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A handheld solution to Myanmar's banking woes

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Traditional banks have not kept pace with Myanmar's growing financial needs.   © Reuters

BANGKOK Myanmar, one of Southeast Asia's least developed financial markets, seems primed for a takeoff in financial technologies usually associated with much more advanced economies.

Fintechs potentially offer a fast track to financial inclusion for Myanmar's largely unbanked population of 53 million, thanks to the rapid market penetration of the mobile phone. The new government under de facto leader Aung San Suu Kyi seems keen to seize the opportunities presented by the spread of fintech -- ranging from small and simple applications to more sophisticated functions.

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