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MI signs MoU with foreign insurance companies for housing projects

Myanmar Insurance (MI) signed a Memorandum of Understanding (MoU) with Japan, Germany and Malaysia to cooperate on insurance services for the construction of one million housing units to be developed by the Ministry of Construction, at Myanmar Insurance on August 28. Dr Sandar Oo, Managing Director of Myanmar Insurance said: “The country needs to develop […]

Private banks loan Ks 868.733 bln to SMEs

Until December, 2017, private banks have granted a Ks 319.228 billion loan to the agricultural and livestock sector and Ks 868.733 billion to small and medium-sized enterprises, said Soe Thein, Vice-governor of the Central Bank of Myanmar. MP Kyaw Htwe representing Yangon Region Constituency-8, raised a question on the policies set for the establishment of […]

Myanmar to adopt crop insurance based on weather

Myanmar and Sompo Japan Insurance are planning to adopt a crop insurance system based on climatic conditions, Deputy Minister for Agriculture, Livestock and Irrigation Hla Kyaw told a parliamentary session of the Upper House. The plan was revealed during the parliamentary session held in Nay Pyi Taw on October 17 after MP Kyaw Myint Oo […]

Businesses urge overhaul of banks’ loan policy

Banking experts and senior officers from the International Council of Small Business (ICSB) said Myanmar must change its loan policy to make it easier for businesses to access debt for growth. In Myanmar, loans issued to businesses are approved based on collateral and are mostly extended over a short term. Compared to other countries, the […]

New Version of Health Insurance to be Introduced Next Year

​​ Myanmar Insurance said it will launch a new version of health insurance, beginning January 2017. The MI has classified the premium rates based on the age groups. Myanmar citizens aged between 6 and 65 and foreign citizens who have already got a temporary stay permit can purchase the product. People can purchase three others […]

IKBZ facilitates the growth of Myanmar’s insurance sector

Myanmar’s insurance sector dates back to the 18th century, but only recently has foreign investment been granted, opening up and creating opportunities in the market The insurance sector in Myanmar has been active for quite some time, perhaps surprisingly so for those not familiar with the market. Following the signing of the peace treaty of […]

Japanese firms apply to operate in SEZs

Among the international insurance firms that have representative offices in Myanmar, only Japanese firms have applied to operate in special economic zones, according to the supervisory board of Myanma Insurance. Sixteen foreign insurance firms have opened representative offices in Myanmar, but they have not begun operations since regulations have not yet been fully disclosed. “We […]

Lack of financial evidence hampers SME loans

Myanmar’s banks are facing difficulties in offering loans to small- and medium-sized enterprises (SMEs) as the firms cannot submit their collateral and balance sheets, according to the Ministry of Industry. The banks face a lack of evidence of collateral, receipt and payment accounts, balance sheets and cash flow records, and higher transition costs than commercial […]

SMID Bank to lend Ks 20 billion to SMEs

The Small and Medium Industrial Development Bank plans to grant loans worth Ks 20 billion to small and medium enterprises this month. “We are checking to approve SME loans for applicants. The lending date is not confirmed yet but it will be within this month. We are expecting to lend a total amount of Ks […]