“Dee Money” App facilitates seamless cash transfers for Myanmar citizens in Thailand

The Myanmar Embassy to Thailand has announced that Dee Money mobile application has been
jointly established by two Myanmar-Thai non-bank financial service companies as an official money transfer service so that Myanmar nationals in Thailand will not be deceived when transferring money to their motherland. The embassy stated that Myanmar nationals in Thailand are being exploited while sending money back to Myanmar due to various reasons, as well as facing high transfer fees and a lack of guarantees daily.

If people transfer the baht currency equivalent to K10 million through the Dee Money mobile application, they will only be charged 49 baht per service fee. According to the embassy statement, Dee Money App is a safe and secure money transfer service for all Myanmar citizens in Thailand. Currently, Thai-Myanmar exchange rates are not stable and the value of the kyat is falling, reaching over K100 per Thai baht, as per the prevailing conditions in the forex market.

Source: The Global New Light of Myanmar

Negotiations underway to temporarily waive fines for Myanmar sailors at Brazilian ports

Myanmar’s Ambassador to Brazil U Aung Kyaw Zan engaged in a productive discussion with the chief representative of the cross-border crime department at the Ministry of Foreign Affairs of Brazil yesterday. The central topic of their discussion was centred around the potential exemption of Myanmar seafarers from bearing fines imposed at Brazilian ports, marking a significant step towards fostering stronger bilateral relations.
During their cordial meeting, Ambassador U Aung Kyaw Zan and the head of Brazil’s cross-border crime department explored the possibility of introducing a grace period during which Myanmar sailors disembarking at Brazilian ports without a valid Seafarers Identity Document (SID) would be spared from incurring fines. The ambassador meticulously outlined the strategic mechanisms through which essential consular protection would be extended to these seafarers. The comprehensive discussion included Minister Marcelo Della Nina, who oversees Brazil’s cross-border crime department, and together, they evaluated the practical implementation of these measures.
In addition to this vital initiative, Ambassador U Aung Kyaw Zan also dedicated time to elaborate on Myanmar’s steadfast commitment to combatting human trafficking. He presented a comprehensive overview of the ongoing fourth five-year plan (2022-2026) and elucidated the seamless continuity of pivotal processes to address this issue.
Brazilian regulations stipulate those foreign seafarers, hailing from diverse nations, can access Brazilian ports under specific conditions. Crucially, entry is conditional upon the presentation of a valid SID or a pre-entry visa when the ship arrives. However, instances of seafarers arriving without SID due to various reasons have been a recurring concern, often resulting in unwarranted fines. To mitigate this issue, the ambassador and his counterparts are diligently coordinating to streamline the process of obtaining SIDs. Letters of support are being issued to Myanmar seafarers destined for Brazilian waters, while the Seafarers Division under the Directorate of Marine Administration (DMA/SD), is expediting SID issuance.
Furthermore, the Brazilian Embassy to Myanmar remains steadfastly committed to securing exemptions for Myanmar seafarers from detention or financial penalties and providing unwavering support and assistance to sailors in need, reaffirming the strong ties between Brazil and Myanmar. For seafarers seeking guidance or support, the Brazilian embassy stands ready to extend its helping hand at any juncture.

Source: The Global New Light of Myanmar

PGMF microfinance operations shut down for failure to transform into commercial entity

PACT Global Microfinance Fund (PGMF), an international nongovernmental organization (INGO) has
failed to transform into a company in time and so their microfinance business activities will be suspended and the liquidation processes will be proceeded, according to the statement released by Microfinance Business Supervisory Committee of the Ministry of Planning and Finance on Thursday. The proposal to do such action was submitted to the committee on 11-7-2023 and the committee will carry out that case as per the provisions of Microfinance Business Law.

The committee granted microfinance business licences to the local and foreign companies, partnership firms, INGOs and NGOs that register under the Myanmar Companies Law, Registration of Associations Law under Section 13 of 2011 Microfinance Business Law (Pyidaungsu Hluttaw Law No 13/2011) by reviewing them. The US Delaware-based INGO called Pact Global Microfinance Fund (PGMF) made registration as an INGO at the Ministry of Home Affairs in 2012 and applied for a work licence to provide microfinance services at Microfinance Business Supervisory Committee. The committee granted a permit with business licence No 0022/2012 on 22-6-2012. Under Registration of Associations Law 2014 and 2022, the organizations that register as INGOs and NGOs and seek business licences are not allowed to operate financial businesses.

