Mizuho to Partner With Myanmar Conglomerate

TOKYO — Mizuho Bank will team up with a major conglomerate in Myanmar with an eye toward further helping Japanese companies make inroads there. Max Myanmar Holdings is involved in a wide range of industries, with particular strengths in construction, energy and agriculture. Myanmar’s government has placed an emphasis on these sectors in the interest […]

Post-Sanctions Myanmar the New Frontier for Global Business

YANGON/TOKYO — The end of long-standing U.S. sanctions on Myanmar companies linked to the former military government is cause for celebration in both countries, opening up a slew of previously off-limits business and investment opportunities. The U.S. Treasury Department lifted all financial sanctions on the Southeast Asian nation Friday after months of dogged appeals by […]

Myanmar’s financial markets are slowly opening up

NAYPYITAW Naypyitaw’s famously empty hotels were busy for once on Sept. 13-14 as an annual investment forum drew more than 1,300 bankers and investors from around the world. Expectations for the country’s financial development are sky high, especially as the first civilian government in half a century is settling in. Reforms are happening slowly but […]

Plastic chips away at cash’s dominance in Myanmar

YANGON — Credit cards are gaining traction in Myanmar, where cash has long been king, with foreign players such as China UnionPay and Japan’s JCB lured by rising consumer incomes and an increasingly robust financial infrastructure. JCB, in conjunction with Myanmar Payment Union and Ayeyarwady Bank, also known as Aya Bank, debuted a credit card Tuesday […]

Central Bank of Myanmar plans first real-time payments system

The Central Bank of Myanmar (CBM) plans to introduce a real-time gross settlement (RTGS) system by the end of 2015. Deputy governor Winston Set Aung says the country’s first ever RTGS will help to reduce the size of the cash economy, as the system will allow transfers between banks to be settled immediately. An unnamed […]

AYA Bank Turns to Irish Firm to Manage Banking Networks

Irish banking software firm CR2 said local lender Ayeyarwady Bank (AYA Bank) has selected one of its solutions to manage the bank’s entire distribution network of ATMs, online banking and POS channels. BankWorld, CR2’s self-service integrated platform, will be used to propel the bank’s move towards a digital and omnichannel banking environment, which manages service […]

OCBC branch in Yangon starts operations

OCBC Bank has taken a key step forward into the large untapped Myanmar market with its Yangon branch commencing operations yesterday. It is one of the first three foreign banks to have won final regulatory approval from the Central Bank of Myanmar, along with Sumitomo Mitsui Banking Corp and Bank of Tokyo-Mitsubishi. Sumitomo Mitsui opened […]

AYA Bank, Myanmar Moves to the omnichannel Path With CR2’s BankWorld

DUBLIN, Ireland and YANGON, Myanmar, April 13, 2015 /PRNewswire/ — CR2 are pleased to announce that Ayeyarwady Bank (AYA Bank) has selected BankWorld, CR2’s self-service integrated platform to manage their entire distribution network of ATMs, online banking and POS channels. With a banking penetration level of 5%, Myanmar is currently experiencing an accelerated economic transformation […]

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 […]

Ayeyarwady Bank announces Ks 1 trillion in deposits

The Ayeyarwady Bank has recorded public deposits amounting to Ks 1 trillion (US$1 billion) since its founding in 2010, according to bank statements. The bank began business three years ago with the opening of its headquarters in Nay Pyi Taw on August 11, 2010. Apart from normal banking procedures, it has become a member of […]