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Discussion Starter · #81 ·
Construction and Housing Development Bank to open in Yangon

http://www.elevenmyanmar.com/busine...nd-housing-development-bank-to-open-in-yangon

The Construction and Housing Development Bank will be located in Dagon township, Yangon region, sources from the Ministry of Construction said.

Construction and Housing Development Bank Limited (CHDB) was formed in July 2013.

“We will set up the bank after establishing a private company. The CHDB can sell the bank [Construction and Housing Development Bank] shares, but they can’t enter the banking business before setting up a bank. All processes are supervised by Central Bank of Myanmar and we are carefully not to make mistake in financing,” said the CHDB managing director Win.

The public can buy the bank shares and civilian servants and businessmen, including overseas investors, can obtain the shares, sources from the CHDB say.
 

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Discussion Starter · #82 ·
Cambodian private bank has eyes on Myanmar

http://elevenmyanmar.com/business/4334-cambodian-private-bank-has-eyes-on-myanmar

A newly opened ANZ bank branch office seen in Vietnam (Photo-vccinews.com)



YANGON—ANZ Royal Bank, the third largest private bank in Cambodia, has held discussions with the director general of the Directorate of Investment and Company Administration (DICA) regarding the bank’s possible investment in Myanmar’s banking and financial sector, according to the DICA.

At the meeting, held on Monday in Nay Pyi Taw, the two sides discussed rules and regulations of the new investment law and business affairs.

This was the second meeting between the ANZ Royal Bank and DICA officials from the DICA. The two parties first met on June 3 this year.

Established in 2005, ANZ Royal bank is based in Phnom Penh, Cambodia. It has opened 23 branches and operates banking and financial services in 32 countries including the U.S., Germany, Malaysia, Singapore, India, Thailand, Japan, Korea and Vietnam.

The bank is a joint venture of Australia’s ANZ and Cambodia’s Royal Group Company (RGC). It also offers an institutional team to assist multinational businesses operating in Cambodia.
 

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Now, those well to do Burmese tourists could manage to deal with currency issue by using Multi Currency Travel Prepaid cards (VISA CB Bank easy travel card) issued by VISA to allow them to travel without the headache on dealing the foreign exchange since it has already been deposited in the cards - can accept US Dollars, Euro, and Singaporean Dollar (3 major currencies in Burma - and held as the main foreign reserves by Central Bank of Myanmar) - Minimum deposit is 50 US Dollars or equivalence and this card can store up to 5000 US Dollars or equivalence with minimum maintenance deposit at 8 US Dollars or 8000 Kyat

This card can be withdraw the cash from 450 ATMs in Burma and accept in 750 stores in Burma
http://dailynews.co.th/Content/econ...นซี่ทราเวลพรีเพดเปิดมิติใหม่ระบบการเงิน‘พม่า’
 

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Discussion Starter · #84 ·
Korea’s Exim Bank to open representative office in Myanmar

http://elevenmyanmar.com/business/4670-korea-s-exim-bank-to-open-representative-office-in-myanmar

YANGON—The Export-Import Bank of Korea is now planning to open a representative office in Myanmar where there are more than 30 representative offices of international banks, according to the bank.

On December 18, the Directorate of Investment and Company Administration allowed the bank to open a representative office in Yangon to operate banking and financial services in the Southeast Asian country.

The bank, which has its headquarters in Seoul, was established in 1976. Its primary purpose is to support South Korea’s export-led economy by providing loans, financing mega projects and thereby facilitating economic cooperation with other countries.

The bank mainly operates banking and banking management services. It has branches in the U.S., Japan, France, China, India, Indonesia, and United Arab Emirates.

In Myanmar, international firms including the UK’s Standard Chartered Bank, South Korea’s KB Kookmin Bank, and Taiwan’s E.SUN Bank have opened representative offices.

Although members of the Myanmar Banking Association have received approval to enter into joint ventures with international banks, the Central Bank has not yet allowed foreign banks to invest fully in Myanmar.
 

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Myanmar to allow foreign banks to begin some operations

Myanmar will allow some foreign banks to begin offering limited financial services next year, a senior central bank official said, as the Southeast Asian country slowly opens up its banking sector following a series of economic and political reforms.

Thirty-four international banks have representative offices in the country, but they have thus far been forbidden from opening branches or offering services other than advising clients. According to a decades-old plan, the government will eventually allow them to form joint ventures with local banks before allowing them to open independent branches.

The senior official said the central bank is now formulating a plan to speed up the process by letting a select number of foreign banks begin operating in 2014 in "certain areas of banking services", which he did not define.

