CBM Net to bolster domestic bond market

The Central Bank of Myanmar’s new real time settlement system should help create a more liquid secondary market for Treasury bonds, and help banks manage their collateral, the central bank’s deputy governor said. The system’s immediate benefit to banks is saving hours of work that would be spent manually clearing and settling transactions. Central Bank […]

Shwe Rural and Urban Development Bank opens head office

Shwe Rural and Urban Development Bank opened its head office in Yangon yesterday. The lender plans to set up 25 branches over the next five years, but will conduct most of its operations through a network of countryside-based agents. The privately owned bank – headquartered on the corner of Pansodan Road and Merchant Street – […]

CBM brings real-time settlement to banks

Myanmar’s banking system has taken another step toward modernisation, courtesy of the Central Bank’s new clearing and settlement system, which will make an “immense difference” to lenders’ day-to-day operations, bankers said. The long-awaited system – built with the help of the Japan International Cooperation Agency (JICA) – went live on January 6, according to an […]

Myanmar gold exchange to open in 2016

Myanmar’s first official market for gold and metal trading will open in Yangon early this year, U Khin Maung Han, vice chair of the Myanmar Federation of Mining Association, told The Myanmar Times. “Myanmar needs an official market for gold and metal,” he said. “Metal products must have fair prices and global-standard qualities. Otherwise, underground […]

Licensing, a milestone in banking industry

Greater convenience is one thing foreign companies doing business in Myanmar can expect as nine foreign banks gradually start their operations within the first half of next year. The licensing is also another milestone of the country’s economic reforms, which have so far been successful in drawing foreign investment and the momentum should continue with […]

KBZ Bank named best bank in Myanmar

Deposits at Kanbawza Bank have risen to US$4 billion, according to bank executives speaking days after the bank won two awards for its services at a ceremony in Singapore. On July 10, KBZ Bank was named Myanmar’s Best Domestic Retail Bank and selected as the Myanmar bank with the Best Core Banking System Initiative by […]

Myanmar to grant licences to foreign banks by September

Myanmar’s central bank has said it plans to grant licences to foreign banks by September as it seeks to boost the flow of money to local businesses in the once tightly controlled economy. NAY PYI TAW, Myanmar: Myanmar’s central bank has said it plans to grant licences to foreign banks by September as it seeks […]

JICA onboard to help modernise banking systems

A new payment system to facilitate international business transactions could be in use in 2017, the Japan International Cooperation Agency (JICA) announced last week. Central Bank deputy governor U Set Aung and JICA Myanmar’s chief representative Tanaka Masahiko signed the agreement to modernise the funds payment and securities settlement systems on February 4. “We have […]

UK Trade Minister stresses 4 hindrances for investments in Myanmar

The United Kingdom’s Trade and Investment Minister Stephen Green, on his first visit to Myanmar, stressed four key areas Myanmar needs to improve to receive more foreign investments. Lord Green said the UK recognizes the attractiveness of Myanmar market but the key hindrances for foreign investments are the corruption and lack of transparency, physical and […]