KBZ Strengthens Remittance Services with US Banks

​​ After kicking off the US-Myanmar direct money transfer service, Kanbawza Bank (KBZ) has tried to establish a direct channel with US banks, KBZ managing director U Win Lwin told the media. Right now, KBZ has opened a USD settlement account in New York’s branch of Sumitomo Mitsui Banking Corporation (SMBC). Hence, direct money transfer […]

Tax Exemption on Interest Income Questioned

​​ The Ministry of Planning and Finance has issued a statement on February 19 that income tax will not be levied on interest from bank savings and deposits. The statement means that tax on interest from bank deposits will be exempted in the coming 2017-18 fiscal year. However, interest from bank deposits is not the […]

Myanmar’s burgeoning financial sector attracts foreign suppliers

Foreign companies are rushing in to beef up Myanmar’s financial infrastructure, vying to win orders for ATMs and financial software from commercial banks that are rapidly growing under a civilian government. This month, Diebold Nixdorf, the world’s top ATM supplier, will open its first sales office in Myanmar. It is to be staffed with its […]

Central Bank May Liberalise Trade Financing for Foreign Banks

​​ The Central Bank of Myanmar may allow foreign banks to launch trading services if local banks are unable to facilitate trade financing for importers and exporters, Central Bank director general U Win Thaw told the Myanmar Times. “The Central Bank has already allowed local private banks to do trade financing. If they [local private […]

Cards to Adopt EMV to Meet ASEAN Standard

​​ The Central Bank of Myanmar has required local banks to upgrade the card payment technology, as a step toward integrating the payment system with the ASEAN region. Daw Than Than Swe, the director general of the Central Bank, told the Myanmar Times that all the payment cards issued by local banks will have to […]

KBZ Launches Visa Credit Cards After Landmark Ruling by Central Bank

​​ Kanbawza Bank (KBZ) has begun issuing Visa credit cards, making it the sec­ond of Visa’s Myanmar partners to do so after the Central Bank of Myanmar (CBM) lifted restrictions last month. CB Bank was the first of the local banks to is­sue Visa credit cards in January, a week after the move by the […]

MPT and KBZ Join Forces for SIM Registration

​​ Myanmar Post and Telecommunication (MPT) SIM cards can be registered at Kanbawza Bank (KBZ) branches across the nation starting in December 2016, the two companies have jointly announced. “We are working with KBZ to register all the MPT users before March 2017. We will continue to look for the most convenient options for all […]

Myanmar Opens Talks with Thailand on Reciprocal Banking Access

BANGKOK — The central banks of Thailand and Myanmar agreed Sunday to start talks on granting access to designated banks in each other’s markets, marking a small step forward in the financial integration of the Association of Southeast Asian Nations. For Thailand, Myanmar is the third country to enter bilateral discussions on bank access, following […]

Myanmar Business Leaders Bullish on Future Under Suu Kyi-

TOKYO — Business leaders in Myanmar are confident in the country’s future under the National League for Democracy government headed by de facto leader Aung San Suu Kyi, although they say improvements in infrastructure and the banking sector are needed to assure growth. Speaking at a Myanmar economic forum sponsored by Nikkei Inc. in Tokyo on […]

Myanmar’s KBZ Bank picks S’pore as launch pad to region

One of Myanmar’s biggest privately owned banks aims to use Singapore’s prime location as a launch pad to expand its commercial presence in the region. U Nyo Myint, senior managing director of Kanbawza Bank (KBZ Bank), said yesterday: “The bank is one of the most successful banks in Myanmar and we would like to expand […]