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Banking hours now 10am-2pm starting April 28

All banks in Myanmar will open from 10am to 2pm starting April 28 and last for the duration of COVID-19, the Central Bank of Myanmar (CBM) said on April 24. The decision was made after a video conference between the CBM and private banks on April 21 with the aim of controlling the spread of […]

Myanmar banking: Digital evolution, not revolution (yet)

Cash is still king in Myanmar; banks are still trying to figure out what to do with the power of technology. Banks have a difficult time wooing customers in Myanmar. The overwhelming majority – perhaps 90% – of Myanmar’s 55 million people do not have access to a bank account, reflecting a lingering distrust of […]

Myanmar Credit Bureau to commence operations in April

Myanmar will start the process of disbursing loans supported with credit assessments from the Myanmar Credit Bureau by April, Daw Than Than Swe, director general of the Financial Institutions Supervision Department under the Central Bank of Myanmar, said in Yangon on February 18. “The credit bureau will commence operations in late April,” she said. However, […]

Thailand’s KBank to acquire 35% stake in Myanmar’s A Bank

Thailand’s Kasikorn Bank (KBank) is preparing to invest in Ayeyarwaddy Farmers Development Bank (A Bank) in Myanmar, according to government data. The Myanmar Times understands that the Thai bank is looking to buy a 35 percent stake in the A Bank and has sought approval from the Central Bank of Myanmar (CBM) to do so. […]

Can Myanmar’s state-owned banks turn challenges into opportunities?

Myanmar’s state-owned banks (SOBs) are currently at a crossroads. Following the opening-up of the banking system, the state-owned banks have been pushed to catch up with rapidly-growing private banks, many of which have invested in technology, digitising operations and expanding mobile services. Responding to competition, the four state-owned banks are taking steps to diversify their […]

First round of bank licences under Suu Kyi govt announced

Myanmar will initiate the first round of foreign bank licencing under Daw Aung San Suu Kyi’s government, aimed at further opening up an industry that was formerly closed off to international players. The central bank announced that banks can apply for either a branch licence – which allows a range of wholesale banking activities – […]

Company of Former Myanmar Dictator’s Grandson Among 4 Sued for Unpaid Loans

YANGON—AYA Bank, one of the largest private banks in Myanmar, has sued four companies— including one owned by a grandson of late military dictator Gen. Ne Win—for unpaid loans, according to the Yangon Region High Court. The bank has sued Omni Focus Co, owned by U Ne Win’s grandson U Kyaw Ne Win, along with […]

Korean firms flock to ‘Asia’s last frontier’ Myanmar

In line with President Moon Jae-in’s tour of Southeast Asia this week, South Korean business leaders and ranking officials visited Myanmar, the reclusive country bordering China — that is opening up now. Several of them chose to visit Myanmar exclusively –- from Tuesday to Thursday — skipping Moon’s other destinations such as Thailand and Laos. […]

Insurance, banking and electricity to see more investor interest

While the oil and gas industry has the seen the most interest from investors, banking and financial services, telecommunications and the manufacturing industries are expected to be the focus in the years ahead as the country’s economy grows. Data from the Directorate of Investment and Company Administration (DICA) shows that since 2016, the manufacturing industries […]

How banking will affect foreign equity in Myanmar

As part of ongoing efforts to liberalise the financial services industry and increase credit to the private sector, the Central Bank of Myanmar (CBM) has introduced regulations to facilitate foreign investment in domestic lenders. On January 29 the CBM issued Regulation No 1/2019, allowing foreign banks and financial institutions to hold equity of up to […]