MUFG unit to be Myanmar’s first foreign leasing company

TOKYO — A subsidiary of Mitsubishi UFJ Financial Group will open a representative office in Myanmar as early as July in a first for a foreign leasing business, possibly paving the way for broader use of equipment and cars from Japanese manufacturers. Legislation enacted in January allows foreign nonbank financial institutions to do business in the Southeast Asian […]

Bank of Tokyo Mitsubishi UFJ (BTMU) gears up for real time settlement in Yangon

Bank of Tokyo Mitsubishi UFJ (BTMU) is preparing the systems at its Yangon branch to be “operational-ready” for the Central Bank’s new settlement system. The Japanese lender, through the Japan International Cooperation Agency (JICA), is working with the Central Bank on its soon-to-be launched Real Time Gross Settlement (RTGS) system, said Go Watanabe, CEO of […]

World’s largest bank ICBC opens its Yangon branch office

ICBC, which is the world’s largest bank, with a market capitalisation of US$240 billion, was one of nine foreign banks to be granted a provisional licence by the Central Bank of Myanmar last October. The nine were given a year to secure the final green light from the Central Bank and open a branch office, […]