Myanmar Mobile Money, a Myanmar-based subsidiary of France-based Oberthur Technologies, recently partnered with Mobilemate Telecommunications, a Singapore-based company, to launch mobile money services in Myanmar. This new service will be based on Oberthur Technologies’ MoreMagic wallet and will allow customers to use their mobile phones to transfer cash among bank accounts, receive money transfers, receive salary disbursements and pay for purchases including mobile airtime. The service was first offered in December 2013 and aims to extend to the rest of the country to provide 80 percent of Myanmar’s population with basic financial services by 2019.
Although financial information for Myanmar Mobile Money is not available, Oberthur Technologies has total assets of USD 1 billion and has produced 650 million SIM cards and 500 million banking cards as of December 2013. Financials for Mobilemate Telecommunications are not available.
By Megan McGowan, Research Associate
Sources and Additional Resources:
[1] Oberthur Press Release: “Oberthur Technologies and Myanmar Mobile Money to Provide Mobile Financial Services to the Large Unbanked Majority of the Myanmar Population,” http://www.oberthur.com/wp-content/uploads/2014/01/Oberthur-Technologies-and-Myanmar-Mobile-Money-to-provide-mobile-financial-services-to-the-large-unbanked-majority-of-the-Myanmar-population.pdf
MicroCapital: “Telecom Tata Docomo to Expand Mobile Money, Payments to Cover 15 Additional Cities in India,” January 24, 2014, https://www.microcapital.org/microcapital-brief-telecom-tata-docomo-to-expand-mobile-money-payments-to-cover-15-additional-cities-in-india/
MicroCapital: “Bagan Capital’s BC Finance Launches Microfinance Services in Myanmar,” October 24, 2013, https://www.microcapital.org/microcapital-brief-bagan-capitals-bc-finance-launches-microfinance-services-in-myanmar/
MicroCapital: “Aeon Financial Service Company Limited Launches Consumer Credit Services Subsidiary Aeon Microfinance (Myanmar) Company,” August 1, 2013, https://www.microcapital.org/microcapital-brief-aeon-financial-service-company-limited-launches-consumer-credit-services-subsidiary-aeon-microfinance-myanmar-company/
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