MICROCAPITAL BRIEF: Central Bank of Myanmar Clears the Air by Issuing Mobile Financial Services License for OK Dollar

Myanmar’s Internet Wallet Limited reportedly has received a mobile financial services license from the Central Bank of Myanmar to cover the operations of its subsidiary, OK Dollar, which offers electronic accounts for holding and sending money. The license is required of companies offering such services unless they are managed by a traditional banking institution. From its launch in June 2016 until its receipt of the license, the company served approximately 100,000 customers. In addition to operating without a license, OK Dollar was accused by the Frontier newspaper of not mandating users “to register a SIM card, or provide a national ID card or driver’s licence, as required.”

OK Dollar does not charge for money transfers, and it has partnerships allowing its users to purchase mobile phone credit, travel services and other items.

Including Internet Wallet, three non-bank financial institutions hold licenses from the Central Bank of Myanmar as of September 2017.

By Ryan Gauthier, Research Associate

Sources and Additional Resources

Frontier Myanmar:
https://frontiermyanmar.net/en/funny-money-in-myanmars-fintech-sector

https://frontiermyanmar.net/en/central-bank-issues-licence-to-ok-dollar-but-no-change-to-fine-print

OK Dollar:
http://www.okdollar.com/

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/