Therefore, the committee instructed the INGOs and NGOs to transform into cooperating entities in 2018, the statement said. A total of 180 microfinance organizations provide microfinance services to over 4.496 million members in 267 townships, 2,308 wards and 27,773 villages of 15 regions/states with microfinance business licences in Myanmar until May 2023. Currently, 179 microfinance organizations that receive licences from the committee offer microfinance services across the nation.

Source: The Global New Light of Myanmar

38 th Trade Expo Indonesia welcomes Myanmar’s businesspersons

MYANMAR businesspersons are invited to join the 38th Trade Expo Indonesia, the international B2B-
focused hybrid trade show, that will be held between 18 and 22 October and organized by the Ministry of
Trade, Indonesia, according to the Union of Myanmar Federation of Chambers of Commerce and Industry
(UMFCCI).
The trade show brings up the theme of Sustainable Trade for Global Economic Resilience. Food and
beverages, cloth and textile, chemical, energy and industrial products, digital services, beauty care service,
hospital equipment, healthcare services and home appliances will be showcased. Those enthusiastic affiliated associations, entrepreneurs, potential buyers, importers and investors can register through www.
tradeexpoindonesia.com. For further details, they can contact Ms Irman on Ph: (+62) 8176440307, Email:
irman_dwn@yahoo.com, Mr Matthew Ph: (+62) 821 2246 4727, Email: eston.p2c@kemendag.go.id and Mr
Puja Bastara – Ph: (+62) 811 2228 112, Email: pujabestara@kemendag. go.id. Those who want to attend the
trade show are encouraged to send their name, position, and name of their institution, company or business on
the company letterhead to the UMFCCI’s expo division via Email: itpc. umfcci@gmail.com or dial 01-24-
314344~49 (Ext: 301) at the soonest.

Source: The Global New Light of Myanmar

Over 162K tourists visit Great Kyaiktiyo PagodaJanuary-July 2023

The board of trustees of the Great Kyaiktiyo Pagoda in Mon State stated that 4,638 foreign tourists and 157,574 domestic tourists visited the pagoda from January to July this year.
According to the list of the board of trustees, the pagoda accepted 450,000 visitors in the last pilgrimage season, although hundreds of thousands of pilgrims visit each year. The period for the festival of the Great Kyaiktiyo Pagoda was set for seven months, starting on the full moon day of Thadingyut till the full moon day of Kason (Buddha day), and pilgrims are allowed to visit throughout the year.
Visitors are entering from the country and abroad during the festival season, especially from neighbouring Thailand. As part of the rainy season special promotion, the Yoe Yoe Lay Express will provide the Kyaikto-Yangon-Kyaikto trip three times a day for free for the convenience of transportation for those who visit Kyaiktiyo Pagoda, saving the cost of the pilgrimage for visitors.
Although it is a rainy season, hotels, guesthouses, restaurants, and stalls near the square of the pagoda are open as usual, and truck services are also running regularly for devotees. 

Source: The Global New Light of Myanmar

PGMF microfinance operations shut down for failure to transform into commercial entity

PACT Global Microfinance Fund (PGMF), an international nongovernmental organization (INGO) has
failed to transform into a company in time and so their microfinance business activities will be suspended and the liquidation processes will be proceeded, according to the statement released by Microfinance Business Supervisory Committee of the Ministry of Planning and Finance on Thursday. The proposal to do such action was submitted to the committee on 11-7-2023 and the committee will carry out that case as per the provisions of Microfinance Business Law. The committee granted microfinance business licences to the local and foreign companies, partnership firms, INGOs and NGOs that register under the Myanmar Companies Law, Registration of Associations Law under Section 13 of 2011 Microfinance Business Law (Pyidaungsu Hluttaw Law No 13/2011) by reviewing them. The US Delaware-based INGO called Pact Global Microfinance Fund (PGMF) made registration as an INGO at the Ministry of Home Affairs in 2012 and applied for a work licence to provide microfinance services at Microfinance Business Supervisory Committee.

The committee granted a permit with business licence No 0022/2012 on 22-6-2012. Under Registration of Associations Law 2014 and 2022, the organizations that register as INGOs and NGOs and seek business licences are not allowed to operate financial businesses. Therefore, the committee instructed the INGOs and NGOs to transform into cooperating entities in 2018, the statement said. A total of 180 microfinance organizations provide microfinance services to over 4.496 million members in 267 townships, 2,308 wards and 27,773 villages of 15 regions/states with microfinance business licences in Myanmar until May 2023. Currently, 179 microfinance organizations that receive licences from the committee offer microfinance services across the nation.

