Regulatory roadmap needed for banking sector reform

Myanmar needs to establish a regulatory roadmap for the banking sector. This will give the local banks more clarity on the progress and timing of upcoming regulations, allowing them to gear up for further reform and growth. “Carrying out regulatory reform at an unmeasured pace can cause trouble,” said Azeem Azimuddin, CFO of Ayeyarwady Bank, […]

Strengthening Myanmar’s banking sector is key to economic growth

Central to Myanmar’s economic development is the reform of its finance sector and specifically its banking sector. Banks play a fundamental role in the transformation of market economies. Recently the government has enacted a series of laws intended to reform and strengthen its banking institutions to restore investors’ confidence and to make capital more accessible. […]

Police Step Up Crack Down on ATM Card Fraud

Local banks are teaming up with the Myanmar Police Force to crack down on il­legal cash withdrawals by counterfeit ATM cards, according to the Criminal Investigation Department (CID) of Naypyidaw. In a steamed effort to stop criminals from de­frauding Myanmar ATMs, police are installing CCTV cameras around cash machines, increasing levels of security, and even […]

Can the central bank’s new guard save businesses in Myanmar?

Among the nominees for deputy governor are economist and retired Budget Department of the Ministry of Planning and Finance officer U Soe Thein, incumbent deputy governor U Soe Min and existing member of the board U Bo Bo Nge. Meanwhile, the newcomers to the Board include former deputy director general of the Union Attorney General’s […]

Licensing, a milestone in banking industry

Greater convenience is one thing foreign companies doing business in Myanmar can expect as nine foreign banks gradually start their operations within the first half of next year. The licensing is also another milestone of the country’s economic reforms, which have so far been successful in drawing foreign investment and the momentum should continue with […]

Local SMEs in need of loan

Small and Medium-sized Industrial Development Bank (SMIDB) and Japan International Cooperation Agency (JICA) are holding talks on the loan disbursement to local Small and Medium-Sized Enterprises (SMEs), according to the sources. “As part of it, the JICA is observing the local banks, but has yet to reveal the banks’ name. It seems that firstly the […]

Myanmar to adopt Mobile Banking System

Most local banks are not capable of providing mobile banking services although Myanmar Cenral Bank has authorized for such services. “At present, there are only a few banks proposed to offer the service. Some application forms need to be reapplied in order to complete data requirements. Mobile banking is not a new banking procedure. It […]

Foreign bank licences likely to be named by July

The Central Bank of Myanmar (CBM) will likely name the first group of foreign banks to be given independent operating licences by July as they prepare to bring in financing experts to narrow down the selection, a Central Bank official said. A deputy governor of the Bank, who requested not to be named as they […]

Local banks want partners in order to build capacity

With some foreign banks expected to begin operating in 2014, bankers are increasingly looking to the government and finance organisations to get them up to speed Despite continued efforts on the part of local banks to upgrade services ahead of the anticipated inclusion of foreign competition, bankers claim that they will require outside help in […]

Private banks impose extra charge on international money transfers

YANGON—Several of Myanmar private banks are charging nearly Ks 15 (US$0.015) per US dollar on international money transfers in addition to the transfer service fee, raising concerns among the local business people. “I usually work with my export earnings deposited in United Amara Bank, Asia Green Development Bank and Kanbawza Bank, especially for importing cars,” […]