A person or organization wishing to act as a mobile financial services provider must establish a separate company under the Myanmar Companies Act and apply for registration with the Central Bank in accordance with the stipulations to provide mobile financial services. This provision shall not apply to commercial banks.

Applicants for Mobile Financial Services:

(a) At least three billion kyats of capital must be invested;

(b) The following documents and information shall be submitted when applying for registration certificate to the Central Bank:

(i) Registration fee which is 0.1% of the capital;

(ii) process and nature of mobile financial services;

(iii) types of mobile financial services you want to provide;

(iv) location of business; Agent Network A business plan for the next three years, which includes information on proposals and hiring rates;

(v) details, including information on the applicant's board of directors and senior executives;

(vi) the Ministry of Communications and Information Technology has no objection to the mobile network operator and the non-bank financial institution has no objection from the regulator of that organization.

(vii) other information and documents required by the Central Bank.

(a) The mobile information service provider shall submit the following information to the Central Bank within two weeks after appointing a person or organization as a representative:

(i) Name of the representative;

(ii) the location of the agent business and the permanent address of the business;

(iii) Full contact information of the agent;

(iv) Information that differs from the provisions of the Standard Agent Agreement.

(b) The mobile financial service provider shall send a notice to the Central Bank within two weeks in the event of any change in the information mentioned in paragraph (a).

(a) Mobile financial services provider:

(i) may use the Agent exclusively or in conjunction with the Agent to provide services to the Communications;

(ii) Do not have a separate representative for your business.

(iii) be legally responsible for all activities relating to the mobile financial services provided by his appointed agents and matters related to that business;

(iv) The internal audit report of the department shall be submitted to the Central Bank six months after the commencement of the mobile financial services business.

(v) the list of appointed representatives; The type of business that the agents are allowed to carry out; The prescribed service fee shall be announced to the public.

(b) The mobile financial service provider must submit the following to the Central Bank for the purpose of using the agents:

(i) Where the mobile financial services will be provided by representatives for the next three years; Regional proposals;

(ii) the policies and procedures that the mobile financial services provider may apply to its affiliates;

(iii) Services to be provided through an agent;

(iv) A copy of the draft Agent Agreed Standard Agreement;

(v) Policies and procedures to be followed in relation to the services to be provided through the agents;

(vi) Risk assessment report, which describes ways to remediate potential risks in providing mobile financial services through agents;

(vii) the policies and procedures of the agent; versus

(viii) Any other information required by the Central Bank.

(d) Agents shall provide complete information on which mobile financial services provider they are representing and the person contacting the mobile financial services provider.

(e) Agents shall not be liable to charge any fees other than the service fee authorized by the mobile financial services provider.

(f) The agents shall inform the contact person of the fees and expenses which they shall receive when opening the account and shall make such fees and expenses shall be made public in the place of work of the agent.

The mobile financial service provider must have at least the following systems and controls for the mobile financial services business:

(a) Adequate internal control systems; Strong management; Administrative and accounting procedures;

(b) internal Procedures and responsibilities of anti-money laundering law and anti-terrorism law;

(c) plans for sustainable and complete disaster recovery and recovery;

(d) Effective audit plan to periodically review security measures and critical systems.

The mobile financial service provider must always open a bank account with a balance equal to 100% of the expected amount. The funds are held as liquid assets and must be kept separate from other accounts of the mobile financial services provider.

The mobile financial service provider must always adjust the balance of the deposit and the balance in the trust account no later than 4:00 pm daily.

(a) The mobile financial service provider shall replenish the liquidity receivable amount in the trust account if it is less than the expected amount, not later than 12:00 noon on the day after the date of the deduction;

(b) The mobile financial services provider shall not open new mobile financial accounts until the inconsistencies mentioned in paragraph (a) above are corrected.

(a)      Mobile financial services provider:

(i)       Mobile currency accounts and services shall be provided in Myanmar Kyats only.

(a) The mobile financial service provider has the right to perform the following services:

(i) Opening and maintaining mobile financial accounts;

(ii) Depositing and withdrawing money to mobile money account;

(iii) Money transfer between mobile financial accounts;

(iv) Internal payment between individuals;

(v) Local payment between person and government;

(vi) Local payment service between person and business;

(vii) Internal business payment between businesses;

(viii) Other activities prescribed by the Central Bank from time to time.

(b) The mobile financial service provider shall submit to the Central Bank a copy of the audited annual report within three months after the end of the financial year;

(c) The change or enhancement of the mobile financial service provider payment system of the mobile financial service shall be made only with the permission of the Central Bank. The Central Bank shall be notified of the proposal for such amendment 30 days in advance.

(a) The mobile financial service provider shall immediately notify the Central Bank in writing no later than two business days if the following matters occur:

(i) finding suspected or fraudulent facts related to mobile financial services;

(ii) security breaches that could jeopardize the security and efficiency of the mobile financial services business; Interruption of service or any other significant incident;

(iii) Mobile financial service interruption lasts more than two hours;

(iv) any indication of loss of confidential information of the mobile financial services system;

(v) any other matter prescribed by the Central Bank.

(b) The mobile financial service provider shall notify the Central Bank within two weeks if the information in paragraph (a) above changes.

(a) The mobile financial service provider provides mobile financial accounts; Contacts Representatives; Accurate and accurate information regarding each contact operator's mobile financial activities and balances and deposit accounts deposited in the bank shall be maintained.

(b) The mobile financial service provider shall retain such records for at least five years.

(a) The mobile financial service provider shall open the mobile financial account with the account holders electronically or in person. A written agreement must be signed in person or in person.

(b) The agreement shall contain at least the following points:

(i) Identifying facts that can identify the account holder;

(ii) It clearly states that the owner has the right to redeem the amount of money in the account.

(iii) Complaints grievance redressal procedures and contact information and contact information of the mobile financial services provider.

Mobile financial services provider; Agents and intermediaries shall keep the contact information and contact information confidential.

The grievance procedure must include at least the following:

(a) Providing information about the communicator protection system so that it is readily available during regular business hours and after business hours;

(b) orally; Easily file a complaint in writing;

(c) setting a time frame for filing complaints; versus

(d) Resolve complaints within five working days from the date of receipt of the complaint.

The mobile financial service provider shall submit to the Central Bank quarterly reports on the completion of the action taken by the contact person regarding the mobile financial services service.

(a) If the Commercial Bank wishes to carry out mobile financial services, it shall obtain the permission of the Central Bank in accordance with the procedures to be followed for the new service.

(b) The provisions of this regulation are the Financial Institutions Act and the provisions of the န့် long shall apply to commercial banks.

The mobile financial services provider and its agents are responsible for the marketing and marketing techniques used. Business logo All signs and activities will be completed in 2016. Do not act like a licensed bank under the Financial Institutions Act.