SCB sets up local bank in Myanmar

Siam Commercial Bank (SCB) has set up a bank in Myanmar after receiving a subsidiary business licence from the Central Bank of Myanmar, aiming to expand in the neighbouring market via offline and online platforms. SCB, the country’s fourth-largest commercial lender by assets, notified the Stock Exchange of Thailand on Thursday that it had registered […]

Import of essential items for COVID-19 approved without licence

Government has allowed import of essential items for COVID-19 prevention and control such as surgical masks, PPE, beds, ventilators and related equipment with the necessity to apply for import licences, according to the Ministry of Commerce. The ministry issued a negative list dated May 21 in 2019 which requires importers to apply for import licences. […]

SCB waits on new Myanmar licence

Siam Commercial Bank plans to open its first branch in Myanmar this year if the Central Bank of Myanmar (CBM) grants a bank subsidiary licence, says a SCB senior official. If approved, SCB will upgrade the existing representative office to a branch, said first executive vice-president Kamalkant Agarwal. The bank needs time to develop infrastructure […]

SCB wants Myanmar licence

Siam Commercial Bank is seeking approval from the Central Bank of Myanmar (CBM) to upgrade SCB’s representative office to operate under a bank subsidiary licence in the neighbouring country. The subsidiary model would offer SCB greater opportunities to do banking business in Myanmar, said chief executive Arthid Nanthawitthaya. Among the three options that the CBM […]

Prudential receives licence to operate in Myanmar

(L-R) Lilian Ng, chief executive, insurance, Prudential Corporation Asia, U Soe Win, Union Minister, Myanmar’s Ministry of Planning and Finance, and Tim Lau, chairman of the board, Prudential Myanmar Life Insurance Prudential Corporation Asia has received a life insurance licence from the Ministry of Planning and Finance (MoPF) of Myanmar, the insurer has announced in […]

First round of bank licences under Suu Kyi govt announced

Myanmar will initiate the first round of foreign bank licencing under Daw Aung San Suu Kyi’s government, aimed at further opening up an industry that was formerly closed off to international players. The central bank announced that banks can apply for either a branch licence – which allows a range of wholesale banking activities – […]

Tour operators barely surviving due to “incredibly shaky” demand

Small tour operators are on the verge of collapse as market demand in the tourism sector took a hit among Western visitors, as bookings for the impending peak season are “incredibly shaky”, according to a local company. In addition, hopes on wooing Asian investors were dashed by the now-abandoned “$1,000 in cash per tourist” entry […]

Millers, merchants urge illegal China-bound rice be stanched

The illegal outflow of rice via China’s border routes needs to be addressed through existing policies, regional rice-mill associations and local rice merchants have told the government. The export of rice without licence via Muse and Lwejel regions along the border with China, they said. Many bags of rice are being smuggled out of the […]

Thitikorn revs up for full entry into Myanmar market

Thitikorn (TK), a leading Thai hire-purchase provider in the motorcycle segment, is entering the Myanmar market with plans to operate a new company – Mingalaba Thitikorn Microfinance – established with registered capital of 200 million kyat (Bt4.85 million). Myanmar is the third overseas country in which the listed company has invested, after Laos and Cambodia. […]

Telenor Myanmar snaps up 1800MHz spectrum

Norwegian-owned cellco Telenor Myanmar has confirmed that it has purchased a twelve-year licence for a 2×10MHz block of spectrum in the 1800MHz band. The frequencies were priced at USD80 million with Telenor paying USD32 million up front, with the remainder to follow between the second and fourth year of the licence term. The cellco acquired […]