The Myanmar subsidiary of German retail group Metro AG has raised a US$20m loan from the International Finance Corporation, the private-sector arm of the World Bank.

The IFC said the financing aims to drive up agricultural incomes as well as improve the quality and availability of local produce, benefiting buyers and end consumers. The terms of the loan were not disclosed.

It also said the investment will help Metro source the majority of its produce from local farmers and companies, raising food safety standards and creating employment opportunities in food processing and logistic services.

The loan will eventually benefit small businesses and service providers along the value chain.

Source: Myanmar Times

Mahar Bawga Finance (MBF), a Myanmar non-banking finance institution (NBFI), and Yoma Bank last Friday signed a semi-collateralised funding agreement under which Yoma will provide MBF with K2.2 billion in funds to support its operations.

The agreement, which aims to address growing borrower demand for unsecured loans for personal or business development, could see MFB adding up to 5000 new customers to its client base.

Since starting operations in 2014, MBF has more than 14,000 clients in Yangon and now has an aggregate loan book totaling K4.59 billion.

The semi-collaterised agreement supporting NBFIs is a first for Yoma Bank in its drive to bring the unbanked population of Myanmar into the formal financial system. The bank believes the agreement will not only be mutual beneficial for those involved, but also to consumers by improving the level of their borrowing behavior and financial literacy.

Source: Myanmar Times

Following its substantial growth last year, Grab, a Singapore-based technology firm providing the most popular ride-hailing service in Myanmar, recently announced its plans for expansion in the market, according to Alvin Loh, acting country manager of Grab Myanmar.

Loh takes the pride in saying that Grab Myanmar enjoyed 300 percent growth in terms of daily rides last year, when compared to 2017. Last year, passengers in Yangon traveled over 93 million kilometers through the application. 85 per cent of all rides were rated 5-stars by passengers last year, proving that the passengers are extremely satisfied with Grab’s services said Lou.

Source: Eleven Myanmar

The chief minister said Myanmar is a car market because it has only about 800,000 cars despite a population of over 50 million.

This is the first international auto show Myanmar is hosting with a display of Toyota, Suzuki, Ford, BMW, Scania and DFM-Myanmar.

The current auto show is very important and efforts are necessary to attract more enthusiasts to car shows in order for the public to have extensive knowledge of automobiles, the chief minister added. He said such an automobile show was the first step towards international level show.

He laid out the government’s preparations for facilitating car imports as well as giving opportunities for domestic car production.

Source: Daily Eleven

Local digital payments provider Ongo and mobile data operator Ananda announced a partnership to expand the reach of their services in Myanmar.

Ananda users will have the added option of topping up their accounts at Ongo agents across the country as well as on its mobile application when they sign up for Ongo’s payment services. Meanwhile, Ongo users who subscribe to Ananda’s 4G+ data service can also pay for the service on the Ongo app.

Ongo’s digital payment system aims to reduce the cash handling burden for businesses as well as function as a digital wallet for individuals. More recently, it introduced a mobile payroll to employers, negating the need to process individual cash salary payments for employees.

  TOM N TOMS, a cafe chain based in South Korea, has already opened two outlets in Myanmar. The first one is in Yangon international airport and the second one is at the Kantharyar Center in Yangon. The next spots will be in the Yankin Township and Secretariat Building in Yangon. In 2019, 5 outlets of TOM N TOMS will be opened here. In 2020, TOM N TOM will be opened in Mandalay, Taungggyi, and Nay Pyi TAw according to Myanmar International Business Alliance Company, the franchise of TOM N TOMS Coffee.

TOM N TOMS was established in 1998 in South Korea. From them on the company has established branches and franchises across the world including Singapore, Malaysia, Mongolia, Thailand, the Philippines, United States, and China. TOM N TOM entered Myanmar market in 2018.

                                                                              Source: Daily Eleven

A new Yangon-Pathein-Yangon flight began its maiden trip from Yangon to Pathein in Ayeyawady Region.

The new air route will employ an ATR 72-600 72-seater aircraft from Myanmar National Airlines and it is operated by International Travel Asia Co. Ltd, a subsidiary of Asia World.

The new air route will depart from Yangon to Pathein at 3:30 pm, and from Pathein to Yangon at 4:30 pm, every Monday, Tuesday, Thursday and Saturday. A direct flight will only take 40 minutes.

Flight tickets from Yangon to Pathein cost K 55,000 for a local passenger and US$ 55 for a foreign passenger; while tickets from Pathein to Yangon cost K 53,000 for a local passenger and US$ 53 for a foreign passenger.

Source: Global New Light of Myanmar