Free from sanctions, state-owned MFTB upgrades services

One of three state-owned financial institutions recently taken off the US sanctions list says it has made a concerted effort to upgrade its services since the current government took power in April, under instruction from the Ministry of Planning and Finance. Myanma Foreign Trade Bank, established in 1976, held a monopoly on the foreign exchange […]

Frontier Markets: Myanmar, Explosive GDP Growth

The reason I’m revisiting Myanmar is because recently the State Bank of India (SBIN), together with the Vietnam Bank for Investment and Development, Taiwan’s E SUN Commercial Bank (2884:TT), and South Korea’s Shinhan Bank, were all granted permits to operate in that country. Last year, the first round of permits were granted to ANZ Banking […]

Maybank to help Myanmar firms raise regional capital

Maybank will offer a number of services in Myanmar including project finance and corporate lending, said Pollie Sim, CEO of international business at the Malaysian bank. It will also be willing to help companies raise capital through regional equity or debt markets, she said at the launch of the bank’s Myanmar branch office on October […]

Singapore is Myanmar’s third largest trading partner

Singapore was Myanmar’s top overseas investor in 2014, accounting for more than half of the over US$8 billion in total inflow, which had doubled from US$4 billion in 2013, according to a report in the China Post on 6 July. The information was given by Singapore’s Deputy Prime Minister Teo Chee Hean who added that […]

OCBC, UOB banks open branches in Myanmar

YANGON: Singapore banks OCBC and UOB officially opened branches in Myanmar on Thursday (Jul 2), becoming some of the first foreign banks to set up operations in the emerging economy. Singapore’s Deputy Prime Minister Teo Chee Hean, who was present at the banks’ opening ceremonies in Yangon, said the economic partnership between the Republic and […]

For foreign lenders, Myanmar is no zero-sum game

SINGAPORE – A Foreign bank setting up a branch in Yangon must take its first step together with eight other lenders, all eager to tap a country that has been in isolation for more than 50 years. But international lenders noted that co-operation, not direct competition, will serve the greater good for now. “Competition among […]

Banks on charm offensive in Myanmar

FOREIGN banks venturing into Myanmar are expected to flex their muscles by investing in, and advising, the fledgling local financial market – and that includes efforts to lift standards of local bank staff. The charm offensive in recent years cannot be underestimated. Besides proving long-term commitment to this frontier market, international lenders need the blessings […]

Strong pipeline’ follows first onshore loan by UOB

UOB has a “strong pipeline” of projects set to follow its loan to a hotel development this week. The deal marked the first onshore loan by a foreign bank in Myanmar, according to company representatives. Singapore-based UOB received permission to open its Yangon branch for May 4, and announced the loan to Rangoon Excelsior in […]

Singapore firms rush to Myanmar, a slice of good life in hand

SINGAPORE — Three years after Myanmar liberalised its economy, a second wave of Singapore companies is flocking to the rapidly-developing South-east Asian country — setting up upmarket pre-school centres, swanky bars and eateries, as well as building posh condominiums. Quaich Bar and the Whisky Store, the Les Amis Group, as well as pre-school operator Modern […]

OCBC plans to up capital in 3 years

Opening its branch on Thursday, Singapore’s Oversea-Chinese Banking Corp (OCBC) sees the possibility that the branch’s capital would be raised within three years. On the first day of operations, over 10 accounts were opened. OCBC is the second to open a branch in the country, after the Bank of Tokyo-Mitsubishi UFJ which opened its door […]