"Since things have changed rapidly with the passage of time, we can't afford to stick to something laid down about 20 years ago if we really want to carry out meaningful reforms," he said, requesting anonymity because he was not authorized to speak to media.

The official said authorities have yet to decide how they would chose among the foreign banks with representative offices, which include Standard Chartered STANB.UL, Bangkok Bank BBL.BK, Siam Commercial Bank SCB.BK and Australia and New Zealand Banking Group (ANZ.AX).

Foreign involvement would help reform the antiquated banking system in Myanmar, Asia's second-poorest country after Afghanistan, which has been looking to attract foreign investment since a quasi-civilian government took office in 2011 after half a century of military rule.

Foreign banks could also help jumpstart economic development by providing access to much-needed financing for corporate clients, according to Khwima Nthara, a senior country economist with the World Bank.

"I do not doubt the government appreciates the role that foreign banks can play in financing," he said.

LIMITED ROLE

Nthara added that authorities are right to move slowly in opening up the banking sector.

Strictly limiting the role of foreign banks could help insulate the economy from any future financial crisis that could see them withdraw capital, and it would allow the domestic sector to develop without being swallowed up by the internationals, he said.

"The question is really how best to have them involved so you increase availability of credit, of financing, but also the local banks' capacity is strengthened," he said.

Zaw Lin Htut, deputy manager of Myanmar's biggest private bank, Kanbawza Bank Ltd, said he had not yet heard of the plan to allow some foreign banks to begin operating next year, but he welcomed the idea.

"Foreign clients need funding and it's not a small amount to invest in Myanmar," he said. "As domestic banks, we cannot fund too many corporate customers."

He added that domestic banks would benefit by learning about corporate investment from the international banks.

"Corporate clients need local banks as well," said Zaw Lin Htut. "I'm sure we can work together in the future."

Myanmar's banking sector was crippled by decades of mismanagement under military regimes and cut off from much of the global economy due to western sanctions. The European Union, Australia and other countries have lifted sanctions in response to widespread political and economic reforms.

The United States has eased sanctions and the Treasury Department issued a general license to Myanma Economic Bank, Myanma Investment and Commercial Bank, Asia Green Development Bank and Ayeyarwady Bank.

A general license eases restrictions and lets the banks deal with U.S. citizens and companies, but leaves sanctions laws on the books, giving Washington leverage should Myanmar start to backslide on reforms.

The World Bank is advising the government on financial reform and country manager Kanthan Shankar told Reuters in October that a draft of the new banking law would be completed by the end of this month.
 

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Discussion Starter · #87 ·
Foreign bank licences likely to be named by July

http://www.mmtimes.com/index.php/business/9628-foreign-bank-licences-likely-to-be-named-by-july.html

The Central Bank of Myanmar (CBM) will likely name the first group of foreign banks to be given independent operating licences by July as they prepare to bring in financing experts to narrow down the selection, a Central Bank official said.

A deputy governor of the Bank, who requested not to be named as they ar e not authorized to speak to the media, told Myanmar Times on February 18 that they will choose no less than five banks, but only after hiring a team of foreign consultants to help them decide, which should be offered the coveted licences.

“We are now still in stage of hiring foreign consultants and after that we will go on to the selection process together,” said the CBM official, adding that they will call for consulting proposals next month, while the process of selecting foreign banks will take about three months.

Banking officials had previously intended to allow foreign players in the market through a tiered plan that entailed allowing them to only be able to sign joint-venture deals with local banks this year, before opening the market completely in 2015.

Experts have said that foreign banks would have likely waited out the market and run their businesses independently next year rather than engage in risky joint ventures in 2014.

At the end of last year, the Central Bank reneged on its original plan and told the media that it would permit between 5 and 10 banks to enter the market as wholly foreign owned entities this year.

Local bankers have said that opening the market too early would result in many local banks being forced out of business in the face of modern services that would be offered from foreign banks.

“We have to permit foreign banks and, actually, we would like to grant license to all foreign banks, but the local banks fear of that process, so only a limited numbers of foreign banks will be allowed in the beginning,” said the CBM official.

The International Monetary Fund (IMF) last year has said allowing foreign banks into the market is an important part of developing the financial sector, but urged Myanmar not rush its decision.

The Central Bank is collaborating with several international finance institutions to modernise regulatory framework in the banking sector, while making improvements to its capacity to supervise it with new technologies, though some experts worry that the current laws would need to be updated in order to uphold modern banking practices.

“We are now finalizing updates to the old financial institution law, but we can permit foreign banks into the country with current financial institution law,” the Central Bank official said.

