Myanmar Mobile Money and its consulting partner Mobilemate Telecommunication have launched mobile money services in Myanmar using the MoreMagic m:Wallet platform developed by France's Oberthur Technologies.

Based in Yangon, Myanmar Mobile Money provides basic financial services across Myanmar through its network of agent and partners. Singapore-based Mobilemate Telecommunication provides project management and consulting in Myanmar and Vietnam.

The Myanmar Mobile Money Service was launched with the permission of the Central Bank of Myanmar in support of the government's initiative to provide better financial services. The service includes person-to-person transfers, agent-assisted cash-in and cash-out, mobile airtime top-up, salary disbursements and merchant payments.

Rollout of the service started in major cities in Myanmar at the end of 2013. The partners expect to have 6,000 agents by the end of 2014 and anticipate seeing double-digit growth over the next five years, eventually serving 80 percent of the population with basic financial services.

"Relying on Oberthur's solution, we have the ambition to lead the mobile financial services revolution in Myanmar," Dr Kyaw Htoo Linn, Myanmar Mobile Money's CEO, said in a statement. "To achieve this, we are integrated with the country's existing mobile operators, MECTEL and MPT, and our network of mobile money agents also includes the Innwa Bank's national branch network."

The MoreMagic platform could be used in the future to offer microfinance and loyalty programs, Kyaw Htoo Linn said.

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