August 2020

Yangon, Myanmar

Mingalarbar! We are pleased to announce that, at the end of August 2020, Sumitomo has successfully invested in NearMe, a fintech startup that enables retail stores to sell digital products and provides payment service in Myanmar.

NearMe sells digital products to consumers and provides payment service via terminal devices for its mobile apps through their partner stores. Consumers can make various payments through the terminals at the partner stores with ease.

Our aim is to utilise the 50,000 member stores that NearMe holds and increase the value of existing business, such as MPT, the largest telecommunication company in Myanmar. We also will foster the introduction of digital services that contribute to the sophistication of store management to the partner stores and the promotion of digital transformation (DX) across the entire supply chain such as food and retail business.

COVID-19 has created more awareness on the usage of contactless payment, and so has the Myanmar government, who has cited that it would push for more digitalisation in its country. Together with NearMe, we will catch this momentum and create a new digital platform in our country.

Lastly, our prayers to all that had been affected by COVID-19, and we hope for nothing but the best. 

One of our partner stores