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Enterworld offers a simplified process for the Mobile Financial Service License in Myanmar.
3-6 Months
Time Required
No
Travel Required
Yes
Financial Inclusion
Yes
Business Expansion
SPecial offer
The mobile banking license in Myanmar allows you to partner with licensed banks and offer financial services. If you are a licensed bank, you can also apply for a mobile banking license and offer mobile banking services. This enables banks to leverage mobile technology and provide customers with accessible financial services. For a mobile banking license, you will be first required to incorporate a separate company under the Myanmar Companies Act. Then, submit a detailed application with a three-year business plan to the Central Bank of Myanmar (CBM). The mobile banking license in Myanmar mandates a minimum capital of 3 billion kyat. Additionally, you will need a no-objection letter from the applicable regulatory body, such as the Ministry of Transport and Communications for mobile network operators or the primary regulator for non-banking financial institutions. The mobile financial service license in Myanmar is issued by the Central Bank of Myanmar (CBM) for non-banking financial institutions to provide financial services. Both the Mobile Network Operators (MNOs) and the non-banking financial institutions can apply for this license. This license enables companies to offer financial services such as digital money transfers and other tech-based financial services. You will also require a minimum capital of MMK 3 billion. Additionally, you will get notified of the license under 90 days. The CBM classifies the mobile financial service license in Myanmar into three levels: the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), where Level 1 and Level 2 are for individuals, and Level 3 is for registered legal entities. This ensures risk management and compliance with AML/CFT regulations. A few examples of mobile financial services in Myanmar are Wave Money, OK Dollar, MytelPay, M-Pitesan and MPT money. Myanmar has initiated the launch of mobile financial services to provide innovative financial services. The MFS License in Myanmar requires meeting specific requirements and following a few steps along with submitting the mandatory documents with a three-year detailed business plan. The key steps required to apply for a mobile financial services license in Myanmar include: To apply for an MFS license, you will have to first register a separate company under the Myanmar Companies Act with a minimum capital of 3 billion Kyat. Company registration in Myanmar is mandatory for you to legally operate your financial services business in the country. If you fail to register, it may lead to penalties or the dissolution of the company. After you register your company under the Myanmar Companies Act, you must apply for a registration certificate with the Central Bank of Myanmar (CBM). This is part of CBM's effort to regulate the financial sector. You will be required to submit supporting documents such as a three-year business plan, a description of the services you will be offering, a no-objection certificate and additional information. The Central Bank of Myanmar (CBM) will take 90 days to respond to your application. If approved, CBM will issue a mobile financial service license, which will allow you to operate a mobile financial service in the country. This license is a key requirement for legally offering digital financial services in Myanmar. The mobile financial service license in Myanmar offers numerous benefits to both the customers and the financial service provider. The license facilitates wider access to financial services, enhances customer convenience, supports financial inclusion, and enables providers to expand their service offerings through secure and regulated channels. The key benefits of securing an MFS license in Myanmar include: +1k Customers The mobile financial service licenses enable companies to offer services such as money transfers, bill payments, and retail purchases via smartphones, helping extend financial access to previously unbanked populations, especially in rural areas. It allows non-banking financial institutions to provide banking services. The mobile financial service license in Myanmar offers reduced reliance on physical cash. This offers a more convenient and protected approach to conducting financial transactions. This move toward MFS supports the transition to a cashless or near-cashless economy as it allows transactions anywhere and anytime using a smartphone. Licensed mobile financial service providers can offer various financial services in Myanmar. Services such as business-to-business payments, person-to-business payments, business to person payments, reach populations where there is no banking system etc. This enables faster, more convenient, and secure transactions. The MFS offers excellent potential for innovation in the financial sector. Innovative initiatives in credit scoring and e-commerce payment platforms, offering easy payment checkouts and a simplified digital transaction experience for both businesses and consumers, with potential for further growth and development. As a mobile financial service license holder, you will have easy access to both regional and foreign investments, especially investment for capital. Along with securing investment, you will also have many tax benefits, such as tax holidays and assurances that your business won't be taken over by the government, creating a more stable and attractive business environment. Mobile Financial Service (MFS) have the ability to link your MFS account to your traditional bank account. This will ensure that your financial transactions are simplified and hassle-free to transfer your finances from your bank account to the MFS account. Through this, you are also able to manage your finances more efficiently and access a broader range of financial services. Choosing Myanmar for your financial business can be a good decision as the country has a strategic location. Myanmar is surrounded by major economic countries, including China, India, and Thailand, offering access to a large and diverse market for trade and investment opportunities. The country also offers an untapped market with great potential to grow. The mobile financial service offers easy management of finances through your mobile phone. This financial service offers people access to manage their finances even in places where traditional banking services are not available. Within one online platform, you can pay bills, check account balances, make transfers, and track your spending with convenience.
