Mastercard establishes local office in Myanmar

It also plans to appoint a country business development manager.

Mastercard has established a local office presence at Yangon as part of its commitment to take steps to incorporate an entity in Myanmar, the payments network announced in a press release.

It also plans to appoint a country business development manager.

Myanmar’s GDP growth is expected to rebound to 6% in 2021, making it one of the fastest growing economies in the Southeast Asian region, based on data from the Asian Development Bank.

The market presents many opportunities in the digital front. For example, despite less than a quarter of the country having a bank account, 80% of its citizens own a mobile phone, with many using their devices to conduct transactions and remit funds digitally, according to Mastercard.