Myanmar’s fintech industry is poised for significant growth, driven by rising digital payment usage, and strong investor interest. Moreover, with 80% of the country’s 55 million people unbanked, there is substantial potential for fintech solutions.
Myanmar’s fintech startups scene is expanding, with digital and card transactions reaching 1.57 billion and a total value of MMK 12.3 trillion (US$3.8 billion) in 2022, according to Thant Mam Hein, assistant manager of sustainability at uab bank. The total value of these transactions was MMK 12.3 trillion (US$3.8 billion). Digital transactions accounted for 17.4% of total retail transactions, indicating a gradual shift towards cashless payments. Reports also show that approximately 50% of Myanmar’s adult population had a bank account in 2020, reflecting growth in financial inclusion and creating new opportunities for businesses and individuals.
Regional investors are also keen on Myanmar’s fintech startup market. For example, Ant Group invested US$73.5 million in Wave Money in 2021 to expand digital payment networks and accelerate adoption.
With fintech poised for growth in Myanmar, several fintech startups in Myanmar are experiencing notable development and are set for further expansion. Today, we look at four private, independent fintech ventures in Myanmar that are recognized as strong innovators and which are making substantial impacts in the sector.
Top 4 Fintechs to Watch in Myanmar
Wave Money
Wave Money is a prominent financial service provider in Myanmar, operating over 65,000 shops nationwide. It allows users with a mobile number and valid national registration card (NRC) to transfer money, cash-out, top-up, and make bill and loan payments without needing to register an account.
Since its launch in November 2016 as a joint venture between Yoma Bank and Telenor Group, Wave Money has significantly expanded its services and network, covering approximately 89% of Myanmar by November 2020. By 2020, Wave Money had processed US$8.7 billion in transactions, accounting for around 12% of Myanmar’s GDP.
In mid-2020, Wave Money introduced mobile wallet application WavePay, enabling customers to make digital payments anytime, anywhere. The mobile wallet caters to over 11.5 million customers.
Modus Operandi
Established in 2021, Modus Operandi (MO) is a digital financial solutions provider. The company aims to empower underbanked communities and enterprises in developing nations by offering an integrated financial ecosystem equipped with advanced tools and resources.
MO offers various products catering to both business-to-business (B2B) and business-to-consumer (B2C) markets. These products include MoBiz, MoBills, MoPayments, and MoMoney. MoBiz focuses on payroll and advanced salary services, B2B transfers, interbank transfers, cash-in/out, bulk-bill mobile top-up, and utility bill payments. MoBills acts as a biller aggregator simplifying transactions for banks and mobile financial services. MoPayments facilitates wallet, card, and bank account payments for e-commerce businesses. MoMoney, the B2C product, offers loyalty programs, QR code payments, mobile top-up, cash withdrawal, and bill payments.
MO also addresses financial inclusion through its microfinance product, providing small loans to low-income households, employees, and small groups. Moreover, the company’s foundation, MO Foundation, supports charitable causes and raises public funds to contribute to societal welfare.
MO operates in Myanmar, Thailand, Singapore, and Vietnam, and is rapidly expanding its footprint in Southeast Asia. The company has received multiple awards, including the Rising Star of the Year 2023 at the Asia Fintech Awards, the Most Innovative Fintech Company Myanmar 2023 by Global Brand Magazine, Best Growing Payment Solutions Providers from the International Finance Awards, and Myanmar Technology Excellence Awards 2023 from the Asia Technology Excellence Awards.
Ongo
Ongo, a brand owned by Ronoc Myanmar, is an app-based mobile money service catering to businesses and consumers in Myanmar. Launched in 2016, Ongo offers a digital payment system that significantly reduces the cash handling burden for various sectors, including fast-moving consumer goods (FMCG) product distributors, e-commerce sites, lenders, and travel companies. Ongo also provides mobile payroll services, eliminating the need for individual cash salary payments.
For individual consumers, the Ongo app offers convenience for online shopping, mobile credit top-ups, and person-to-person transfers through a personal e-money digital wallet. Users can also earn free gifts and rewards through the app. Ongo has an extensive network of cash agents, with over 300 in Yangon and over 30 in Mandalay, to facilitate the conversion of cash into digital e-money.
For businesses, Ongo offers services such as mobile airtime top-up, peer-to-peer (P2P) money transfers, B2B payments, bill payments, digital payroll services, and online shopping payments.
Ronoc, established in 2007 and based in Dublin, Ireland, with offices in London, New York, Singapore, and Yangon, advises and invests in various sectors, including microfinance, retail financial services, fintech, and web services. Ronoc Myanmar, founded in 2013, focuses on developing networks, forging relationships, and evaluating investment opportunities in Asia.
Onepay
Launched in 2018, Onepay is a lifestyle app designed to connect users and businesses in Myanmar, facilitating financial transactions on a unified platform. The app aims to integrate financial and lifestyle activities, making it easier, faster, and smarter to manage payments and daily transactions. The app targets financial inclusion, particularly for individuals without NRCs who cannot open bank accounts, a common issue in rural areas.
Onepay is accessible to anyone with a smartphone and a registered SIM, eliminating the need for a bank account. Users can perform mobile money payments, making it a versatile tool for a wide range of financial activities. The app is available for download on both iOS and Android platforms and is designed with an intuitive interface to ensure ease of use.
The app offers numerous features, including payments for goods and services at retail shops using QR codes, mobile phone top-ups for local telecom operators, utility and lifestyle bill payments, and online shopping. Users can also order food from popular restaurants, purchase game and digital codes, consult fortune tellers, buy bus tickets and flights, and donate to charities. The app supports seamless top-ups and withdrawals from e-wallets, integration with AGD bank accounts, and allows transfers from local or international Visa and Mastercard credit cards. Verified users can perform interbank transfers to 16 local banks within one working day.
Featured image credit: Edited from freepik
