotel.  It could be a threat to the foreigners who come to visit our country”, told by one of the resident who lives near Sedona Hotel.

As car importing becomes more common in Myanmar, car prices on the Myanmar car market are decreasing. Young people are more and more interested in sports cars. Having witness this, Myanmar government raised up the import tax for sports cars recently thereby making the Myanmar car CIF price higher. Although this is a start, the Myanmar car market is seen rapid changes so more policies are needed in order to keep racing in check.

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ATM Machines in Yanogn, Myanmar

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Private Banks in Myanmar Roll out More Automated Teller Machines, ATMs in Yangon

Posted on 10 June 2012 by Myanmar Guardian

Yangon, Myanmar: Banks in Myanmar are starting to implement more ATM systems in Yangon and people are now getting more and more used to getting cash, especially when travelling from ATMs.  According to the report from Weekly Eleven News Journal, banks in Myanmar will try to install cash deposit machines and passbook update machines together with the already installed ATM machines inYangon.

“We get overwhelming response from the people.  The number of current ATM card users is much more than we had expected. People can now start using ATM cards in popular shopping centres.  Moreover, we will try to install cash deposit machine and passbook update machines in a short time.  It is meant for those who have difficulties to come to the bank just to add money to their savings. We will accept cash at those machines regardless of the amount so that people will have more convenience even it is for meagre sum.  Currently we have about 10,000 ATM card users,” told by vice chairman of KBZ Bank, U Than Lwin.

Managing Director from CB Bank, U Phae Myint, also explained about their future plan: “We have about 4,700 ATM card users inYangon.  Soon, people can start using ATM machines in Junction 8 shopping mall.  We will roll out more machines in more public places.  After we have installed ATM machines in crowded areas, we will also try to install machines for the cash deposit and passbook updates.  In overseas countries, it can be done with one machine, like the one we are using for ATM, but for us, that all-in-one machine is expensive so that we will install three separate machines for the ATM, cash deposit and passbook updates.  We will start to install those two extra machines according to the feedback from the user, even though we haven’t permitted people to use them yet”.

Due to some unconfirmed sources from the banks, there are some misunderstandings between banks and the shopping centre owners concerning with the location to install ATM machines.  One of the officials from CB Banks told that because of the locations and lack of support within the networks they could not install more ATM machines as they had wanted to. Money allowed to be withdrawn from ATM machine varies from bank to bank.  At KBZ, it is allowed to withdraw up to 1,000,000 Kyats ($1,220 USD) while it is maximum 600,000 Kyats  ($730 USD) at CB Banks.

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ipay bus card for yangon myanmar travel

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Myanmar Transportation Logistics Improvement: iPay Smart Cards Will Be Available for All Bus Riders

Posted on 01 June 2012 by Myanmar Guardian

Yangon, Myanmar: The bus transportation system in Myanmar is seen a positive improvement. Starting from 15th of March, bus riders can start using cash card called iPay card on the some of bus lines, reported by Internet Journal. It will be implemented as a trial period in “Ban Doo La” bus lines specifically the one going from “Tha Mine” township, through “Hle Dan” township, “Myae Ne Gone” township to “Sule” township.

Even though there are some cash cards being used in Supermarkets for quite some time, this is the first ever cash card system which can be used on buses. In Yangon, paying the exact change for a bus fare is usually a difficult job and also some of the travelers are getting tired of asking the bus conductor for the small change.

“With the iPay card, you don’t need to use cash anymore for the bus fare.  You don’t need to worry for the ‘small change’ for your everyday bus rides. This card is operating by wireless system and it only takes 0.1 second to make payment on buses.  The software was created by the professionals fromIndiain cooperation with Myanmar IT professionals. All necessary hardware will be installed in the buses free of charge.  It costs between 400,000 Kyats ($487 USD) to 500,000 Kyats (610 USD) for a single iPay machine. But we will install an iPay machine for free of charge for every bus.  Even though a cash card costs about 5 dollars, we will sell it for only 300 Kyats ($0.37 USD).  Bus travelers can add value of iPay card starting from 1,000 Kyats ($1.21 USD) to maximum 100,000 Kyats ($122 USD). ” told by the spokesperson of Kis Pa Na Di Company Ltd which is currently trying to start the first ever cash card system for the Buses.

The spokes person from Kis Pa Na Di also explained that only exact amount for the fare will be deducted per trip and the iPay terminal machine will print out the receipt so that commuters can keep track with the expenses.  To top up the iPay cards, it can be made in the offices which will be opened by Kis Pa Na Di Company Ltd. Most of the bus riders welcome this project. “I only wish the project can be successfully established and I hope it will last long.  Finding the small change for the bus rides have been a problem in our daily routines” told by one of the company staff.

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Myanmar construction companies and business

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Myanmar FMI Company to Build Overpass With Massive Construction Investment

Posted on 24 May 2012 by Myanmar Guardian

Yangon, Myanmar: FMI, one of the construction and housing companies in Myanmar is going to build overpasses in major traffic areas, investing over $52M USD each overpass; reported by News Watch Weekly News Journal. Yangon, Shwe Gon Dine junction and Ba Yint Naung junction are heavy traffic zones and vehicles are usually stuck during peak hours.  Now, FMI Company will manage to build an overpass in those 2 junctions, confirmed by a Project Manager from the FMI Company.

“We are now testing the ground for the overpasses. For these construction projects, we have provided a proposal to Yangon Municipal Committee and chairman of investment commission and we are going to start this project very soon.  We will start these projects by making diversion lanes.  As construction is going to use one lane, Yangon Municipal Committee will have to implement payments to get a lane back.  It will be a temporary solution during construction.” told by the Project Manager from FMI.

FMI company said they will build both Shwe Gon Dine overpass and Ba Yint Naung overpass in the same fashion. Shwe Gone Dine overpass will have 4 lanes on ground and 4 more layers which can hold for 60 T of weight. The Ba Yint Naung overpass will have 4 lanes which can bear 75 T in the first layer of overpass and 2 more lanes at the top most layer of the overpass which can hold for 60 T; there will be three layers all together in Ba Yint Naung overpass.

“The rumors that overpasses will be built in four months are not true. Four month is just a preparation period.  We are still estimating the project dead line. Some experienced engineers fromMyanmarwill work together with foreign engineers and architects in this overpass construction project. In terms of basic workers, we will hire local workers to open job opportunities for them.” told by FMI.

FMI company said they are going to build these 2 overpass bridges, just because there are more and more traffic in those areas. They said they are not doing this for profit and they will not collect the crossing fees for these 2 overpass bridges. FMI company also stated that they will build these overpasses by utilizing their own investment and without any help from private banks.  Due to a statement from Yangon Municipal Committee, 5 overpasses are expected to be built inYangonthis year.

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