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CB Bank first to launch on Asean fintech platform

CB Bank has launched its Innovation Lab on the API-Exchange (Apix), making it the first bank in Asean to reach out to other financial technology (fintech) firms in the region on the exchange. Apix is the world’s first cross-border open-architecture platform set up to enable financial institutions and fintech firms to discover one another under […]

Chinese bank promotes RMB financial express services in Myanmar

A workshop to promote Myanmar-China RMB financial express services was held here on Wednesday by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the Industrial and Commercial Bank of China Limited (ICBC), Yangon Branch. “It will be beneficial to everyone if we could get financing services for project financing and […]

National Prosperity Company to be sued over gold debt

The National Prosperity Company (NPC), which has been mining gold at Moehti Moemi mine in Yamethin township, Mandalay, will face civil charges over its remaining gold debt to the state amid the termination of its contract, said U Khin Maung Win, deputy general manager of the mining enterprise No. 2 and branch head of the […]

XMH Holdings enters into Myanmar joint venture

SINGAPORE – Diesel engine and power generating solution provider XMH Holdings has set up a joint venture company in Myanmar to manufacture transformers, generator sets and power solution products. XMH Holdings’ unit XMH Engineering has a 50 per cent stake in the joint venture entity, while Myanmar MarcoPolo will hold 25 per cent and Bulox […]

National Prosperity Company under scrutiny on gold debt to gov’t

Negotiations are currently being carried out for NPC to make the payments. The company owes 5.5 tonnes of gold (over 3,400 viss) priced at a fixed rate to the government. NPC has an 8-year contract with the government to mine for gold in the resource-rich Moehti Moemi area, which spans over 6,000 acres of land. […]

FMI swaps share certificates for digital accounts

First Myanmar Investment (FMI), owned by businessperson Serge Pun, has asked its shareholders to open digital accounts, ahead of the company’s planned listing on the new Yangon Stock Exchange later this year, officials said. It is working with two securities companies on its initial public offering – KBZ Stirling Coleman Securities (KBZSC) and Myanmar Securities […]

No foreign-local joint ventures to list on YSX at first

Joint ventures between local and foreign companies will not be permitted to list on the Yangon Stock Exchange at first, according to Dr Maung Maung Thein, chair of the Securities Exchange Commission of Myanmar. While the rules will eventually be changed to allow for foreign-local joint ventures to sell shares, that may be some time […]