The Central Bank of Myanmar notified on 3 April that action would be taken against those fraudulent microfinance firms that misuse CBM’s logo under existing laws.
CBM issues banking licences, non-banking financial institution licences, mobile wallet service licences and foreign currency exchange licences to banks and non-bank financial institutions in accordance with the stipulations of the Central Bank of Financial Institutions Law and the Foreign Exchange Management Law.
The list of licensed institutions can be checked through https://www.cbm. gov.mm/.
A Quick Loan application that can be found on Google Play Store was found to be misusing the logo of the CBM without having any valid licence and advertising its microfinance service. They are attempting to spoof people with apps and deceive the victims into collecting profiles and essential information.
Therefore, CBM warned of the scammers and similar fraudulent firms. CBM is teaming up with law enforcement agencies to take legal action against those scammers under the existing laws. — NN/EM
