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""Cash in Context: Uncovering Financial Services in Myanmar""

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CASH IN CONTEXT : UNCOVERING FINANCIAL SERVICES IN MYANMAR TABLE OF CONTENTS 5. FOREWORD 54. REPRESENTATIVE INTERVIEWEE 76. Religion significantly impacts the CASE STUDIES attitude towards financial services 6. EXECUTIVE SUMMARY 56. Financially Integrated - Dr. Khin Kyi, Chief 78. Trust is an important factor in increasing Executive Officer of major domestic adoption of financial services and 14. INTRODUCTION medical supply company supporting the formal sector 58. Semi-integrated: Zarni, 24. METHODOLOGY Art Gallery Owner 82. COMPARATIVE ANALYSIS ACROSS FINANCIAL INTEGRATION LEVELS 26. UNDERSTANDING THE FIELD 60. Un-integrated: Than Zaw Oo, PARTICIPANTS INTERVIEWED Pottery Shop Owner 86. CONCLUSION 28. Demographic Statistics 62. HOW IS MONEY USED WITHIN THE 3 89. ABOUT THE RESEARCH TEAM 32. Financial Inclusion Statistics LEVELS OF FINANCIAL INTEGRATION ? 64. Financially Integrated – Dr. Khin Kyi 90. END NOTES 36. FINANCIAL SERVICES ACTORS 65. Semi Integrated - Zarni 38. Banking Landscape 65. Non-Integrated – Than Zaw Oo 39. Microfinance Sector 40. Insurance Providers 66. KEY FINDINGS 41. Payment Providers 68. Distrust of banking sector and lack of formal financial services development 42. COMPARING FINANCIAL SERVICE IN has driven heavy reliance on cash THE INFORMAL AND FORMAL SECTOR 72. The informal economy plays a significant role in financial services 46. FINANCIAL SERVICES provision IN THE ELECTRONIC WORLD 74. People predominantly save by investing 48. Prepaid Cards in tangible goods 50. Mobile Banking 76. Formal borrowing is risky, time 52. Online Payments intensive, and complex FOREWORD 5 FOREWORD This research theme runs central to many of MDRI-CESD’s other initiatives, namely studies and policy guidance on Myanmar’s agriculture sector, rural development, farmers’ access to credit, small and medium enterprises, micro-finance and broader economic reform issues. The following report created by MasterCard with the support of MDRI-CESD, explores the financial needs of Myanmar’s rural and urban communities. Most uniquely, it explores these issues through people’s own perspectives and words. This qualitative After half a century of military rule, study profiles financial consumers, many Myanmar’s reform process shows of whom are typically excluded from strong signs of heartening progress as the formal financial sector. It explores well as significant challenges still yet their interactions with the financial to be overcome. As the country opens sector and the issues they encounter its doors to the outside world, the within these processes. The findings government, along with domestic and of this inquiry provide key insights into international actors, is collaborating on service provision gaps, priorities for unprecedented political, economic and financial inclusion and strategic growth social reforms. opportunities for Myanmar’s financial services sector. The report’s insights As a research institute supporting have helped to build a greater knowledge Myanmar’s reform process, the base that can better inform financial Myanmar Development Resource policy design and implementation. Institute’s Centre for Economic and Social Development (MDRI-CESD) MasterCard, as one of the world’s believes that understanding the financial foremost financial service providers and needs of Myanmar citizens is crucial technology innovators, can be a valuable to ensuring evidence-based policy partner for Myanmar’s reform to develop recommendations and reforms that will insightful and world-class financial be effective in supporting economic solutions necessary for people-centered development and financial inclusion. development. Zaw Oo Executive Director MDRI-CESD 6 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 7 “Now we can dream about our future, EXECUTIVE now we can dream.” SUMMARY Maung Maung, Yangon taxi driver 8 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 9 • Online services for buying goods and perceptions of financial services, in turn booking reservations have launched, generating the following key insights. hoping to take advantage of the growing access to Internet. 