The Central Bank of Myanmar and the Monetary Authority of Singapore have signed an agreement to deepen cooperation, according to a Central Bank statement released February 9.
The agreement will aim to strengthen it in areas like banking supervision and capacity enhancement, and was struck during a visit by Singapore senior minister and former prime minister Goh Chok Tong to Myanmar last week.
“As an emerging ASEAN economy, Myanmar is well placed to tap on Singapore’s global financial linkages and expertise to develop its financial markets. In tandem with Singapore banks preparing to operate in Myanmar, the MOU underscores Singapore’s close ties with Myanmar and our readiness to deepen cooperation with Myanmar,” he said in the statement.
“This adds to the extensive bilateral cooperation from economic and legal to technical cooperation.”
Central Bank of Myanmar deputy director Daw Cho Cho Thein said the Monetary Authority of Singapore has been providing training and support for some time, but this marks the first bilateral agreement.
“They also plan technical assistance to domestic banks to keep up with the foreign banks, and intend to integrate the ASEAN banking community as well,” she said.
This is the third bilateral cooperation agreement Myanmar’s lender of last resort has signed, following agreements with Laos and Malaysia.
The Monetary Authority of Singapore also functions as the central bank in Singapore. It aims to promote sustained, non-inflationary economic growth, performing monetary affairs as the government agent, its website says.
Singaporean private-sector banks snagged two of the nine foreign banking licences for Myanmar in a process last year. The Oversea-Chinese Banking Corporation and United Overseas Bank are expected to formally open their offices in Yangon later this year.
Source: MYANMAR TIMES