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AIA formally launches operations in Myanmar

AIA formally launched its operations in Myanmar with an opening ceremony on January 18, marking its entry into what is considered the new frontier for insurance in Southeast Asia. The launch event was dubbed ‘UN in Yangon’ (Un is French for ‘one’), and featured performances from top singers in Myanmar, including Esther Dawt Ching Sung, […]

Myanmar’s economy to shine in 2020?

It was reported recently that the ASEAN +3 Macroeconomic Research Office (AMRO) had given Myanmar’s economy a positive outlook for the fiscal year of 2019 to 2020, expecting it to expand by 7.1 percent up from 6.8 percent in the previous fiscal year. This is largely thanks to reform momentum, improving business sentiments, growth in […]

AIA teams up with two local firms for Myanmar venture

AIA will partner with local firms AYA Financial Group and Max Myanmar Group (AFG Max) to set up its life insurance venture in Myanmar. The new venture will leverage AFG Max’s extensive retail customer and business partner networks to offer life and health insurance to the newly opened-up market, the Myanmar Times reported. AIA is […]

IKBZ Insurance Testing KyoPay’s Invoice Discounting Platform

Looking to diversify its investment portfolio, IKBZ Insurance has signed up to KyoPay’s invoice discounting platform to do a series of pilot transactions with vetted account receivables from local and foreign businesses in Yangon. During the first stage of the pilot phase, IKBZ will be purchasing business-to-business (B2B) receivable invoices arising from sales on credit […]

Myanmar awards insurance licences to five foreign providers, six joint ventures

The Financial Regulatory Department today awarded licences to five foreign insurers and half a dozen joint ventures to operate in the Myanmar market. British Prudential, Japanese Dai-ichi Life, Hong Kong AIA, US Chubb and Canadian Manulife have been permitted to issue life insurance policies in Myanmar with their fully-owned subsidiary, more than half a year […]

Myanmar to commence 10-year bond auctions ‘soon’

Myanmar will start auctioning 10-year sovereign bonds to meet demand for long term debt from the newly minted insurance industry, said Daw Si Si Pyone, Director General of the Treasury Department under the Ministry of Planning and Finance (MoPF). “We are planning to launch auctions for 10-year government treasury bonds soon as demand, mainly from […]

Letter: Insurance shouldn’t be excluded from competition policy

MADAM – I am writing to raise two concerns in response to your September 27 article “State insurer to be exempted from competition watchdog”. The major concern lies with the prospect of the insurance sector being exempted from the Competition Law. In this regard, I agree with your unnamed source that “If the competition law […]

German firm to advise central bank of Myanmar on licensing foreign lenders

Amid the ongoing liberalization of Myanmar’s financial sector, the central bank has hired a German consulting firm to provide advisory services on the process of awarding licenses to foreign banks looking to do business here. The Central Bank of Myanmar (CBM) announced on Tuesday that Germany’s Roland Berger Company Limited was chosen from among four […]

Insurance, banking and electricity to see more investor interest

While the oil and gas industry has the seen the most interest from investors, banking and financial services, telecommunications and the manufacturing industries are expected to be the focus in the years ahead as the country’s economy grows. Data from the Directorate of Investment and Company Administration (DICA) shows that since 2016, the manufacturing industries […]

Economy outlook positive pending reform acceleration, says World Bank

After a period of volatility during the six-month transition period between April and September 2018, growth in Myanmar has stabilised and the economy is expected to expand at a rate of 6.5 percent in the current 2018-19 fiscal year, according to the World Bank’s June 2019 Myanmar Economic Monitor. Supported by higher productivity in the […]