Financial Crime World

Here is the rewritten article in markdown format:

Financial Inclusion on the Rise in Myanmar, but Crime Remains a Concern

Yangon, Myanmar - Since the Democratic Government took office in 2011, financial inclusion has been a top priority for Myanmar. To achieve this goal, the country has implemented various initiatives under its National Financial Inclusion Roadmap (2014-2020).

Launch of National Financial Inclusion Roadmap

The roadmap was launched on April 1, 2014, with the support of Queen Maxima of the Netherlands, Special Advocate for UN Secretary General for Financial Inclusion. The strategy aims to create a healthy financial sector that provides diversified financial services to priority segments such as:

  • Agricultural enterprises
  • Micro, small and medium-sized enterprises (MSMEs)
  • Low-income households

Implementation of “Quick Win” Processes

The Myanmar government has been working closely with international organizations such as:

  • United Nations Development Programme (UNDP)
  • United Nations Capital Development Fund (UNCDF)

These organizations have supported various initiatives, including:

  • Creating one household, one bank account
  • Financial literacy initiatives
  • Mobile payment systems
  • Digital finances
  • Donor mobilization
  • Low-income segment development
  • MSME development

Improving Microfinance in Myanmar

The government has also taken steps to improve microfinance in the country. The Microfinance Business Supervisory Committee (MBSC) has been established to oversee the sector and ensure that it is operating in a financially sound manner.

MBSC has issued directives to increase loan sizes for micro, small and medium-sized enterprises, making it easier for them to access financing. Specifically:

  • Loan sizes have been increased from 5 million to 10 million MMK

Challenges and Concerns

Despite these efforts, financial inclusion in Myanmar still faces challenges. Crime remains a significant concern, with many financial institutions and individuals falling victim to fraud and theft.

The government has taken steps to address this issue, including the establishment of a digital financial services working group in collaboration with the Central Bank of Myanmar.

Conclusion

The country’s microfinance law was enacted in 2011, and 15 microfinance directives have been issued since then. Microfinance institutions have been permitted to increase loan sizes from 5 million to 10 million MMK for micro, small and medium-sized enterprises, making it easier for them to access financing.

However, crime remains a significant concern in Myanmar’s financial sector. The government must continue to take steps to address this issue and ensure that financial inclusion is achieved while maintaining the security of the financial system.

Sources:

  • Myanmar Financial Inclusion Roadmap (2014-2020)
  • United Nations Development Programme (UNDP) Normal Country Program
  • Microfinance Business Supervisory Committee (MBSC)