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Insurers authorised to provide bancassurance in Myanmar

Prudential Myanmar Life Insurance Limited, a subsidiary of UK-based Prudential plc, has signed a partnership with Yoma Bank to provide Myanmar customers with life insurance solutions. The two firms signed a memorandum of understanding allowing Yoma Bank to distribute Prudential Myanmar’s savings and protection products at its branches across the country, according to a release […]

SCB waits on new Myanmar licence

Siam Commercial Bank plans to open its first branch in Myanmar this year if the Central Bank of Myanmar (CBM) grants a bank subsidiary licence, says a SCB senior official. If approved, SCB will upgrade the existing representative office to a branch, said first executive vice-president Kamalkant Agarwal. The bank needs time to develop infrastructure […]

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, […]

Businesses lament bank rules on transfers

The practice by local banks of only allowing foreign exchange transfers after showing bills of lading is an obstacle for businesses in making trade transactions, say some business owners. After the amendment of regulations governing the management of foreign exchange transactions in the country, the Central Bank of Myanmar began allowing foreign exchange (forex) transfers […]

SCB wants Myanmar licence

Siam Commercial Bank is seeking approval from the Central Bank of Myanmar (CBM) to upgrade SCB’s representative office to operate under a bank subsidiary licence in the neighbouring country. The subsidiary model would offer SCB greater opportunities to do banking business in Myanmar, said chief executive Arthid Nanthawitthaya. Among the three options that the CBM […]

Treasury bonds gain momentum

The market for government bonds is picking up and now covers the budget deficit, but some players say the Central Bank of Myanmar needs to do more to boost sales. By KYAW LIN HTOON | FRONTIER MYANMAR’S treasury bond market is beginning to gain momentum in a development that is generating more funding for the […]

Authorities crack down on zero-dollar tourists

The government has instructed souvenir shops to transact with zero-dollar tourists in cash only, Yangon Region Hotels and Tourism Minister Daw Naw Pan Thuzar Myo said on December 16. The decision was made after investigations at souvenir shops located in Hlaing Tharyar township, East Dagon township and People’s Park in Dagon township, where zero-dollar tourists […]

Better Bank Services, Enforcement Needed for Remittance Licences to Work

In an attempt to shrink the volume of illegal money transfers between Myanmar and its neighbours, the Central Bank of Myanmar (CBM) last week announced the availability of official remittance licences. The move, which commenced on November 15, is aimed at facilitating the legal movement of money by traders and migrant workers based overseas into […]

Official remittance licences now available for migrant workers

Workers are now able to apply for official remittance licences to transfer money between Myanmar and other countries, according to the Central Bank of Myanmar (CBM). The move, which commenced on November 15, is aimed at facilitating money transfers to Myanmar by migrant workers based overseas. A deposit of K100 million is required to apply […]

With 70% Unbanked Population, Myanmar Bets on Fintech to Improve Financial Inclusion

Despite the Myanmar government’s push to expand access to financial services, the country still trails far behind the rest of Asia in rates of participation in formal financial services, financial literacy, savings rates and the use of digital financial services, according to a new report by social enterprise ONOW Myanmar. But fintech and mobile technology […]