Parliament passes Financial Institutions Law

After years of back and forth, the Banks and Financial Institutions Law of Myanmar has been passed by parliament and is now awaiting the president’s signature, with banks to face more stringent rules on raising paid-up capital and on reserve requirements. Lenders will have to keep 5 percent of customer deposits as cash with the […]

Construction market slumped in 2015 but property prices remain high

More investment companies are coming to Myanmar to answer the demand for luxury housing and office space. But although the sales prices for property remain high, the market cooled considerably in 2015, according to real estate experts. The property market dropped faster in 2015 than it has done in any of the previous five years, […]

Construction Business Saddled by Debt, Competition

The construction business, a capital-intensive industry, is struggling as many developers have gone into severe debt, developers said at a conference. At a forum on the situation of the construction industry held at UMFCCI, U Ko Ko Htwe, a major property developer who runs Taw Win Construction Company, claimed, “We are about K20 billion in […]

Never again: flood-proofing Myanmar

On the banks of the bursting Ayeyarwady River, U Han Soe sits on a bench in the village school – the sturdiest building for miles around. On the banks of the bursting Ayeyarwady River, U Han Soe sits on a bench in the village school – the sturdiest building for miles around.On the banks of […]

ANZ making a regional banking push

A well-regarded set of regional banks emerged as the winners of nine foreign banking licences as they were announced in October. Three of the Japanese megabanks snagged licences, along with two large Singaporean banks and one each from China, Malaysia and Thailand. Also included on the list was Australia and New Zealand Banking Group, commonly […]

Ghosts of 2003 crisis haunt banks

Banks need to clean up their operations and subject their boards of directors, as well as their families, to intense scrutiny if they want to earn the trust of consumers, industry experts said last week. The most recent incident – which followed a familiar pattern where panicked customers attempted to withdraw all their savings from […]

No buyers for credit guarantee insurance

Nobody has bought credit guarantee insurance as banks offer limited loans to small- and medium-sized enterprises (SMEs), according to Aye Min Thein, managing director of Myanmar Insurance. Myanmar Insurance started selling loan insurance to SMEs in July. He said: “The banks are disbursing loans to SMEs at the designated amount. But owners who want more […]

Two new private banks to open early next year, recruiter says

Two new banks have already begun recruiting staff ahead of their planned opening early next year, according to the company recruiting for them, Myanmar Tech Solution. Both are in the process of applying for banking licences from the Central Bank of Myanmar. Set Aung, deputy governor of the central bank, said recently that it was […]

Central Bank VP paints picture of hi-tech Myanmar

Satt Aung, the vice-president of the Central Bank of Myanmar, has painted a rosy picture of the not-too-distant future in a modern Myanmar where mobile banking and electronic transactions will be the norm for shopping, making payments and even paying for taxis. Addressing the Union Parliament on Wednesday on the subject of foreign bank operations […]

Myanmar may let foreign banks operate this year: Sources

YANGON — Some foreign banks may be allowed to operate in Myanmar later this year although initially they will only be allowed to have branches in certain areas and offer a limited range of products, government and banking sources said on Tuesday. “The president last week formed a committee to choose five to 10 out […]