Burma Signs Trade Finance Agreement with ADB

RANGOON – Burma’s government signed a framework agreement with the Asian Development Bank on Wednesday that will allow the latter to introduce its Trade Finance Program (TFP) to the country. In a statement issued by the Manila-based institution on Wednesday, Maung Maung Thein, Burma’s deputy finance minister, welcomed the program which he said will enhance […]

More to be done to boost local financial sector

Myanmar is yet to further strengthen local financial institutions given the low number of bank accounts held by its citizens as well as limited lending to small and medium-sized enterprises (SMEs), said a German expert. “Currently, Myanmar’s financial sector has too few depositors. The majority of people have no significant role in the sector. The […]

BTMU Eyes Raising Banking Professionals’ Competencies

The Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU) announced that it will fund the development of a learning centre at the Myanmar Institute of Banking (MIB), the training arm of the Myanmar Banks Association (MBA). The Japanese bank said the learning centre will be equipped with the latest computer equipment and training resources, and the centre […]

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 […]

Myanmar to amend 23-years old financial institutions law

Myanmar will soon amend its 23-years old financial institutions law, according to officials at a recent press conference. The conference was held on October 5 at the office of the Myanmar Banks Association. “The law is too old as it was enacted in 1990. That’s one reason. And the country has made many changes in […]