Telenor and Yoma Bank are teaming up in mobile banking, aiming to provide basic financial services for millions of unbanked people in the country.
The two prominent firms have already started working together in some areas like hiring skilled workers and selecting an IT infrastructure, though they are now waiting for clarity on the regulatory regime that will govern the service.
Only about 6 percent of the population has a bank account, meaning there is a vast unbanked population in the country, said Yoma Bank chair and CEO Serge Pun.
Telenor Myanmar CEO Petter Furberg said mobile banking is a better method of financial inclusion than the banks for people at the lower end of the pyramid.
Read more: Myanmar Times