Local banks struggle to meet CBM regulations amid slower economy

Local banks are finding it difficult to meet a set of new regulations set by the Central Bank of Myanmar (CBM) in July 2017 to modernise the domestic financial sector and better attract foreign direct investments at a time of slower growth. Under a new Financial Institutions Law, the CBM has ordered banks to maintain […]

Myanmar woos Asian tourists amid Rakkhine crisis

YANGON — These are anxious times for Myanmar’s tourism industry, as the country’s international reputation takes a battering. But shares in Myanmar tycoon Serge Pun’s Memories Group — which includes hotel construction and travel management services — have defied the uncertainty. The company’s shares have risen 12.3% since their January 5 debut to 0.32 Singapore […]

Myanmar seeks Malaysian FDI in energy, plantations

MYANMAR is seeking more foreign direct investment (FDI) inflows from Malaysia to help develop its key economic sectors. Malaysian conglomerates have been called to capitalise on the country’s increasing demand for electricity and vast areas of untapped land by bidding for energy projects and expanding oil palm cultivation capacities in Myanmar. Former Deputy Finance Minister […]

This ex-Goldman banker quit to take over an empire in Myanmar

SINGAPORE — When Melvyn Pun agreed to take his former boss to Myanmar in 2012, little did he know that the trip would cause him to quit his high-profile job at Goldman Sachs Group. Melvyn had wanted to stay as head of corporate sales for Asia excluding Japan at Goldman, rather than join his father […]

Yangon Stock Exchange launched Online Trading System for securities companies

On December 26, 2017, SECM granted the approval for online trading to a handful of securities companies, which passed online trading tests and are ready for the system. The companies are the Myanmar Securities Exchange Center (MSEC), KBZ Stirling Coleman Securities (KBZSC), CB Securities and AYA Trust Securities. They will be ready to offer services […]

Myanmar eases investment rules amid Bengali headwinds

YANGON — A new company law has come into effect in Myanmar to encourage investment by foreign companies in the Southeast Asian nation. The new law, which has drastically revised the old company law put into force in 1914 when the country was under British rule, permits companies whose ownership by foreigners does not exceed […]

Damco Increases its Footprint to Keep Pace With Growth in Myanmar

Damco has increased its warehousing capacity in Myanmar with a new 10,000sq metre facility in Yangon. And in Cambodia, the 3PL has moved to a larger head office, in Phnom Penh, having enjoyed double-digit growth there this year. Officially opened last week, the Damco Myanmar Logistics Center will primarily support the sourcing operations of fashion and […]

Tussle over Myanmar bank reform puts spotlight on debt pile

NAYPYITAW (Reuters) – Myanmar’s central bank has backed off from a demand that the country’s private banks clear most of their loan books by January, averting a cliff-edge scenario that some bankers warned could have destabilized the financial system. Myanmar’s central bank deputy governor, Soe Thein, told Reuters that three years – instead of the […]

Myanmar GDP Growth to Rebound Despite Rakhine Crisis

YANGON — Myanmar’s economy is set to recover despite a humanitarian crisis in Rakhine State, while the ruling National League for Democracy — two years after it won its historic election victory — finally prepares a comprehensive plan for economic development. Sean Turnell, special economic consultant to State Counselor Aung San Suu Kyi, told the Nikkei […]