SCB unveils wholly-owned subsidiary in Myanmar

Siam Commercial Bank (SCB) Myanmar has been officially inaugurated, the only Thai bank allowed to operate a wholly-owned subsidiary in Myanmar. SCB entered Myanmar in 2012 by setting up a representative office. SCB Myanmar plans to leverage its digital banking expertise to elevate financial products, services and payment systems in Myanmar to fulfill business requirements […]

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 […]

Myanmar allows Korean and Thai banks’ entry to boost investment

Competition in Myanmar’s banking sector is expected to intensify as more foreign banks enter the country. (Photo by Yuichi Nitta) YANGON — Seven banks from around Asia are to enter Myanmar, raising the prospect that a more active presence by foreign lenders will encourage further inward investment from other industries. The banks’ entry was approved […]

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 […]

Thai banks spread QR code in Asean

Thailand is set to kick off cross-border payment via QR code technology in Asean by mid-year, aiming to enhance financial transactions through the digital platform across the region. Digital payments between Thailand and Singapore and Cambodia are expected to begin in the middle of the year, said Siritida Panomwon Na Ayudhya, assistant governor for payment […]

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 […]

Myanmar’s mobile revolution

Myanmar has seen massive growth in internet penetration, mobile phone adoption and social media usage in the past few years, spurred by the end of direct military rule and rapid opening up of its market after decades of isolation. The consumer market in Myanmar has essentially bypassed the development stages seen in other economies and […]

Thai banks step up push for licences in Myanmar

ALL FOUR THAI banks in Myanmar are intensifying their efforts to secure banking licences in the belief that opening up of the industry will proceed despite opposition for local players. Representatives of Kasikornbank (KBank) and Krungthai Bank (KTB) recently joined conferences in Yangon, speaking their minds on what their banks have to offer to the […]

Thai banks line up for licences in Myanmar

The banking industry in Myanmar is a key strategic destination for Thai commercial banks as they plan for Asean integration after the Myanmar authority allows foreign banks to apply for operating licences there.  Myanmar’s central bank said 42 foreign financial institutions with representative offices there applied for its restricted banking licences. The four largest Thai […]

Right local partner key for Thai SMEs looking to Myanmar

Thai small and medium-sized enterprises looking to establish a footprint in Myanmar should find the right local distribution partners, and their products should not be dependent on the country’s currently underdeveloped infrastructure, according to experts in doing business there. Speaking at the second session of the “Thailand-Myanmar Trade Investment Relations in the Age of AEC” […]