Financial Literacy: 11th Mobile Money & Financial Inclusion Summit 2020

The “11th Mobile Money & Financial Inclusion Summit 2020” began in Yangon on Tuesday.

The Summit highlights the topics on digital payments, government and industrial player collaboration and emerging technologies in line with the Financial Inclusion Roadmap.

The 2-day summit also focuses on improving financial literacy and industrial collaboration.

CEO, Magenta Global Pte Ltd, Maggie Tan said “The whole objective of this summit is to look at what are basic models that ensure financial inclusion and it’s fully sustainable. So, what we are turning to                                                        bring the stakeholders together not just the government department but also industrial players in order to discuss and look at the roadmap that it’s necessary to develop financial inclusion.”

By 2023, Myanmar aims to increase formal financial inclusion for farmers from 52% to 60% and for employed individuals from 51% to 60%.

Director General, Financial Institutions Supervision Dept., Than Than Swe said “The topics of this summit are really interesting and the stakeholders will discuss rapidly changing landscape of Myanmar banking, digital economy, future digital payments, financial literacy awareness, financial challenges and many more.”

Financial inclusion is essential for economic growth of emerging markets from developing countries like Myanmar where implementation of digital finance systems could increase GDPs of all emerging economies by 6%, or a total of 3.7 trillion dollars, by 2025.

Director, Financial Inclusion & Microfinance Division, Ko Ko Maung said “Today, I mainly discuss about the financial inclusion. It is a roadmap which is expected to focus on giving low-income individuals and MSMEs access to safe, reliable, convenient and affordable financial services.”

Stakeholders from mobile money and finance industry including representatives from Financial Regulatory Department under the Ministry of Planning, Finance and Industry, Central Bank of Myanmar, private banks, payment processing companies, experts from financial institutions and many more attended the summit.