Visa and KBZ to Produce Kyat-Denominated Credit Cards

RANGOON — Burma’s KBZ bank and international payment provider Visa announced on Thursday that they would jointly issue new payment cards, after receiving the green light to do so from the Central Bank of Myanmar the day before. The Central Bank announced on Wednesday that international payment providers could now offer products and services in […]

Central Bank Exchange Rate Reforms to Start From January Next Year

​​ After years of complaints that its US dollar reference rate fails to reflect market reality, the Central Bank has announced a shift in how it determines the figure. In an effort to narrow the gap between the bank’s rate and that of the wider market, the regulator has announced it will start basing its […]

Myanmar Banking Group KBZ Seeks Insurance Arm Listing, Fintech Ally

Oct 6 Myanmar banking group KBZ is seeking to list its insurance arm on the domestic bourse as early as next year, a senior executive said on Thursday, as the formerly isolated nation slowly liberalizes its financial sector. The insurance arm, which has a paid-up capital of $55 million, could be listed as early as […]

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 […]

KBZ Bank crowned Finance Asia’s ‘Best Bank in Myanmar’

Kanbawza Bank was named “Best Bank in Myanmar” by London-based Finance Asia at the awards ceremony of “The Finance Asia: Country Awards for Achievement 2016” held in Singapore yesterday. Organisers said KBZ Bank won the award because it had the highest amount of deposits in the 2015-2016 fiscal year, provided businesses with highest number of […]

Ambitious target set for upcoming bond auctions

The government has set an ambitious target for its upcoming Treasury bond auctions next month, aiming to sell about K1.85 trillion (US$1.53 billion) in debt, to account for 60 percent of its domestic borrowing for this year’s budget, a senior official from the Central Bank told the Pyidaungsu Hluttaw last week. Speaking during a parliamentary session […]

Myanmar’s Kanbawza Bank opens office in Bangkok

KBZ representative office has been opened at Sathorn Square Office Tower. (Photo courtesy of Kanbawza Bank) Kanbawza Bank (KBZ Bank) has opened a representative office in Bangkok, the first Myanmar bank to establish an international presence. Earlier this year, KBZ Bank officially received a licence from the Bank of Thailand to open the office in […]

Overseas expansion plans heat up at Myanmar banks

Aya Bank plans to open representative offices overseas, while competitor KBZ Bank says it has applied to move into countries such as Japan and South Korea, in a sign that Myanmar’s banks are growing bolder in exploring overseas markets. If successful, AYA would become the second Myanmar lender to expand beyond national borders – KBZ became […]

Euromoney names KBZ Myanmar’s best bank

KANBAWZA Bank was awarded “The Best Bank in Myanmar-2016” by London-based economics magazine Euromoney, last Thursday at Island Shangri-Lan Hotel in Hong Kong, winning the award for the third year in a row. KBZ Bank was crowned Myanmar’s best bank after it managed to get the highest amount of deposit and make the highest profits […]

Western Union launches outbound money transfer service in Myanmar

WESTERN UNION, a global payment services provider, has launched Myanmar’s first outbound money-transfer service, three years after launching inbound services. Patricia Riingen, the firm’s senior vice president for Southeast Asia and Oceania, said the target consumers would be people aged from 25 to 60 who are active on social media and have international exposure (either […]