Singapore strengthens economic, banking links with Myanmar

A two-day Singapore government visit to Myanmar has resulted in a drive to increase economic ties and cooperate in the field of banking and finance, according to a report by Channel News Asia on February 3.

The Singapore-based news service said the initiatives were announced during Singapore Emeritus Senior Minister Goh Chok Tong’s visit to Myanmar. Mr Goh has just completed a two-day visit to the country, which he last visited in 2013.

A Joint Ministerial Working Committee, which was established in 1995 and lapsed in 2001, will be revived this year to promote areas of trade and investment, finance and law. Singapore’s Trade and Industry Minister Mr Lim Hng Kiang will co-chair the committee with Myanmar’s Energy Minister U Zay Yar Aung.

On the financial front, the central banks of Singapore and Myanmar announced they were entering into a Memorandum of Understanding to strengthen bilateral cooperation.

The MOU was agreed during a meeting today between Mr Goh and the Central Bank of Myanmar Governor U Kyaw Kyaw Maung in Nay Pyi Taw.

Under the proposed MOU, the Monetary Authority of Singapore and Myanmar’s central bank will cooperate on banking supervision and capacity building.

The move comes after the Central Bank of Myanmar awarded licences to nine foreign banks in October last year, allowing them to provide restricted services such as wholesale banking.

Two Singapore banks, Oversea-Chinese Banking Corporation and United Overseas Bank, are among the licence winners.

Source: Mizzima

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