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 […]

IBK to begin operation in Myanmar this month

The Industrial Bank of Korea said Sunday it will officially launch and operate a local in subsidiary Yangon, the largest city of Myanmar as early as this month, which marks its third overseas unit, following its operation in China and Indonesia. Branded as IBK Bank Myanmar, its new overseas subsidiary was designed to handle various […]

Japanese NTT sets up US$5M local subsidiary

Japanese tech major NTT is diving into Myanmar’s nascent but fast-growing digital economy with its newly-established subsidiary. The company announced that its subsidiary NTT Myanmar was granted a business-to-business wholesale licence from the commerce ministry to offer ICT solutions in the Myanmar market. The capital investment of NTT Myanmar is US$5 million (K7.2 billion), it […]

Japanese joint-venture plans Yangon hotel

Hotel Okura Co Ltd said it would develop the luxury Okura Prestige Hotel with Ayeyar Hinthar Holdings Co Ltd in Yangon by 2020, with five more hotels due in the next five years. The company expects to sign a contract with Yangon Technical and Trading Co Ltd, a subsidiary of Ayeyar Hinthar, in August, working […]

Indonesia’s Timah set to begin Myanmar tin exploration in June

Tin miner PT Timah (TINS) is set to begin tin ore exploration in Myanmar in June, marking the start of the company’s expansion in the Southeast Asian country. Timah president director Sukrisno said Tuesday that the company was close to obtaining its mining site recommendation. “We have already obtained forestry- and agriculture-related recommendations. Hopefully we […]

Foreign banks get gradual access to market

Though foreign banks are hoping to enter the banking market in Myanmar as quickly as possible, more regulation and infrastructure – and a number of intermediary arrangements – are needed before that can happen, officials told an international banking and finance conference in Yangon on July 16. Daw Naw Eh Hpaw, deputy director general of […]