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Banks in Myanmar ease repayment policy to help clients

The Central Bank of Myanmar (CBM) has permitted local banks to restructure and reschedule existing loan repayments to help their clients, CBM Deputy Governor U Soe Min, told The Myanmar Times. While the economic impact of the COVID-19 pandemic has yet to be quantified, it is expected that businesses will bear the brunt of a […]

Myanmar allows Korean and Thai banks’ entry to boost investment

Competition in Myanmar’s banking sector is expected to intensify as more foreign banks enter the country. (Photo by Yuichi Nitta) YANGON — Seven banks from around Asia are to enter Myanmar, raising the prospect that a more active presence by foreign lenders will encourage further inward investment from other industries. The banks’ entry was approved […]

Government plans to merge state-run banks to facilitate more lending

A senior official has announced that four government-owned banks that have similar business scopes will be merged in order to help provide more loans for micro, small and medium enterprises (MSME), and farmers. Union Minister of Planning, Finance and Industry U Soe Win revealed this during a workshop on financial support MSMEs in Nay Pyi […]

Two Korean Banks Hopeful of Winning Approval to Open Myanmar Branches

YANGON—Two South Korean banks involved separately in a low-income housing project and a joint industrial complex construction project in Yangon are hopeful of winning Myanmar government approval to offer banking services in the country soon. If they are granted licenses, KB Kookmin Bank, one of South Korea’s largest banks, and Industrial Bank of Korea (IBK) […]

Questions arise over cost, accessibility of two-step loans

Despite the important role small and medium enterprises (SMEs) play in the economy, repeated requests for more affordable loans and easier access to financing remain a challenge for the sector. One avenue for SMEs to access financing in Myanmar is via funds provided by official development assistance organisations such as Japan International Cooperation Agency (JICA). […]

Businesses jumpy over impending loan repayment deadline

Some of Myanmar’s business leaders are urging those of their compatriots who have been slow in repaying their loans to do so in order to avoid a financial crisis. There has been speculation that banks would be suing businesses that have not been repaying their loans on a regular basis or have defaulted to pay […]

Myanmar’s currency black market thrives in banks’ shadow

YANGON — Even as banks take on a growing share of foreign exchange trading in Myanmar, black market dealers remain firmly entrenched, with the short-lived crackdowns by the government when the kyat moves too sharply doing little to root out the problem. The building that houses the Yangon Stock Exchange was once a branch of […]

Banks need to be more transparent on fraud

Banks should report fraud cases involving their staff in a more transparent manner in order for them to maintain the public’s confidence in their ability to keep money safe. Banking experts have advised that banks should take steps in announcing or reporting fraud cases in a more transparent manner so that the public can be […]

Rising interest in financial products: Visa

Myanmar people are receptive in adopting contactless payment methods, a study conducted by digital payments firm Visa reveals. Visa this week has published findings from its Consumer Payment Attitudes Study, which examines the perceptions, attitudes and behaviours Myanmar people have towards payment and emerging payment methods. It was based on face-to-face interviews of 504 people […]

Japan goes long on myanmar

Japan is playing a central role in assisting Myanmar’s ongoing financial reforms and attempts to achieve industrialisation. Japan is interested in Myanmar from both an industrial and a financial perspective, while Burmese officials see Japan as a natural partner for financial cooperation. Japan’s public–private assistance for financial development in Myanmar emerged in a Financial Services […]