Other experts, meanwhile, heralded the government’s decision to allow foreign players into the market.

“We are aware that the government is assessing the viability of different foreign banking operation models for Myanmar. We consider this a positive development as the Myanmar government has demonstrated a keen desire to develop sound economic policies and financial reforms,” said Tina Singhsacha, Chief Representative of Standard Chartered Bank Myanmar.

“It is clear that the authorities have made it a priority to improve the local financial services sector so that the country can quickly draw level with other ASEAN economies.”

A total of 35 international banks have representative offices in Myanmar.
 

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Discussion Starter · #90 ·
UOB oversees Asian business expansion in Myanmar

http://www.elevenmyanmar.com/index....ness-expansion-in-myanmar&catid=33&Itemid=356

The Singapore-based United Overseas Bank (UOB) has served as a business consultant to more than 50 clients since its establishment in Myanmar last year, according to the bank.

Seven out of ten business groups in Asia are planning to expand their business into Myanmar in the coming year, according to a survey of the UOB.
The two key factors behind Asian businesses' keen interest in Myanmar are the country's expanding middle class and the swift economic reforms taking place, according to the UOB.

"Myanmar's economy is quickly growing. Due to the need for basic infrastructure, there is a market ready for our hardware products and security equipment," said the business manager of Soon Hong Seng Pte Ltd.
The UOB opened a consultancy office in Myanmar in 2013 to advise existing and potential clients on investing in Myanmar.

It is one of the leading banks in Asia and has more than 500 offices in 19 countries around the world.
 

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Discussion Starter · #91 ·
Slow entry of foreign banks hinders small and medium enterprises

http://www.elevenmyanmar.com/index....ll-and-medium-enterprises&catid=33&Itemid=356

Myanmar Central Bank building (Photo-EMG)



As foreign banks are not yet permitted to offer full services in Myanmar and confined to run representative offices, local small and medium enterprises are facing hardship.

Some of the SME businessmen said that they have to brace for more expenses and time in running their businesses, including money transactions with foreign countries, and that they have difficulty to obtain loans.

“Local banks are in most of the times not benefiting to the people. People will rely on any bank that gives convenient service. Now that it is not easy to take out loans for business extension and its interest is big, it is like pulling down fresh entrepreneurs who want to risk starting business. Moreover, if we pay for advertising our businesses on social networks like Facebook, we have to subscribe abroad. It takes longer to complete business transaction,” said a young man who started his own business.

Currently, some of large international banks have opened their representative offices in Myanmar.

“It is difficult to say when international banks are given full right to operate because it is on the part of government’ decision. But it is important for the relevant persons to get together and discuss for complying with the case,” said Mr. TatsuroNonaka, chief representative for Yangon office of Mizuho bank.

He added that they are concerned for the likely delay of Japan’s inflow of investments into Myanmar because they have not received permission for banking.

“As Japanese businessmen might need to take out foreign-cash loans, we are worried that the delay in our banking will hinder Japan investment,” Mr. Nonaka said.

“Foreign banks will not directly compete with local banks; instead they will help make Myanmar banking system better. Not giving working permit to foreign banks will make things worse instead of better,” said an officer of a bank which came to open an office.
 

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Discussion Starter · #92 ·
KASIKORN Bank plans to expand business in Myanmar

http://www.elevenmyanmar.com/index....xpand-business-in-myanmar&catid=33&Itemid=356

A branch office of KASIKORN Bank seen on U Wisar Ya road in Yangon (Photo-Nilar/EMG)



Thailand-based KASIKORN Bank is planning to launch its branches in Myanmar, according to the bank.

Nuttaphong Visitkichakarn, an official from the bank said it has proposed to the government about the plan, adding that the bank also has plans to cooperate with local partners if it is not allowed to operate as a standalone.

"As there are many Myanmar migrant workers in Thailand, we're planning to expand our services such as remittance for their convenience," said Nuttaphong.

The Central Bank of Myanmar has recently announced that there will be three steps for foreign banks to begin their services in the country; firstly to open their representative offices, secondly to establish a joint venture with local partners and finally to open their own branches.

Vice chairman of the central bank said recently that there will be no heavy impact on the local private banks as there will be limits for foreign banks operating in Myanmar in accordance with regional rules.

Economists say millions of dollars have been remitted to Myanmar each year as there are more than two million Myanmar migrant workers in Thailand.

Many regional banks from Thailand, Taiwan and other Southeast Asian countries are preparing to enter Myanmar, according to sources.
 

