As recently as 2013, CNN described Myanmar’s banking system as “outdated and debased, open for decades to abuse by the previous regime, and shunned by about 90 percent of the population.”
The article described the story of a man who kept only a small portion of his money in the bank, and he only did that for fear of a house fire. The majority of his wealth he held in cash, in his home.
That story exemplified the skepticism with which people viewed the banking system, and the situation is not entirely different today. Mistrust of the financial system pervades the majority of Myanmar’s 53 million people.
For more on this story visit the following link: Fintech Holds The Key To Myanmar’s Future