15 foreign insurers operating through proxies

Although international insurance companies are not allowed to trade in the union, 15 representative offices of foreign firms are operating, according to Myanmar Insurance Business Supervisory Board. A spokesperson from Manulife Financial said: “The Ministry of Finance decides if a business can operate. Currently, as Myanmar is not familiar with insurance, discussions and public talks […]

Indian insurer to open office in Myanmar

India’s state-owned New India Assurance has announced it will open a representative office in Yangon, after registering at the Directorate of Investment and Company Administration on September 5. Established in 1919, it operates insurance businesses in 23 countries, including Japan, Hong Kong (China), the Philippines, Thailand, Australia, Britain, New Zealand, Kuwait and Dubai. There are […]

Taking stock of StanChart’s absence

Some local bankers are linking Standard Chartered’s decision not to proceed in the race for a Myanmar banking licence to reports of a possible management shakeup at its United Kingdom headquarters. Industry observers said the United Kingdom-based bank has the most international reach of the 42 banks with a Myanmar representative office. However, Standard Chartered […]

List revealed of foreign banks to progress to get licences

The Central Bank of Myanmar released the names of 25 foreign banks which have progressed to the next round in the bid to be licensed, according to a July 15 news release. Some 30 banks had initially been pre-qualified, but only 25 applications were received, the release said. Myanmar has representative offices of 42 foreign […]

Foreign banks may set up shop this year

Officials aim for foreign banks to be introduced as early as this year, though questions still surround the process that could see up to 10 international banks licensed in Myanmar. Letters were sent to foreign banks with a domestic presence requesting expressions of interest by May 30. Lawmakers have since suggested hiring a foreign consultancy […]

Myanmar to Grant Foreign Banks Licenses by End of September

YANGON — Myanmar will grant foreign banks limited operating licenses by the third quarter of this year, in a bid by the country’s semi-civilian government to attract foreign investment into an economy just emerging from decades of military rule. An official document sent to more than 30 foreign banks with representative offices in Myanmar, and […]

Central Bank makes first step to licensing foreign banks

Foreign banks with representative offices in Myanmar have been invited to submit “expressions of interest” to the Central Bank of Myanmar, the first step in allowing foreign banks to operate in Myanmar, according to officials. Letters requesting “expressions of interest” were sent out earlier this month and are due on May 30, said a Nay […]

‘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, […]