UOB oversees Asian business expansion in Myanmar

The Singapore-based United Overseas Bank (UOB) has served as a business consultant to more than 50 clients since its establishment in Myanmar last year, according to the bank. Seven out of ten business groups in Asia are planning to expand their business into Myanmar in the coming year, according to a survey of the UOB. […]

Myanmar’s oil and gas boom fuels services scramble

YANGON — As economic and political changes brewed in Myanmar four years ago, Yadana Su Hlaing decided it was time to return home after a decade studying and working overseas to help run Smart Technical Services, the Yangon-based oil and gas support services company founded by her father, K.K. Hlaing. Her timing could not have […]

Slow entry of foreign banks hinders small and medium enterprises

As foreign banks are not yet permitted to offer full services in Myanmar and confined to run representative offices, local small and medium enterprises are facing hardship. Some of the SME businessmen said that they have to brace for more expenses and time in running their businesses, including money transactions with foreign countries, and that […]

‘We Are Worried That All Our Talented Employees Will Move’

Late last year, the Central Bank of Myanmar announced that they will allow some foreign banks to begin offering limited financial services in 2014. Thirty four international banks have opened representative offices in Myanmar after gaining Central Bank approval. The conditions under which they will be allowed to begin offering banking services remain unclear, however, […]

Myanmar’s emerging rich

As Myanmar’s economy steadily grows, a higher percentage of Yangon’s population are finding themselves with more cash to spend. Imported products from Thailand and Hong Kong can be seen on display in downtown shopping malls – something that would have been impossible two years ago as foreign goods were banned under the military junta. Big […]

Bayer Opens New Office in Myanmar

German pharmaceutical company Bayer HealthCare has opened a new office in Yangon through its subsidiary Bayer Thai, the company announced. Bayer also signed an agreement with India-based Mega Lifesciences – a distributor of pharmaceutical and consumer goods – to distribute products of Bayer’s healthcare division in Myanmar. Bayer’s products to be distributed in Myanmar include […]

Myanmar launches construction and housing development bank

Myanmar has officially opened a first-of-its-kind bank yesterday in its commercial capital “Yangon”, according to sources. Construction and Housing Development (CHD) Bank was opened on January 11 at No.60, Shwe Dagon Pagoda Road, Dagon Township in the capital. Long-term personal loans for buying houses, apartment and condo flats are now available from the bank, according […]

Exim Bank of Korea to enter Myanmar

YANGON—Myanmar has allowed the Export-Import Bank of Korea to open a representative office in Yangon, according to the Directorate of Investment and Company Administration. The bank registered at the DICA on December 18 to open its office. Established in 1976, the bank has supported South Korea’s export-led economy by providing loans, financing mega-projects, and facilitating […]

Myanmar, U.S. universities to cooperate in education

YANGON, Dec. 20 (Xinhua) — Universities of Myanmar and the United States are seeking cooperation in the field of education and a memorandum of understanding between the Yangon University and the Johns Hopkins University is expected to be signed soon, state media reported Friday. Discussions have been made between Myanmar’s Acting Education Minister Myo Myint […]

Chevrolet opens new centre in Myanmar

Chevrolet has opened a Brand Experience Centre and is launching a three-tier corporate social responsibility (CSR) campaign as part of its unique entry strategy in its newest market of Myanmar. Chevrolet earlier announced that it would enter that country by appointing Pacific Alpine Myanmar as its exclusive distributor. Pacific Alpine Myanmar plans to establish a […]