In an apparent attempt to reduce openness surrounding firms following the coup, the military has blocked access to a business registry database of foreign and local businesses in Myanmar.

The Directorate of Investment and Company Administration (DICA), a subsidiary of the junta's planning and finance department, has begun to prohibit subscription access to details on the Myanmar Companies Online (MyCO) portal.

Previously, the MyCO business registry database provided comprehensive information on current and former directors and shareholders. This includes their ownership interest and date of nomination to their respective firms, as well as their ID numbers and dates of birth.

Prior to the recent blockages, access to a company's data could be obtained for 10,000 (USD 5) or 20,000 kyats (USD 10). The platform is primarily being used by the media, transparency monitoring organizations, and others interested in investing in Myanmar.

On Wednesday, a DICA employee confirmed the new limits' implementation to Myanmar Now. The department stated that such information would no longer be accessible. The publicly available information about the companies, such as the registration dates, locations, and names and nationalities of the directors, has not been altered.

In compliance with the 2017 Myanmar Companies Law, Myanmar implemented an electronic company register system in August 2018. The Japanese government supported the project to facilitate easy-to-use online registration that would encourage investment and the expansion of the private sector.

Groups who supported government-led attempts for economic sector transparency, such as the Myanmar Centre for Responsible Business, applauded the action (MRCB). Vicky Bowman, the director of MRCB, and her artist husband Htein Lin, a Burmese, were detained and imprisoned by the junta at the beginning of September.

The junta's limitations on MyCO, according to the rights group Justice for Myanmar, are an effort to reclaim control of the country's economy after the coup in February 2021 and to protect the economic interests of military rulers. According to Yadanar Maung, the group's spokesperson, "this will further aid to expedite their illegal activities, which include money laundering and asset theft."

Lt-Gen Aung Lin Dwe and Lt-Gen Moe Myint Tun's commercial interests had already been made public by Myanmar Now. Both belong to the military council, and the latter serves as the Investment Commission's chair.

What Are The Data From The Business Registry Database Most Typical Use Cases?

KYC and risk analysis are the two use cases for company registration data that are most prevalent. Below is a list of some essential use scenarios.

1. Due Diligence: Before participating in prospective business deals, organizations analyze their operations using information from the company registration.
2. KYC and Risk Analysis: The "Know Your Customer" (KYC) procedure confirms a company's identification and assesses the risks associated with entering a commercial relationship. Businesses and financial services organizations utilize this information to understand their clients better and reduce any risks associated with doing business with them.
3. Identity resolution: Organizations and financial services use this data to learn more about their clients, create standardized B2B client profiles, and provide tailored omnichannel client communications.
4. Fraud prevention: The fraud prevention process assesses and steers clear of commercial relationships and transactions that may result in a financial loss or damage to one's reputation. This information is used by businesses to verify the identity of prospects before conducting business with them.
5. B2B Fraud: B2B payment fraud risks disrupting business operations and damaging reputations. The complex methods that fraudsters employ make it more and more difficult to detect and prevent fraud. Utilizing data patterns, machine learning technologies can identify potential fraud concerns before they materialize.
6. Supplier Risk: Global supply chains used in the modern day are controlled by several partners in various countries. Companies are engaging third-party vendors more frequently to carry out critical strategic imperatives. The number of third-party activities is growing, but so is their complexity. To prevent possible losses, businesses must evaluate their risk management strategy and identify supplier risks.

What Problems Are Frequently Encountered When Purchasing Data from Business Registry Databases?

Data from business registries is utilized for risk assessment and KYC. Making sure the data is current is the fundamental difficulty. You must also confirm that the information is pertinent to your needs because it is utilized for several purposes.

When purchasing company registry data, issues such as source reliability, compliance, and data timeliness frequently arise.

• Source credibility: Verifying data sources while purchasing company register information is the most significant challenge. Please ensure all potential vendors can attest that their data is regularly checked for quality and that their sources are reliable.
• Compliance: You must confirm that the vendor complies with data privacy laws like the GDPR and CCPA because business registry data may contain personally identifiable information. The rules governing data protection and privacy vary from country to country. Therefore, the data must comply with the regulations of the area where you wish to do business.
• Timeliness of the data: As businesses change their addresses or status over time, business registration data also evolves. This data must be current when making choices on risk analysis (or any other significant decisions).

Business registry data can fuel a wide range of machine learning use cases. Think about lead scoring, improving field sales, and the likelihood of small business loans defaulting.