1. Distrust in the banking system • Payment operators are trying to tackle and lack of formal financial services the excessive dependency on cash development has driven a heavy with payment cards to cover cash reliance on cash transactions such as bus fares. • Cash is considered more secure This report, supported by MasterCard since it is in-hand and anonymous, and the Myanmar Development as opposed to in bank accounts where Resource Institute’s Center for inflation, demonetizations, and corrupt Myanmar is currently undergoing a • Strong labor force potential Economic and Social Development staff have historically taken a toll. period of historically unprecedented (MDRI-CESD), takes a broad qualitative • Cash is preferred because of high time reform. After years of military rule, a new In contrast, some roadblocks remain : approach to understanding Myanmar’s costs and inconvenience of visiting government has ushered in political, financial services market, and the bank locations. social, and economic changes that • The presence of military involvement use of financial services in different • Cash is highly liquid, easily accessible have begun to lay a foundation for in most government functions population segments. Building from for immediate use or investment in greater countrywide prosperity in the • Political uncertainty dependent on academic research and a series of tangible goods. coming years. 2015 elections 72 informational and field interviews, • Cash is cheaper to transact in as • Major infrastructure gaps that limit the report aims to paint a picture of one avoids paying withdrawal fees, Key to the government’s reform is the mobile technology and Internet Myanmar’s unique relationship to remittance fees or transportation to role of economic development. Laws penetration financial services. the bank branch. and policies aimed at strengthening the • Limited capacity of labor force country’s economy and financial sector • Lack of quantitative data to inform Respondents have been categorized 2. The informal economic plays a have increased investors’ confidence decision making based on their level of integration in significant role in financial services and led to high levels of FDI flowing into the financial services sector into three provision the country. Significant opportunities Amidst the change, new services are groupings : for investors abound, including : also taking root, from private insurance • A vast informal sector and a historical to online and digital payment services : • Financially integrated gap in formal banking service provision • Geographic and natural resource • Semi-integrated contribute to the growth of informal endowments • The insurance sector, previously • Un-integrated financial services • Expected financial services industry dominated by state-owned, Myanmar These groupings have been used • Because of mistrust of banks and growth Insurance, is now opening its doors to analyze respondents’ usage and complex lending requirements, • Improved regulatory environment to private companies. 10 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 11 savings and borrowing sits in the when friends/family are unable to informal sector for all levels of provide loans. financial integration • For remittance payments, the 5. Religion significantly impacts the semi integrated and un-integrated attitude towards financial services population use both the bank and the Hundi system to transfer money. • Because of the significant role • While cash remains king and banks religion plays in Myanmar, making are often mistrusted, formal services, donations is a key and frequent like bank transfers, are used without practice. a bank account to transfer cash. • Religious leaders are trusted figures and are relied on for guidance in 3. People predominantly save by financial and business transactions. investing in tangible goods • Religion can shape which businesses or financial services a person • Savings are used to invest in gems, will use, particularly in the current gold and property to retain value. environment of religious tension. Gems and gold are stored at home. • Belief in fate and superstition can • Many businesses reinvest all profits impact a person’s attitude about back into their business in lieu of financial services, as well as how depositing money at a bank account. and when business activities are • Bank accounts can be used as a conducted. form of an electronic wallet, temporarily storing money until 6. Trust plays a key role in increasing invested elsewhere. adoption of financial services and supporting the formal sector 4. Formal borrowing is risky, time intensive, and complex • Mistrust of the formal financial sector is a key factor contributing • Obtaining formal loans is complex to low bank penetration levels. and time consuming even for • Government action in guaranteeing financially integrated users. private banks’ deposits leads to • Banks have stringent collateral building trust. In contrast, global requirements and time-consuming financial service brands are seen as loan application processes. As such, reliable and trustworthy. borrowing from friends and family is • Location and ease of access asterCard faces a significant the first choice for someone in need increases trust in banks. opportunity to demonstrate of extra cash. • Trust in the recommendations of its understanding of the • Pawnshops, where customers family, friends and community leaders M Myanmar market by
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