Issues Encountered Regulating FinTech within Financial Service Businesses of Myanmar

This study was to identify the regulations for FinTech in Myanmar and find out the issues encountered regulating FinTech within the financial service businesses of Myanmar. FinTech ecosystem does not exist significantly yet and financial inclusion remains challenging in the lowest financially literate population or in the unbanked areas. Some FinTech start-ups are working in an uncertain legal environment that poses risks to the stakeholders in some ways while the benefits may be well presented to the economy. The banks are on a digitization journey under the existing legal framework that used to be adaptable to the development. The research finding was conducted through a structured survey to a sample size of twenty-two senior executives from some commercial banks, investment firms, insurance company, FinTech start-ups, Tech Hub, IT businesses and payment services provider out of thirty-six population targeted. The survey included thirty-nine statements finding out the issues with regards to regulating FinTech in six different sections. From this finding, the highest response rate hit the issues encountered regulating FinTech are related to: cross-department coordination within the government; adequate regulatory support; managing the underlying issues. The other issues include the need to collaborate with the international partners, supportive government budget and addressing AML/CFT issues in order to develop an adequate FinTech ecosystem, a stable and efficient regulatory environment. The profound government has profoun