Deputy Mayor of Myanmar’s Capital Appointed as Yangon Finance Minister

The Yangon regional government on Wednesday approved the appointment of U Ye Min Oo, currently the deputy mayor of Naypyitaw, vice chairman of the Naypyitaw Development Committee and chairman of the Naypyitaw Development Bank, as the new Yangon regional planning and finance minister following his nomination on Tuesday. The nomination was unanimously approved by the […]

Some Singapore Myanmar Investco (SGX:Y45) Shareholders Have Taken A Painful 95% Share Price Drop

It’s not possible to invest over long periods without making some bad investments. But really bad investments should be rare. So take a moment to sympathize with the long term shareholders of Singapore Myanmar Investco Limited (SGX:Y45), who have seen the share price tank a massive 95% over a three year period. That would be […]

Myanmar Investments To Sell Myanmar Finance To Thitikorn

(Alliance News) – Myanmar Investments International Ltd on Wednesday said it has accepted an offer to sell Myanmar Finance International Ltd to consumer finance company Thitikorn for an undisclosed sum. Myanmar Investments owns a 37.5% stake in Myanmar Finance International. The Myanmar-focused investor said it has – in conjunction with the other stakeholders of Myanmar […]

Mother Finance, NearMe collaborate to expand fintech reach in Myanmar

Mother Finance Co Ltd and NearMe Digital Services on February 28 signed a collaboration agreement to provide credit to NearMe’s agent and partner network. Mother Finance, a licensed non-bank financial institution which provides small loans to customers via a mobile app, will be providing unsecured SME loans to NearMe. NearMe currently has over 50,000 partner […]

Myanmar Reportedly Set to Be Placed on Global Money-Laundering Watchlist

JAKARTA—Myanmar is set to be placed on a watchlist by a global finance watchdog this week, amid concerns of money laundering by transnational drug traffickers and weak regulation of its financial system, two sources familiar with deliberations said. A decision to put Myanmar on the “gray list” by the Paris-based Financial Action Task Force (FATF) […]

Lawmakers Blast Yangon Govt for Misusing Public Funds

YANGON — The Yangon regional government has misused and breached financial regulations in spending public funds, in possible violation of the Anti-Corruption Law, according to the parliamentary Finance, Planning and Economy Committee. On the second day of parliamentary debates on the regional auditor-general’s report on government expenditure during the 2017-18 fiscal year, the committee pointed […]

Loss-making factories should be privatised, officials say

Government officials have raised the need to restructure most of Myanmar’s state-owned factories, as just four out of the 57 factories controlled by the Ministry of Industry (MOI) are now making money. Around one third of these factories need to be closed down with the MOI losing about K300 billion-K400 billion each year, said U […]

Next bidding round for Oil & Gas blocks expected in January, retired official Says

Myanmar is expected to call the next bidding round in January 2020 after passing the draft oil and gas law, said a retired senior official. Having planned to start the process in the first half of 2019, the government has delayed the international bidding round in order to get the new bill in place. “We […]

Request for Expression Of Interest – Recruitment of ADFS Specialist (International Individual Consultant), Deadline: 5th November, 2019

MINISTRY OF AGRICULTURE LIVESTOCK AND IRRIGATION ADB Loan 3724 and GAFSP Grant 0671 CLIMATE FRIENDLY AGRIBUSINESS VALUE CHAINS SECTOR PROJECT REQUEST FOR EXPRESSION OF INTEREST (REOI) Recruitment of ADFS Specialist (International Individual Consultant) Package No. CS-05 The Government of the Republic of the Union of Myanmar has received financing from the Asian Development Bank (ADB) […]

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) […]