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 […]

Local SMEs in need of loan

Small and Medium-sized Industrial Development Bank (SMIDB) and Japan International Cooperation Agency (JICA) are holding talks on the loan disbursement to local Small and Medium-Sized Enterprises (SMEs), according to the sources. “As part of it, the JICA is observing the local banks, but has yet to reveal the banks’ name. It seems that firstly the […]

Myanmar to adopt Mobile Banking System

Most local banks are not capable of providing mobile banking services although Myanmar Cenral Bank has authorized for such services. “At present, there are only a few banks proposed to offer the service. Some application forms need to be reapplied in order to complete data requirements. Mobile banking is not a new banking procedure. It […]

Foreign bank licences likely to be named by July

The Central Bank of Myanmar (CBM) will likely name the first group of foreign banks to be given independent operating licences by July as they prepare to bring in financing experts to narrow down the selection, a Central Bank official said. A deputy governor of the Bank, who requested not to be named as they […]

Local banks want partners in order to build capacity

With some foreign banks expected to begin operating in 2014, bankers are increasingly looking to the government and finance organisations to get them up to speed Despite continued efforts on the part of local banks to upgrade services ahead of the anticipated inclusion of foreign competition, bankers claim that they will require outside help in […]

Private banks impose extra charge on international money transfers

YANGON—Several of Myanmar private banks are charging nearly Ks 15 (US$0.015) per US dollar on international money transfers in addition to the transfer service fee, raising concerns among the local business people. “I usually work with my export earnings deposited in United Amara Bank, Asia Green Development Bank and Kanbawza Bank, especially for importing cars,” […]