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Mobile banking service in Myanmar

Myanmar’s Yoma Bank, in association with telecom service provider Telenor Myanmar, has started commercial testing of a joint mobile banking service, called ‘Wave Money’. The service allows customers to transfer and receive money through local storefronts called ‘Wave Shops’. Wave Money is now undergoing a test phase with a number of retailers and distributors in Upper Myanmar, according to Wave Money CEO Brad Jones. The test would run during the next two months, he added. The company expects to receive regulatory approval for a full launch in early 2016.

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