Myanmar garment sector gets €2.8 mn EU boost

Small and medium enterprises in Myanmar’s garment sector are set to get a 2.8 million euros boost from the European Union. The cash infusion will support the second phase of a development initiative that aims to make the “Made in Myanmar” industry more competitive by building environmental awareness, sustainability and social protections for the workers. […]

Myanmar firms jittery over upcoming AEC

YANGON • Urbane, British-educated Thuta Aung, general secretary of a trade task force from Myanmar’s Ministry of Commerce, ventured to the rural riverside town of Hpa-an in the country’s south-east last month. The town sits on the banks of the Thanlwin about 300km from Yangon, the commercial centre of about 420,000 people. It is the […]

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 […]

KBZ Bank on Myanmar’s strong future

Wide-reaching regulatory changes mean that there are far greater opportunities for Myanmar’s emerging banking sector The financial industry in Myanmar is in a phase of momentous transformation, with new market entrants in the banking sector, both local and foreign, the emergence of the private insurance sector, and the launch of the Yangon Stock Exchange driving […]

Foreign banks call for market access

Greater competition from international banks would encourage local lenders to move away from a small pool of high-net-worth clients to start offering products and services to those who need it most, said panellists at the Myanmar Banking and Finance Conference in Yangon yesterday. “If more foreign banks come into the market it will increase competition […]

Myanmar’s tourism bank waits for green light

YANGON, 24 July 2015: Myanmar’s Central Bank has still to grant permission for a yet-to-open Tourism Development Bank, that will help to fund travel industry projects and SMEs in tourism. Eleven Myanmar media quoted Myanmar Tourism Bank managing director, Than Tin, saying: “We expected to get the license in May. But it is still pending […]

KBZ Bank Ties Up with Taiwan’s Cathay United Bank

Local lender Kanbawza Bank Ltd (KBZ) has signed a memorandum of understanding (MoU) with Taiwan’s Cathay United Bank (CUB) in a bid to promote collaboration between the two banks in a number of areas. The two banks will collaborate closer in areas including international banking services, technical assistance, staff training, interbank business, syndication loans and […]

SMEs get more foreign loans

Minister for industry Maung Myint says he is planning to take a total of US$50 million – US$20 million from Singapore and US$30 million from Vietnam – to disburse soft loans to small- and medium-sized enterprises (SMEs). “Taking foreign loans is ongoing. The ministry will disburse soft loans to SMEs when we receive them,” said […]

Rakhine Industrial Zone to Hasten Construction

Now that the national grid can provide full electricity supply, Ponnarkyun Industrial Zone in Rakhine state will be developed as fast as possible, the state government said. The zone, which will be constructed on a 1,833.5 acre plot of land, will include 160 feet wide six-lane roads, 80 feet-wide four-lane roads and 60 feet-wide two-lane […]

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 […]