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Myanmar Faces Fintech Regulatory Challenges as Emerging Market Eyes Technology Boost

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YANGON, MYANMAR - In a country where technological advancements are rapidly changing the economic landscape, financial technology (Fintech) has emerged as a crucial sector for Myanmar’s growth. However, experts warn that regulatory challenges must be addressed to ensure the sector reaches its full potential.

Effective Regulations Crucial for Fintech Sector

At a recent Fintech and Digital Currency Business Forum in Yangon, industry leaders emphasized the need for effective regulations to govern the Fintech space. Dr. U Maung Maung Thein, former Deputy Minister of Finance, stressed that Myanmar must catch up with technology or risk being left behind.

Technological Advancements Outpacing Regulations

“We are at a pivotal point in our evolving economy, entering what could be the third Industrial Revolution since the introduction of bitcoin around 2010,” he said. ThitsaWorks CEO, U Nyi Nyein Aye, highlighted the importance of regulatory frameworks and structures to establish policies and regulations that keep pace with technological advancements.

Regtech: The Key to Efficient Compliance

“Fintech needs Regtech – using innovative technology to address regulatory challenges in the financial services to help businesses comply with regulations efficiently and inexpensively,” he explained.

Collaboration and Partnership Crucial for Fintech Growth

The panel discussion on whether Myanmar is ready for Fintech and digital currency was facilitated by U Okka Myint, with experts generally agreeing that regulation is crucial but also not a reason to delay progress. Dr. U Maung Maung cited the example of China, where old and new systems coexist, leading to rapid technological developments.

Leveraging Technology for Financial Inclusion

Experts emphasized the need for collaboration and partnership between mobile companies, software and tech firms, and the government to leverage technology and target the poor and under-banked population. “Fintech can be a catalyst for financial inclusion in Myanmar,” said U Nyi Nyein Aye.

Digitization of Data Key to Better Policy-Making

U Nyi Nyein Aye underscored the importance of digitization of data, management information systems, data visualization, and analytics for better policy-making and oversight. As Myanmar continues to navigate its economic evolution, addressing Fintech regulatory challenges will be crucial to unlocking the sector’s potential and ensuring sustainable growth.