To maintain a balance between deposit and loan, the institution will benefit from service fees charged at financial institutions (book-to-book transfers) and trading (FOREX and Commodity) commission fees. Personal services are conducted over the counter (at a teller) and remote services shall be provided via platforms such as Electronic Key Cards, Electronic Trading Platform, Internet Portal, Mobile Phone App (software), and Electronic POS (Point of Sale).

Zayar Properties is currently bidding on a government-owned heritage property in the capital city’s business district to transform into a headquarters and main branch during Phase 2.

Grumman Holdings will not be registered as a bank but as a full financial services provider.

According to Melvyn Pun of Yoma Strategic Holdings, Burmese people lack trust in banks.

“Banks are bypassed,” he said to a panel on CNBC. In order for Myanmar to grow, the country would need to “expand on non-bank services” and “leapfrog the traditional methods.”

The move toward digitization began in 2012 when banks were first able to give customers ATM cards.

These cards were followed by a wave of electronic payments apps, like CB Pay, KBZ Pay, AGD Pay, and MAB Mobile bank. The mobile currency operators of Wave Money, M-Pitesan, TrueMoney and OK Dollar all also appeared within the last five or so years.

Despite these options, adoption has been incredibly slow in Myanmar, especially outside of Yangon. In order to help adoption, Grumman Holdings intends to integrate its financial services into a large scale mixed use development project.

And young locals are beginning to clamor for more modern solutions, as a new government bus initiative has commuters scraping up exact change in small coins or risk being left on the side of the road.

“If you don’t have any change, you’re going to have trouble riding the bus. It’s not convenient at all to have to ask for change from the next passenger who gets on. I want the card payment system which I’ve been hearing about for a quite a while to be quickly implemented,” said 26-year-old Ma Thidar Lwin, who commutes daily via public transport, according to Consult Myanmar.

Myanmar was under a strict military dictatorship from 1962 to 2011. Its recent elections have dissolved the military junta and opened up the country to the rest of the world. Located directly between China and India, Myanmar is strategically located among major financial global powers. Its GDP was 69.32 billion USD in 2017.

Strengths as registering as a financial service provider over a bank are: