All Ongo mobile wallet accounts are monitored and regulated by the Central Bank of Myanmar under the Mobile Banking License directive through Myanmar Oriental Bank.
In 2016, the Central Bank of Myanmar rolled out the Mobile Financial Services (MFS) regulation, allowing licensees to offer kyat-dominated cash-in and cash-out services, money transfer and domestic payments.
Applicants for the MFS require a minimum capital of K3 billion (US$2.5 million) and an application fee of 0.1 percent of the minimum amount. Fintech companies are allowed to apply for mobile banking licenses, which were first issued in 2013 under the support of the Mobile Banking Directive. These licenses are given to traditional banks, and ﬁntech firms need to operate under a bank license.
VisionFund Myanmar (VFM), a British microfinance institution, together with the UK’s Department for International Development (DFID)’s DaNa Facility announced last month they will invest $1.7 million for a digital financial services scheme targeting the rural population.