Myanmar prepared a digital transformation roadmap for the years 2018 to 2025. Based on measurements on digital readiness, Myanmar's Financial inclusion strategy prioritized Mobile Banking.
The country's electronic payments gateways and regulations hold with this development, at times struggling to keep pace with the services offered by a range of new financial technology start-ups, as well as with innovations in existing banking and microfinance entities.
In Myanmar, booming of mobile technology has had many influences on individuals, enterprises and government employees at a different level. The different researchers found out the several factors as contributing positively to the adoption of Mobile banking technology.
Mobile banking has facilitated the use of banking errands significantly, both for the banks and for their customers. With the increase in mobile internet, particularly in many of the developing countries, mobile banking has the opportunity to breakthrough. Myanmar is one example of a developing country where the usage of mobile internet has increased significantly over the last years.
The government and the Central Bank of Myanmar (CBM) have developed two financial inclusion roadmaps since 2014 that set targets to improve access to the formal financial sector for citizens and businesses. Digital financial services have been a key element of this strategy.
As per policy Specific action plans that make up the strategy's goals for the banking sector focus on strengthening the capacity of domestic institutions by developing a robust network of commercial banks, including foreign-owned banks, as well as improvements to the legal and regulatory environment to support non-bank financial institutions. The development strategy also aims to expand mobile and financial technology (fintech) services through domestic and foreign firms, further bolstering the sector.
According to Oxford Business group, in August 2018 U Zaw Naing, noted that while 74% of the country's working population uses a mobile phone, just 8% have accessed digital financial services via mobile devices, creating significant growth opportunities for products such as mobile money transfers and microinsurance. Technology will play a big role in the future of Myanmar's banking sector. The CBM is encouraging banks to embrace technology.
Mobile Banking platform is a safe and secure way to bank through mobile phone devices on the go. Mobile Banking can be accessed with all Android and IOS mobile devices including smartphones, tablets and iPads. Bank account holders can access and view all their deposits accounts, loan balances and transaction history and many more services of Mobile Banking.
FinCraftTM Mobile Banking Solution delivers Omni channel banking for digital experience which is seamless, secure and convenient.
With this solution, you can support your customers' entire banking journey, right from on-boarding to transactional banking requests, on the mobile device of their choice. The solution offers an extensive range of distinguished capabilities to enrich customer experience and to increase banks up-sell/cross-sell success. It helps in reduction of cost of deployment and maintenance of various mobile apps and assures speedy launch of several common features across customer segments.
Mobile Banking is a critically important banking channel in Myanmar, reported to have an 80% of smartphone penetration and a growing demand for Mobile Banking providing a fast, safe and convenient way to transact daily banking business. Further to avoid unnecessary travel and queues in this Covid 19 situation world is transforming to Mobile Banking to maintain social distancing.