Myanmar insurance industry poised for reform, awaits liberalisation

Insurance providers in Myanmar can expect a more competitive and promising landscape on which to do business in the near future. With market liberalisation, which will enable firms to offer a wider variety of insurance products, on the government’s agenda, local and foreign providers alike have already started training staff and building management and IT […]

Accounts must be in order for SMEs to qualify for loans

The lack of proper accounts, financial statements and a solid business plan is one of the biggest obstacles to small and medium enterprises (SMEs) qualifying for loans, banking officials said at a recent discussion on access to capital organised by MFITRIX, a financial training school. “When obtaining loans, the banks need to review each applicant’s […]

A New Harbinger of Good Governance – Myanmar’s Institute of Directors

This week marks the launch of an important market institution – the Myanmar Institute of Directors (MIoD), the first independent, private sector-led organization promoting best corporate governance standards and practices in the country. This is a significant step in Myanmar’s ongoing market reforms and sends a strong signal to the global business community the country’s […]

Private banks loan Ks 868.733 bln to SMEs

Until December, 2017, private banks have granted a Ks 319.228 billion loan to the agricultural and livestock sector and Ks 868.733 billion to small and medium-sized enterprises, said Soe Thein, Vice-governor of the Central Bank of Myanmar. MP Kyaw Htwe representing Yangon Region Constituency-8, raised a question on the policies set for the establishment of […]

Traders expect better business on wider trade financing options

Now that the Central Bank of Myanmar (CBM) has allowed a total of seven foreign banks to provide trade financing services in Myanmar, traders are anticipating much better business in the months ahead. Last December, the CBM permitted 13 foreign banks to apply for approval to offer trade financing services in the country. Since then, […]

KBZ Bank partners with Action Aid Myanmar to assist female farmers for financial assistance

Kanbawza Bank (KBZ Bank), the largest privately-owned bank in Myanmar, is to support the improvement of the standards of living for women agricultural producers in the central part of Myanmar by providing access for financing, partnering with Action Aid Myanmar, a non-profit organisation operating here since 2006. “As the first year pilot phase, we have […]

Construction sector under threat from high tax, interest rates

Unreasonably high tax and interest rates could lead to the collapse of Mandalay’s already ailing construction sector, U Shein Win, vice chair of the Myanmar Construction Entrepreneur Association (MCEA) told The Myanmar Times last Friday. Capital gains tax on the sale of a property in Myanmar is currently 30 percent, which is deterring activity in […]

Kyat Hits Strongest Level Against Dollar in Over a Year

The Myanmar kyat appreciated to its strongest level against the US dollar in a year after the Central Bank of Myanmar (CBM) set its daily reference rate at K1,345 per dollar on Tuesday. The kyat had weakened to K1,360 against the dollar last year. It opened this year at K1,361. The kyat hit a record […]

Myanmar Takes Small Steps Towards Providing Greater Liquidity for SMEs

A rising number of start-ups as well as small and medium enterprises (SMEs) are emerging in Myanmar as business opportunities rise. However, many companies fail to achieve their full potential and contribute substantially to the economy because capital assistance is lacking in the country. In Myanmar, banks require collateral in the form of property before […]

Myanmar to Become Member of APN, Upgrade Card-Based Services

​​ Myanmar will become a member of the Asian Payment Network (APN), which was established to create a common payment settlement platform within the Asia-Pacific region, said U Zaw Lin Htut, CEO of Myanmar Payment Union (MPU). MPU has already met with officials from APN, and is waiting for the membership announcement to be made, […]