Source: The Global New Light of Myanmar

Exciting EV car exhibition to be held in People’s Square

ACCORDING to the Yangon Region Government Office, the 2023 Rainy Season Expo, Industrial
Product Exhibition and Electric Vehicle (EV) Exhibition will be held at People’s Square in Dagon Township,
Yangon Region. Not only products produced in Yangon Region but also products from other regions and states are planned to be displayed and sold in the exhibition from 4 to 6 August. People can buy products from 29 industrial zones in Yangon Region, MSME products, and products produced by manufacturing cooperatives.

During the exhibition, value-for-money restaurants will be opened and sold for the vendors and visitors, and entertainment programmes will also be included. Products from the Union of Myanmar Federation of Chambers of Commerce and Industry, Myanmar Rice Federation, Retailers Association, Myanmar Oil Traders and Oil Industry Association and other associations and various industrial zones will be sold at the expo.

Source: The Global New Light of Myanmar

Announcement of Central Committeeon Prevention, Control and Treatment of Coronavirus Disease 2019 (COVID-19)

AS it is necessary to continuously control infection of the Coronavirus Disease 2019 (COVID-19),
it is hereby announced that public requests, orders, notifications and directives (except for
easing the restrictions) released by the Union-level organizations and Union ministries up to
31 July 2023 have been extended until 31 August 2023 for prevention, control and treatment of
Coronavirus Disease 2019 (COVID-19).

Source: The Global New Light of Myanmar

Monthly Business Brief, July 2023

Economy

Generally, Myanmar normally consumes about one million tons of edible oils per year in which 0.6 million tons of palm oil are imported annually. In FY 2022-23, 8.3 Million Acres of edible oil crops such as groundnut, sesame, sunflower, and mustard have been grown up and it is estimated to produce more than 680,000 Tons of edible oil for the whole fiscal year. The edible oil sector cultivation and production are called for the local and foreign Investors to invest and government provides tax incentive such as three to seven year tax exemption on income tax for self-sufficiency of edible oil in Myanmar.

Banking and Finance

  1. CBM allows export earnings by 50:50

Central Bank of Myanmar announced to lower Mandatory Conversion of Export Earnings to Myanmar Kyats from 65% to 50% with the Notification 15/2023 on 13th July 2023 which amends Notification 36/2022, issued on August 2022, “Exporters required 65% of the export earnings to be converted into Myanmar Kyats”. Hence, it is the gradual improvement in Foreign Exchange issues and shortage of Foreign Exchange Currency of Myanmar.

  • Mobile financial services and digital payment growth

With the accelerative effort of the Central Bank of Myanmar on Digital payment system throughout the country in line with National Payments System Strategy (2020-2025), the Financial Technology Payment system has been enormously increased and Mobile financial services and digital payment system of Myanmar including for bank institutions, i-banking, mobile banking, mobile pay and mobile financial services have become remarkably boomed to 31.67 Billion in 2022, which was 47 percent increase compared to the previous year 2021.In order to develop financial services sector, CBM has already permitted those services and launched MMMQR Specification Version 1.0 for QR code payment in January 2019, achieving interoperability between payment systems of financial institutions through MMQR Specification Version 1.0 and stepping up to use crop-border QR code payment interoperability, the notification mentioned. On top of that, the Central Bank of Myanmar, is endeavoring to improve payment service providers’ platforms providing digital transaction services across the country to, especially, Nay Pyi Taw to become a digital city with the latest financial technology. Since May 2023, the CBM has been implementing digital salary payments to the officials and staff under the ministries to strengthen digital payments in the capital city.

The Central Bank of Myanmar has granted licenses to the public in terms of clearing system with QR Code Payment system in areas which are not easily accessible to use. Hence, Digital Payment system is widely available in places, re­gions, various strata, and var­ious areas where there are no banking services Those clearance licenses are provided to those companies such as Nature Link Pay Co Ltd (brand name: Trusty E-Commerce), Zego Pay Co Ltd (brand name: Zego Money), and Internet Wallet Myanmar Ltd (brand name: OK$) in February, and Univer­sal Pay Co Ltd (brand name: Unipay) in compliance with the terms and conditions of the license on 10 July, according to the statement of the CBM.

