In Myanmar, buying cars and homes with gunny sacks full of cash

Banks have even received deposits of S$10 million in bills, in a country where most still prefer cash in hand over credit. But could mobile wallets change all that? YANGON: At banks in Myanmar, it’s not unusual to see people lugging huge and heavy gunny sacks into the lobby. Once inside, they’ll split open the […]

OCBC, UOB banks open branches in Myanmar

YANGON: Singapore banks OCBC and UOB officially opened branches in Myanmar on Thursday (Jul 2), becoming some of the first foreign banks to set up operations in the emerging economy. Singapore’s Deputy Prime Minister Teo Chee Hean, who was present at the banks’ opening ceremonies in Yangon, said the economic partnership between the Republic and […]