Helping Business Legacy Makers Worldwide
The Path to Dominate the Fintech Industry
Mobile Banking License
Mobile Financial Service License (MFS License)
Extending Financial Services in Myanmar
How to Apply for a Mobile Financial Services License in Myanmar?
Company Registration
Application to the CBM
Licensing
Benefits
Benefits of Securing MFS License in Myanmar
Financial Inclusion
Reduced Reliance on Cash
Large Business Opportunities
Potential for Innovation
Attracts Foreign Investment
Incorporation with the Banking System
Strategic Location
Easy Management of Finances
Documents Needed
Documents for Mobile Financial Services License Online in Myanmar
The Mobile Financial Service License in Myanmar is a license to legally provide financial services in the country. This license is issued by the Central Bank of Myanmar (CBM). This license is of two types: a mobile banking license, which is for banking institutions to offer mobile financial services and a mobile financial service license, which is for non-banking institutions to offer mobile financial services. This license allows you to provide services such as payments and financial services through mobile technology. To operate a mobile wallet service in Myanmar, you will have to apply for a mobile wallet license through the Central Bank of Myanmar. However, the process to apply for the mobile wallet license cannot be completed online. It involves registration, submitting documents and undergoing an assessment by the CBM. Holding a mobile wallet license will require you to comply with the regulations and guidelines set by the CBM. Examples of mobile wallet services in Myanmar are Wave Money and, KBZPay, etc. The mobile financial services in Myanmar include OK Dollar, Wave Money, Mytel Pay, MPT Money, and M-Pitesan. Among the following, Wave Money is the key mobile financial service provider in the country. These services offer a variety of features to conduct financial transactions through your mobile phones such as bill payments, cash transactions and transfers including the digital wallets. The primary digital payment system in Myanmar is the Myanmar Quick Response (MMQR), also known as MyanmarPay. This digital payment system is a standardized national QR code system to simplify digital payments. It is initiated by the Central Bank of Myanmar (CBM). The Myanmar Quick Response which is MMQR offers an easy compatibility between the mobile financial service providers and traditional banks to facilitate seamless financial transactions across all mobile financial services. The MSB and banking licenses in Myanmar are different financial service licenses offered by the Central Bank of Myanmar (CBM) to legally operate a financial service business in Myanmar. The Money Services Business (MSB) is a financial sector that is involved in issuing payment instruments, money transmission and currency exchange. Since they are involved with financial transactions, it will require a license from the CBM. The mobile financial services can also come under MSB and therefore have two types of license which is, Mobile Banking License and Mobile Financial Service License, these licenses are for non-banking institutions and the Mobile Network Operators (MNOs) who wish to offer financial services. The banking license in Myanmar are for commercial banks, Specialized Financial Institutions and Foreign Bank Licenses. No, the license for mobile financial services in Myanmar is not available online. The entire process of application for the MFS license has to be completed offline. The process involves registration of a separate company under the Myanmar Companies Act and registration with the Central Bank of Myanmar (CBM) along with the mandatory documents. The three level mobile financial licensing requirement in Myanmar includes: The cost of starting a mobile financial services in Myanmar involves the minimum capital requirement of 3 billion kyats and registration fees, which is 0.1% of the minimum capital. The additional cost will be for the ongoing business operations and the day-to-day requirements, along with the cost for the lease of your physical office. The documents required for mobile financial services in Myanmar are:
MFS Licensing Support
Activities for MFS License in Myanmar
Account Management
Money Transfers
Cash Transactions
Domestic Payments
Cash-in and cash-out transactions
Local payment between person and government
Local payment service between person and business
Internal business payment between businesses
Depositing and withdrawing money to mobile money account
Why Trust Enterworld for an MFS License in Myanmar?
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FAQs on Mobile financial services license online in Myanmar
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