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Myanmar: Mastercard to Open a Local Office in Yangon
Mastercard announced that it is deepening its commitment to Myanmar by taking steps to incorporate an entity in the country – thereby establishing a local office presence in Yangon – and to appoint a country business development manager.
“As Myanmar continues its digital transformation, it is also necessary to empower its people with the skill sets and knowledge they need to participate actively in the digital economy. Mastercard will bring to Myanmar decades of experience in technology skilling that will enable the country to accelerate human capital development,” said Safdar Khan, Division President, Southeast Asia Emerging Markets, Mastercard.
Mastercard aims to support the advancement of Myanmar’s digital payments ecosystem and its efforts to build a futuristic and inclusive cashless society. The establishment of the local office also underscores Mastercard’s long-term commitment to advancing Myanmar’s national digital agenda and reflects the company’s continued confidence in the market.
Myanmar’s GDP growth is expected to rebound to six percent in 2021, making it one of the fastest-growing economies in the Southeast Asian region. The market has successfully leapfrogged several of the usual transition steps on its way to becoming a digital economy.
Despite less than a quarter of the country has a bank account, 80 percent of its citizens own a mobile phone, with many using their devices to conduct transactions and remit funds digitally. The government of Myanmar has been actively leveraging these advances to lay the foundation for a modern payments’ infrastructure designed to allow entrepreneurs and businesses to capitalize on opportunities across consumer, commercial, and government payment flows.
Source: https://mmbiztoday.com/mastercard-to-open-a-local-office-in-yangon/