Telecom operator Ooredoo prepares to launch mobile money services in Myanmar

Ooredoo, one of the three telecom providers in Myanmar, is gearing up to launch mobile money services in the country.

Having chosen Co-operative Bank (CB Bank) as its banking partner, Qatar-based Ooredoo is now awaiting licence approval from the Central Bank of Myanmar.

The company claims it has already completed testing the new offering and established internal business processes to manage it. Ooredoo is hopeful it can launch mobile money services in 2017 for its more than 8 million customers.

The new mobile money services, M-Pitesan, will enable the telco’s customers to send money instantly within the country. Customers will also be able to buy airtime for themselves or others, said Jacques Voogt, Chief M-Commerce officer for Ooredoo Myanmar.

Since the entry of foreign telecom players in 2014, Myanmar has seen its mobile penetration cross 90 per cent. With about 77 per cent of the population lacking access to banking, mobile money services offer an opportunity to drive financial inclusion in the country.

Currently, only one telecom operator – Telenor – offers mobile money services in Myanmar. These services, called Wave Money and offered in partnership with Yoma Bank, allow users to store and transfer money electronically as a first step. A suite of services is expected to follow in future, including airtime top-ups, bill payments, international remittance and salary disbursements.

Also Read:

Myanmar: Telenor, Yoma to launch mobile financial service Wave Money in 2016

Ooredoo gets $300m loan, eyes network expansion in Myanmar

Myanmar: Hughes Network, KBZ Gateway launch satellite solutions; Ooredoo launches 4G

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.