New insurance scheme to provide aid in obtaining loans

Co-operative Bank (CB) is preparing to launch a new Credit Guarantee Insurance (CGI) system so that it can extend wider financial assistance to the country’s small and medium enterprises (SMEs). CGI covers businesses against non-payment of debts owed to them by business customers for goods or services provided on credit terms. As part of that […]

Fixing the Myanmar economy

Major structural overhauls have to be carried out so the country can maximise its potential for growth. Myanmar’s economy is projected by the World Bank to grow by an average of 7 percent between 2017 and 2019. Last year, GDP rose by 6.5pc. That’s among the fastest growing economies in Asia, alongside the likes of […]

How Genius Coffee cracked Myanmar’s premium export market

One of the main challenges facing Myanmar is developing its export trade. The majority of Myanmar’s exports are extractives and raw goods. But some of Myanmar’s most lucrative potential export markets need to produce more value-added high-quality goods. The Global New Light of Myanmar Daily Newspaper interviewed U Ngwe Tun, founder mof Aung Nay Lin […]

Chin State SMEs to Be Eligible For K8.5 bn Worth of JICA Loans

Chin State’s small and medium busi­nesses (SMEs) will be eligible for up to K8.4 billion worth of small loans which the govern­ment plans to make avail­able later this financial year, a union minister has said. The funds are the re­mainder of a K50 billion Japanese loan granted to the government for the development of local […]

JICA Offers K1.3b Loan to SMEs

JAPAN International Corporation Agency (JICA) is going to lend K1.3 billion via local banks to small and medium-sized enterprises (SMEs), an official from JICA told The Myanmar Times. JICA also extended a K41.5 billion loan to private SMEs in Myanmar last year, the official added. During this fiscal year, JICA’s loan for SMEs will work […]

KBZ to provide 24-hour service for trade-related payments via MPU

Kanbawza Bank has prepared to offer its around-the-clock service for trade-related payments through Myanmar Payment Union-MPU system, said U Aung Kyaw Myo, Deputy CEO of the KBZ Bank. The announcement for the payment system change came at the workshop on trade transaction payments with Myanmar Payment Union (MPU) system and expanding the fully online licensing […]

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 […]