E-commerce legislation forthcoming on the back of growth potential

“Despite being left behind, Myanmar has mostly leapfrogged the era of shopping malls and other modern trade platforms into the digital age. In Myanmar, the modern retail trade will expand according to GDP but e-commerce will grow exponentially,” said Daw Win Win Tint, chair of the Myanmar Retailers Association.  Things could develop even faster if the forthcoming legislation is aligned with the ASEAN e-commerce agreement signed in Singapore on November 12. The agreement, finalised after nine rounds of negotiations which started last June, aims to facilitate cross-border e-commerce transactions and foster greater regional growth, said Chan Chun Sing, Singapore Minister of Trade and Industry. By 2025, ASEAN’s Internet economyis expected to hit US$200 billion of which e-commerce is set to expected to expand to $88 billion, Mr Chan said.  Domestic potential Myanmar is among the ASEAN nations with the strongest potential for growth in e-commerce. “More and more people are seeking to start online shops on Facebook. They have become savvier with deliveries and payments. Meanwhile, people are gradually moving online for their shopping needs. I think we will see a high percentage of growth in  e-commerce in 2019,” said  U Min Min, CEO of Myanmar online marketplace Barlolo.com. U Mike Than Tun Win, founder and CEO of travel portal Flymya, said demand for online shopping options has spiked along with Myanmar’s quick and sudden access to the internet. “Myanmar people are very interested in online shopping as Myanmar was the last to digitalise in the region, so internet speed… [Read full story]

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