Safe Payment System: Actions To Be Taken Against Unlicensed Online Money Services

People are using financial services through the unlicensed mobile payment services while the Central Bank of Myanmar [CBM] is making efforts to systematically develop the payment system. Under the set rules and regulations, the Central Back of Myanmar is going to take such legal actions as financial penalties and sentences of imprisonment against the unauthorized online money services and organizations.

Director General, Central Bank of Myanmar said “We have to take responsibility to develop the financial payment systematically. In fact, we are seeing many financial losses when people are collecting money and making payment by using unlicensed mobile applications via online. So, what can we do for that? We open call centers in order to inform when they have difficulties and losses. Not only that, together with raising awareness, the online unapproved financial services and organizations will face fines and jail sentences as being against the laws.”

The Director General added that the online financial services and payment organizations holding the mobile financial service MFS license issued by the CBM can be checked at the website cbm.gov.mm for safety and trust.

Director General, Central Bank of Myanmar said “To get safe online financial services, people need to check the service providers at the CBM website. If the service providers are not on the list at the website, people should not go ahead. If we find out the illegal actions, we will take such legal actions as financial penalties and sentences of imprisonment. So, people should trust and use the MFS licensed and authorized mobile financial services and applications. I’d like to urge the unofficial financial providers and organizations to get license from the CBM.”

The Central Bank of Myanmar permitted eight banks for mobile payment system, 5 financial providers for mobile financial services and Trusty, Unipay, Zego and OK$ [OK Dollar] for money services. Moreover, other close groups for small financial services are also permitted, it’s learnt.