Two major international payment platforms, Payoneer and Perfect Money, have announced their decision to cease providing services in Myanmar, citing regulatory complications in the military-controlled country.

According to reports from Myanmar Now, the withdrawal is a significant blow to Myanmar’s online earners, including freelancers, e-commerce merchants, and content creators who rely on these platforms for receiving international payments. A resident of Naypyitaw using Payoneer mentioned that the company pointed to complex financial regulations imposed by Myanmar’s military regime as the reason for suspending operations. He highlighted a long-standing issue: local banks in Myanmar are not recognized on global financial platforms, making it challenging for users to access their earnings.

Perfect Money, a Swiss-based financial service, has gone further by announcing a complete shutdown of its operations for Myanmar residents. The company will close all existing accounts by November 19, giving users a 30-day window to withdraw any remaining funds. This move also blocks new account registrations for Myanmar residents, adding another layer of difficulty for those seeking to conduct online business.

The exit of these two companies reflects the broader financial isolation faced by Myanmar since the military coup in February 2021. The regime's control over financial regulations and lack of recognition by international banking systems have led to increased restrictions. Payment platforms are finding it increasingly difficult to operate within this landscape, leaving local online workers with limited options for receiving payments from abroad.

The impact is already being felt among freelancers and digital entrepreneurs who are now exploring alternatives like cryptocurrency transactions or smaller regional payment solutions, though these too come with risks and uncertainties in the current political climate.
 

BOB Post