{"id":13869,"date":"2012-08-17T05:08:55","date_gmt":"2012-08-17T05:08:55","guid":{"rendered":""},"modified":"2012-08-17T05:08:55","modified_gmt":"2012-08-17T05:08:55","slug":"Visa-prepares-to-enter-Myanmar-market","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=13869","title":{"rendered":"Visa prepares to enter Myanmar market"},"content":{"rendered":"

The credit and debit payments company Visa is preparing to enter the Myanmar market and has started training local bank workers on how to use electronic transfer systems.<\/strong><\/p>\n

Visa said that an influx of international visitors following the easing of some international sanctions on Myanmar had created new business opportunities<\/strong> and demand for customers who may not wish to carry cash.<\/p>\n

Peter Maher, Visa Group country manager for Southeast Asia and Australasia, told the Wall Street Journal that its initial efforts would focus on creating a network of automated teller machines (ATMs) and electronic payment terminals.<\/p>\n

“That is where we will focus first,” he said.<\/p>\n

Myanmar’s economy is cash-dominated and visitors usually need to equip themselves with bundles of hard currency.<\/strong><\/p>\n

Although Visa has not opened an office in Myanmar, the country formerly known as Burma, it will partner with local banks and establish training workshops in the coming months<\/strong>, the report said. It has already held one such two-day event.<\/p>\n

“The sooner we deliver electronic payments, the sooner Myanmar will benefit from the increased spending,” Maher told the newspaper.<\/p>\n

Myanmar President Thein Sein has overseen a series of dramatic reforms since taking office last year, including the release of political prisoners and the election of Nobel Peace Prize winner Aung San Suu Kyi to parliament.<\/strong><\/p>\n

US President Barack Obama has since eased restrictions on Myanmar in hopes of encouraging further reform.<\/strong> On July 11, he gave approval to US companies to invest in Myanmar and partner with its controversial state oil and gas company.<\/p>\n

But earlier this month US lawmakers voted to extend by one year a ban on imports from Myanmar, seeking to maintain pressure while acknowledging the early stages of the country’s exit from fully fledged military rule.<\/p>\n

Keep looking for your investment opportunity! Now is the time to start getting in!<\/strong><\/p>\n

Source AP<\/em>
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