Myanmar’s state-owned MPT has launched its mobile money platform after getting the green light from the country’s central bank in October last year.
MPT Money was first announced in March 2018, and is aimed at helping Myanmar’s economy become less dependent on cash. The platform will feature a 25,000-strong agent network at launch - MPT plans to double this in the “coming months” – and will allow customers to pay bills, top up their balances and send remittances.
U Khin Maung Myint, managing director of MPT Money, said: “Mobile money solutions represent a significant innovation to improve the provision of financial services and develop a cashless society. Our goal is to make digital money transfer services more accessible to everyone and everywhere, with a specific focus on secure and reliable mobile transactions. By connecting our customers to mobile wallets, we aim to drive better financial inclusion that will improve the economic and social well-being of millions of Myanmar citizens.”
A number of different companies are already delivering mobile money services in Myanmar. Ooredoo’s M-Pitesan offering debuted in 2017, while Telenor joined forces with Yoma Bank to begin offering the Wave Money service.