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Myanmar opens insurance market to Prudential, Dai-ichi and 3 other foreign firms

YANGON — Myanmar’s government on Friday provisionally authorized five multinational insurance companies, including U.K.-based Prudential and Japan’s Dai-ichi Life Holdings, to establish wholly owned subsidiaries in one of Southeast Asia’s least-insured countries. The Planning and Finance Ministry’s announcement came as a surprise as it had earlier said it would allow only up to three foreign […]

Rescheduling of Announcement of Winners of Life Insurance Business to 5 April 2019

RESCHEDULING OF FORMAL ANNOUNCEMENT OF PREFERRED APPLICANTS FOR THE REQUEST FOR PROPOSAL TO APPLY FOR A LICENCE FOR LIFE INSURANCE BUSINESS IN MYANMAR TO BE OPERATED BY A FOREIGN INSURER THROUGH A 100% WHOLLY-OWNED SUBSIDIARY The Request for Proposal issued by the Ministry of Planning and Finance stated that the lists of preferred foreign life […]

More investments needed for expansion in food-processing industry

The Myanmar processed food industry needs more investment support in order to develop further, U Aye Win, chair of the Myanmar Food Processors and Exporters Association, told The Myanmar Times. Currently, Myanmar processes basic raw commodities such as rice, beans, maize and other agricultural products. Excess products are exported. However, the country also imports value-added […]

Inflation in Mandalay highest in the country: Ministry

Mandalay Region’s inflation rate, at 11.53 percent, is the highest in the country due to its status as a major trade hub in the country, said U Myat Thu, Regional Minister for Planning and Finance. The region’s inflation rate based on the Consumer Price Index (CPI), which is calculated by the Central Statistical Organisation (CSO) […]

Hayman Capital receives US$2 million debt capital from Symbiotics SA

5th February 2019, Yangon. Hayman Capital Co., Ltd has signed US$2 million term loan from a Switzerland social impact investor, Symbiotics SA. All regulatory approvals from the Central Bank of Myanmar and the Financial Regulatory Department of the Ministry of Planning and Finance have been received and the fund has been disbursed to support the […]

Foreign insurance firms can give Myanmar’s lagging insurance market a much-needed boost

It has been a long time coming, but foreign insurance companies will soon be able to operate in Myanmar. Plans to liberalise the insurance market in this way were first announced in 2011. But only now has the government given the regulations the go-ahead. It is too late for those companies that left after becoming […]

EoI, RfP for insurance services invited

Foreign insurance companies which want to provide insurance services, can get Expression of Interest (EoI) and Request for Proposal (RfP), at www.frd.gov.com, an official website of Financial Regulatory Department at Ministry of Planning and Finance. The ministry issued the statement dated January 2, allowing the foreign insurance companies to offer insurance services in the country. […]

Reset capital market, allow foreign competition to unleash growth: leaders

Foreign investor interest in Myanmar appears to be waning at a time when the global economy is losing momentum, if recent data is anything go by. As such, a hard reset of the local capital market is needed to ensure the business environment remains friendly to existing firms and entrepreneurs, as their survival and growth […]

Foreign insurance firms may start operations by April 2019: regulator

Qualified foreign insurance providers will receive licenses to operate in Myanmar by April next year. “I can assure it is happening within the next 16 weeks,” U Thant Sin, Director of the Financial Regulatory Department under the Ministry of Planning and Finance, said during the UK Capital Market and Insurance Conference in Yangon on December […]

Insurance industry progressing at slow pace, foreign competition needed: AMI

It has been five years since the government first allowed private insurance businesses to offer their services in Myanmar in 2013. But further liberalisation is needed and the authorities have been saying they are close to allowing foreign insurance providers to operate domestically. In August, U Zaw Naing, secretary of the Insurance Business Regulatory Board […]