Myanmar eyes cashless future for rice industry

Getting your Trinity Audio player ready...

Myanmar is launching a new initiative to encourage the agricultural industry to adopt digital technologies.

The country will launch its new initiative titled “MRF RICE – Rice Industry Cashless Ecosystem,” according to a report by The Global New Light of Myanmar. This new effort by the Myanmar Rice Federation (MFR) aims to encourage all stakeholders across the supply and distribution chain to adopt mobile money and digital payments.

Once launched, the program will be implemented in collaboration with banks and financial institutions, in line with the Myanmar Digital Economy Roadmap 2030 and the country’s central bank guidelines. The initiative aims to promote financial and banking literacy across the private rice sector, as well as digital payment systems and digital banking services for farmers, rice millers, traders, exporters, and brokers.

The use of electronic payment platforms, including MMQR-Myanmar Pay and online banking services, will be promoted nationwide. In addition, the MRF will use this initiative to integrate the federation’s other developmental projects related to digital transformation, modernization, and sustainable development.

During the initial phase, the MRF will collaborate with A Bank to share information and experiences and enhance the practical use of digital financial services among stakeholders in the Ayeyawady Region’s rice industry.

An MRF RICE Seminar is scheduled for March 2026 in Ayeyawady, with over 300 farmers, brokers, traders, exporters, and financial service providers expected to join. The seminar aims to disseminate knowledge on practical digital payment systems and services, and, more importantly, to contribute to the development of the rice market through digitalization.

As of writing, the official launch date of the MRF RICE – Rice Industry Cashless Ecosystem has not been announced.

Technology is taking over agriculture

As we progress toward a more digital world, sectors that once seemed unaffected by technology are gradually becoming more efficient through its use.

In 2024, a report cited that artificial intelligence’s agricultural market share is projected to rise to $10.1 billion by 2032 from its 2024 market share of under $2 billion. This is due to labor shortages plaguing farms around the world and the need for sustainable agricultural practices.

Watch | From farm to plate: Blockchain revolutionizes livestock industry