Strengthening Myanmar’s banking sector is key to economic growth

Central to Myanmar’s economic development is the reform of its finance sector and specifically its banking sector. Banks play a fundamental role in the transformation of market economies. Recently the government has enacted a series of laws intended to reform and strengthen its banking institutions to restore investors’ confidence and to make capital more accessible. […]

New marine breeding zones in Twante, Yangon to accelerate GDP growth

The plan will be implemented in the Twante and Yangon areas, he said at the meeting with the vice president and businesses. “The current government is very much interested in the fisheries sector. The sector can contribute immediate benefits for faster GDP growth. So, negotiations are underway to implement a special fisheries project in Twante […]

Central Bank Issues Regulation to Avoid Large Risk Exposure

The Central Bank of Myanmar (CBM) has issued a regu­lation in efforts to curb the risks faced by lenders when taking on large ex­posure loans. The Large Exposure Regulation mandates that banks cannot lend be­yond 20 percent of their core capital to any single borrower, thus minimizing the bank’s exposure should the borrower de­fault. “Capping […]

CBM Restrictions on Foreign Banks to be lifted ‘Soon’- Deputy Governor

The governor of the the Central Bank of Myanmar (CBM) has said restrictions that stop foreign banks offer­ing retail services in My­anmar will be lifted ‘soon’. Deputy Governor U Set Aung told a July 10 Pyithu Hluttaw meeting that it’s time foreign banks were allowed to open branches across the nation and pro­vide their retail […]

Launch of Ooredoo’s Mobile Money Service Edges Closer

Telco Ooredoo has moved a step clos­er to launching its mobile payment service after it announced it has partnered with local lend­er CB Bank. The Qatar-backed telco says it has completed test­ing and established an internal management sys­tem but is now waiting on licence approval from the Central Bank of Myanmar (CBM). The sevice called […]

Modernisation Fuels New Lending in Myanmar’s Banking Sector

At the end of February the Central Bank of My­anmar (CBM) announced it was considering ­panding the range of ser­vices that foreign lenders in the country can offer by allowing them to provide trade-only accounts to importers and exporters, which local banks are un­able to do. Of the 24 domestic banks, nine are involved in […]

Cash Is Our Biggest Competitor, Says Wave Money CEO

​​ Cash is the “biggest competitor” for mobile transaction venture Wave Money as it seeks to overcome My­anmar’s aversion to non-physical money, CEO Brad Jones has said. The entire industry will benefit from increased consumer awareness when new entrants begin offering alternatives to Wave Money, he added. Qatar-based telco op­erator Ooredoo is looking to launch […]

KBZ Launches Visa Credit Cards After Landmark Ruling by Central Bank

​​ Kanbawza Bank (KBZ) has begun issuing Visa credit cards, making it the sec­ond of Visa’s Myanmar partners to do so after the Central Bank of Myanmar (CBM) lifted restrictions last month. CB Bank was the first of the local banks to is­sue Visa credit cards in January, a week after the move by the […]

CB Bank Issues Myanmar’s First Visa, MasterCard Credit Cards for Domestic Use

​​ A week after the Central Bank of Myanmar (CBM) lifted restrictions on the use of credit and debit cards issued by foreign companies for domestic use, CB Bank, one of Visa’s four local partner banks, has begun issuing Visa and MasterCard credit cards for use within Myanmar. CB Bank is the first of Visa’s […]

Myanmar Banks ‘Facing Five Key Challenges’

YANGON – MYANMAR’S HOPE of becoming an investment destination in Asean may fade away if the country fails to address five major challenges in its financial sector, experts said at the launch of a GIZ banking report titled “Myanmar’s Financial Sector: A Challenging Environment for Banks” last week. During a PowerPoint presentation and a panel […]