Myanmar moves to stave off credit crunch

NAPYITAW — Myanmar’s banking system is facing tough new regulations that could take more than $1 billion worth of local currency out of circulation, severely curtail lending and badly hurt the economy if a tight compliance deadline is not eased, senior bankers have warned. The Central Bank of Myanmar published its first set of modern […]

Private banks hike lending to SMEs

SMALL and medium enterprises in Myanmar will soon get greater access to finance as private banks plan to extend more credit to boost the economy, according to speakers at the Amcham Financial Services Forum held last week. Zaw Lin Aung, managing director of KBZ Bank, the largest private bank in Myanmar with the largest retail […]

AYA Bank selects Misys Fusion Banking Suite for next transformation project

AYA Bank (Ayeyarwady Bank) has selected the Misys Fusion Banking suite to support a transformative project which will overhaul its core banking system, digitalise operations and improve overall efficiency throughout the organisation, according to a press release. U ZawZaw, Chairman, AYA Bank said, “It’s thrilling to see more of our vision for AYA Bank come […]

Sales of apartments booming thanks to instalment payments

Instalment housing under K30 million are experiencing strong sales within the real estate market, according to U Yan Aung, general manager of Asia Construction. “Within the market, sales of instalment housing in the lower price range, ranging from around K10 million, are booming. The majority of the people are purchasing normal apartment units with an […]

Forex-starved lenders ask Central Bank for policy shift

Private financial institutions want the use of Nostro accounts — held in a foreign country and denominated in the currency of that country — to become mandatory for banks making import payments on behalf of clients, according to sources at private banks. The Yangon Foreign Exchange Market Committee submitted the policy request to the Central […]

Myanmar Millennium Group and Atos sign for banking services

In another sign Myanmar’s financial services industry is moving forward, French digital services firm Atos has made its market debut through a partnership with Myanmar Millennium Group (MMG), with the two businesses signing a memorandum of understanding on October 17. The link-up, which will bring Atos’ banking service offering to Myanmar, connects the foreign IT […]

AYA Bank to take a digital turn: Zaw Zaw

AYA Bank is going to focus on internet and electronic banking, and is planning to extend its cashless payment network, according to the bank’s chair U Zaw Zaw. The bank introduced internet banking and other IT services last year, and has since added international financial reporting systems for more effective auditing, he said. “We want […]

Dollar price to remain stable, says finance chief

The dollar price may remain stable due to the balance between supply and demand on the streets and official markets, according to Mya Than, chairman of Yangon Foreign Exchange Market Committee. Some traders say the dollar price may go up due to the Central Bank of Myanmar’s (CBM) preparation for abolishing the interest rate, the […]

Black market dollar rate drops after CBM pressure

The exchange rate for the US dollar is going down on the black market as the Central Bank of Myanmar (CBM) applied pressure on private banks not to manipulate the market, according to private banks and black market dealers. The CBM warned the private banks on November 19 not to influence the dollar exchange rate […]

Kanbawza Bank opens its 300th branches in Yangon

Kanbawza Bank opened its 300th branch in Myanmar on Bogyoke Road in Yangon, placing Kanbawza at the top of the list of private banks with the most branches in Myanmar, sources say. Kanbawza opened over 260 branches before August 2014 and opened the rest between August and November of this year. The saving amount is […]