MEB, six private banks to lease K30 billion to SMEs

Myanma Economic Bank, teaming up with six private banks will give K30 billion loans to small and medium enterprises (SMEs), according to Ministry of Industry. The country’s SMEs can acquire loans from the Myanma Oriental Bank, Ayeyawady Bank, from Co-Operative Bank (CB), commonly known as CB Bank, the Myanmar Citizens Bank, the Kanbawza Bank and […]

Public buses and taxis lack full insurance

Long-distance buses – including those that ply the notorious “Death Highway” between Yangon and Mandalay – lack sufficient insurance coverage, insurance officials say. They have embarked on a campaign to persuade bus companies to take out insurance so they can compensate passengers for their injuries in the event of an accident, and say that many […]

Emerging Myanmar discovering it pays to insure

YANGON – It was only when Aye Aye Nge’s pharmacy burned down for the second time that she thought about taking out insurance, a novelty in impoverished Myanmar where most people either can’t afford to buy premiums or don’t trust those selling them. The two blazes — one in 2010 and then in January this […]

IKBZ hopes to capture new business with online platform

Local insurer IKBZ is hoping to become the first firm to allow people to buy its policies online – through computers and mobile devices – early this year, a senior official at the insurer told The Myanmar Times. The firm plans to start offering insurance policies online in January, with the option to register on […]

Sompo Japan offers car insurance in Myanmar

Sompo Japan Nipponkoa Insurance has entered Myanmar’s auto insurance market in a first for a foreign company. The Japanese nonlife insurer recently began selling car insurance in the Thilawa special economic zone to the southeast of Yangon. It will mainly market vehicle insurance, as well as bodily injury and property damage liability coverage, to customers […]

Uptown office added for Myanma Insurance

Currently its main office is in Pabedan township on Strand Road, but given increasing traffic levels, this is inconvenient for many people, said deputy finance minister Dr Maung Maung Thein at the opening on September 8. The new office was arrange with assistance of the Road Transportation Administration Department, and will be outfitted with six […]

Private marine insurance as soon as this month: deputy minister

Private marine cargo insurance will be allowed to begin operating as soon as this month, according to deputy finance minister Dr Maung Maung Thein. Marine cargo insurance covers the loss of cargo when it is shipped from the point of origin to a final destination, including when it is sitting at the ports. State-owned Myanma […]

Myanmar to establish Credit Guarantee Corporation for SMEs

Myanma Insurance plans to establish the Credit Guarantee Corporation using Japanese aid for small and medium enterprises (SMEs), said Sett Aung, Vice Chairperson of the Central Bank of Myanmar on December 20. “Although a credit guarantee scheme exists, we plan to establish a corporation with the aid of a Japanese bank. Japan sent analysts to […]

Myanmar’s Lagging Public Infrastructure

Myanmar’s railway system is perhaps the last historical relic that anyone is lining up to save. While the moldy facades of colonial buildings are receiving makeovers with bright new coats of paint, any change that comes to this dilapidated rail system will likely be as slow as the train cars that jostle people and freight […]

Health, Loan Insurance Coming to Myanmar This Year

YANGON — Myanmar’s insurance industry will begin providing currently nonexistent health and credit guarantee insurance policies in the 2014-15 fiscal year, according to state-run Myanma Insurance. “We will operate health insurance and loan insurance services in the coming financial year,” said Aye Min Thein, managing director of Myanma Insurance. The fiscal year begins on April […]