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Discussion Starter · #93 ·
Myanmar to adopt Mobile Banking System

http://www.elevenmyanmar.com/index....opt-mobile-banking-system&catid=33&Itemid=356

Most local banks are not capable of providing mobile banking services although Myanmar Cenral Bank has authorized for such services.

“At present, there are only a few banks proposed to offer the service. Some application forms need to be reapplied in order to complete data requirements. Mobile banking is not a new banking procedure. It is just an additional service,” said an official of Myanmar Central Bank.

At this juncture, First Private Bank, Cooperative Bank, Innwa Bank, Myawady Bank, Ayeyawady Bank, Rural Development Bank, Myanmar Citizens Bank and some other banks have applied to activate the mobile banking services.

The services will be processed through the network of Myanmar Post and Telecommunication. Myanmar is expected to raise the convenience of banking customers after the opening of the mobile banking services.
 

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too many foreign banks applying for myanmar licence thats not good
 

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Discussion Starter · #97 ·
Taiwan Cooperative Bank to open newest office in Yangon

http://www.chinapost.com.tw/business/asia-taiwan/2014/07/03/411471/Taiwan-Cooperative.htm

TAIPEI, Taiwan -- Eyeing the potential for economic greatness in Myanmar, the board of Taiwan Cooperative Bank (TCB, 合作金庫銀行) recently approved a resolution to set up a representative office in Yangon.
TCB indicated that Myanmar has a good geographic position, forming a bridge between nations and markets in South and Southeast Asia.

The second largest country in Southeast Asia, Myanmar's area is 19 times larger than Taiwan with a total population of 60 million and a gross national product per capita of only US$900. TCB said these figures point to exciting business opportunities in Myanmar's domestic market.

TCB estimated that banks currently operating in Myanmar can only meet 10 percent of the demand for loans.

Since the international community suspended sanctions in 2012, Myanmar is no longer a pariah state and is rapidly coming to the table of The Association of Southeast Asian Nations (ASEAN) market, and its bulk exports such as mineral commodities, teak and rice are privileged with an ultra-low import tax rate in the United States, Japan and the European Union (EU).

With a developing domestic market and strong exports as double growth engines, TCB said, the future of business in the unexplored land is worth anticipating, making the Yangon representative office an outpost to project TCB into the promising ASEAN market.
 

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Discussion Starter · #99 ·
Thai bank to open representative office in Myanmar's Yangon

http://www.globalpost.com/dispatch/...nk-open-representative-office-myanmars-yangon

Thai bank to open representative office in Myanmar's Yangon

YANGON, Sept. 27 (Xinhua) -- Thai Bank of Ayudhya Public Co.Ltd will open its representative office in Yangon, Myanmar to enhance bilateral trade and investment between the two countries, according to the Central Bank Saturday.

Ayudhya, established in 1945, is Thailand's fifth largest universal bank in terms of assets, loans and deposits.

There are other foreign banks which are also seeking permit to open offices in Myanmar.

According to the banking authorities, more foreign banks out of 5 to 10 short-listed ones will be allowed to operate in the country and they will be announced at the end of this month.

Each foreign bank is set to bring in 75 million U.S.dollars' capital investment.

In addition, foreign banks are required to set aside 40 million dollars out of their capital investment and allowed to operate only wholesale banking by providing services to foreign firms and local banks.

There are 43 foreign bank representative offices stationed in Myanmar up to June 2014, while there is a total of 25 private and four state-owned banks in the country.
 

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Discussion Starter · #100 ·
Myanmar awards first licenses to foreign banks

http://www.bradenton.com/2014/10/01/5389598/myanmar-awards-licenses-to-9-foreign.html

YANGON, MYANMAR — Myanmar awarded licenses Wednesday to the first foreign banks allowed to operate in the country in a half-century.

Lenders from Japan, China and Australia were among the nine banks to receive licenses in a reform implemented after Myanmar emerged from dictatorship.

Those to receive licenses included Bank of Tokyo-Mitsubishi UFJ, Industrial and Commercial Bank of China and Australia and New Zealand Banking Group. Others were Sumitomo Mitsui Banking Corp., Mizuho Bank, Thailand's Bangkok Bank, Singapore's Oversea-Chinese Banking Corp. and United Overseas Bank and Malaysia's Malayan Banking Bhd.

Each bank will be allowed to open one branch and cannot conduct retail banking. They can only lend to foreign investors in foreign currencies, not the local kyat, unless they partner with local bank, part of efforts to protect the fledgling domestic industry.

Read more here: http://www.bradenton.com/2014/10/01/5389598/myanmar-awards-licenses-to-9-foreign.html#storylink=cpy
 
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