A new type of “twenty-thousand-kyat” banknote was officially released in 31st July 2023, with a commemoration of the completion of the Maravijaya Buddha Image in order to propagate the Theravada Buddhism and bring peace towards the country and in celebration of a year birthday of a white elephant, “Rattha Nandaka. Those note will be issued within a limited amount and be distributed only by exchange of the same value with various types of old banknotes that should not be appropriate for circulation in Myanmar. To being with, the old banknotes will be exchanged with the equal value at CBM Nay Pyi Taw, Yangon Branch and Mandalay Branch. As soon as the official announcement is released on 24th July 2023, there is fluctuation in Foreign Exchange Currency at the Market Rate of 1 USD is equivalent to MMK 3,450 and 1 Baht is 100 MMK and 1 RMB is 450 MMK.

Trade

The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement between the ten member states of ASEAN, Australia, China, Japan, the Republic of Korea, and New Zealand, came into effect in January 2022.Since July 2023, the authorized producers and exporters get benefits from preferential tariffs through the Certificate of Origin (CO) Form RCEP. That CO Form is available for products originating in Myanmar and intended for Export to ASEAN member countries, except: the Philippines and Vietnam. Interested parties can easily apply through export and import offices and border checkpoints under the Department of Trade, with established rules and regulations. Besides, for manufacturing related products, traders can obtain approved exporter status through the Online CO Application System (https://on­lineco.myanmartradenet.com . Specifically, Cambodia, Laos, and Myanmar have been granted access to preferential tariffs, while Viet Nam receives moderate tariff benefits. Furthermore, the least-developed countries will enjoy additional exemptions as outlined in the United Nations charter supporting the Least-Developed Countries (LDCs), especially CLM countries. According to the agreement, RCEP members have to grant a 65 per cent customs tariff exemption. However, Myanmar, Cambodia, and Laos are only entitled to give a 30-per-cent tax-exempt to other entities a 30 percent tax to other entities. Furthermore, ten years after the agreement’s implementation, members are obligated to grant an 80 per cent tax exemption. Myanmar, however, has been given a transition period of up to 15 years for its trade sector

Online Shopping and sales have been strong since the pandemic periods, however, there is no handle tax issues and controlling over the products. As a matter of fact, Taxes should be paid wherever transactions are conducted. By doing this, it can save taxes for the country. Therefore, in accordance with the Section 4 and Sub-section (c) of the Essential Goods and Services Act, Online Sales have been declared as “Essential Service” by Ministry of Commerce, starting from 4th July, 2023. The Ministry has also empowered to issue prohibition orders, regulatory orders, supervision orders, protection orders, and necessary actions related to this service. This is done in order to restrict and prevent goods and services that may harm the interests of citizens, and to prevent the domestic transportation of goods and animals that may cause dangers, epidemics and unacceptable problems. Violation of the law is punishable by a minimum of six months to a maximum of three years in prison and a fine of not more than MMK 500,000, according to the law.

Energy

Renewable Energy has been enormously used throughout the world in order to fill up the Energy Demands and it’s environmentally benefits so that Governments throughout the World majorly focus on the Renewable Energy Sector. Among renewable energy, the countries have been using Gasohol called biofuel, which is a mixture of Ethanol 5% and Diesel 95%. Not only in European Countries but also in ASEAN Countries has majorly focused on renewable energy and ASEAN Countries planned to have 23% Bioethanol Fuel generation in 2025 and 35% in 2030. In Nationally Determined Contributions (NDCs) report, Myanmar is a country trying to reduce carbon emission by 2030 and start using Biofuel energy.  Myanmar will produce 70,000 tons of bioethanol (2 million gallons per month) from Maize and Molasses.

Transportation

Road Transport Administration Department (RTAD) under the Ministry of Transport and Communication released that there are registered 3,206 electric vehicles as of June 2023. Among those, 77% (2,474) are two-wheelers vehicles, 15% (467) are passenger vehicles and 8% (263) are three-wheelers vehicles. Besides, as of June 2023, there are registered 6.3 million (6,366,854) gasoline cars, 512,283 diesel cars, 12,888 CNG cars, 69 LPG cars and 3,884 HV cars. The Steering Committee for the National Development of Electric Vehicles and Related Industries is mainly responsible for establishing policies for the development of electric vehicles and related industries, implementing tax exemptions for use of electric vehicles and provide other reliefs, setting necessary command instructions, rules and regulations and building public charging stations.

COVID As of 31st July 2023, there are (641,053) 639,740 active cases of COVID-19 in which 97 % have been recovered from the disease and compared to previous month, 1313 cases has been increased. Compared to previous month, only 2% active cases have been increased. However, the government has been continuously controlling the infection of COVID-19 and the rules and restrictions have been extended until the end of August 2023 by the Ministry of Health.