Mobile Financial Service License in Myanmar

The process to apply for Mobile Wallet License Online in Myanmar is exhaustive and complex. While only licensed mobile network operators (MNOs) and registered non-bank financial institutions are eligible to apply for this license, Enterslice has the expertise to manage the comprehensive process and help foreign enterprises register a dedicated company under the Myanmar Companies Act.

The process for obtaining MSB and banking licenses in Myanmar is structured and stepwise. Although the process involves legal compliance, our expert consultants can help foreign businesses apply for this license without any hassles. We have successfully guided our international clients in securing their MSB and banking licenses in Myanmar through our end-to-end service support, including company incorporation, securing no-objection letters, paperwork preparation and application submission.

When applicants complete all the formalities required for the process of MSB and banking licenses in Myanmar, they must submit their application along with the relevant documents to the Central Bank of Myanmar (CBM). Once done, the CBM takes about 90 days to review the application and issue the final license, which enables businesses to start their operations legally.

Businesses that want to launch their financial services venture in Myanmar must fulfil the minimum paid-up capital requirement of MMK 3 billion, which is $2.5 million. Complying with the financial requirements is mandatory for applicants to obtain their mobile financial services license Myanmar successfully.

Applicant businesses must submit all the required documents along with the duly filled-out application form to the Central Bank of Myanmar as a part of the process requirement for obtaining a mobile wallet license. Some of these documents include a 3-year business plan, technical and functional specifications, board details, AML and KYC policies, agent network plan, trust-account setup, no-objection letters, and proof of capital.

Yes, global businesses, including banks and fintechs, that meet the licensing process requirements are eligible to obtain mobile financial licenses in Myanmar. However, banks and fintechs offer financial services under different frameworks. While the mobile banking license is governed by the directive of 2013, the license for non-bank financial institutions and mobile network operators (MNOs) is overseen under the 2016 CBM Regulation. Therefore, banks can provide services, including mobile banking apps, account access, and digital payments directly to customers. On the other hand, fintechs and MNOs can offer mobile wallets, peer-to-peer transfers, bill payments, and cash-in/cash-out services in local currency only (MMK).

Yes, holders of a Mobile Financial Service License in Myanmar must adhere to the transaction limits. However, the transaction limits are applicable on the basis of customer verification levels. Daily limits vary from MMK 50,000 for basic accounts to MMK 1,000,000 for fully verified business users.

You can contact us to learn more about transaction limits outlined by the Central Bank of Myanmar under its MFS regulations. Our expert consultants can guide you in ensuring financial integrity and safeguarding consumers.

Yes, it is mandatory for the providers to keep 100% of customer funds in a separate trust account. The license holders must match their records on a daily basis by 4 pm and rectify any inadequacies by the next day at noon. Enterslice can help you understand the details.

The holders of a Mobile Financial Service License in Myanmar are eligible to offer various services, including opening accounts, cash-in/cash-out, executing domestic peer-to-peer transfers, making payments to businesses and government, and bank kyat-only linkages.