Myanmar's KBZ Bank to open representative office in Singapore

Kanbawza(KBZ) Bank, a fund settlement bank of Yangon Stock Exchange(YSX), will open a representative office in Singapore, according to the bank Thursday.

The giant private bank was granted by the Monetary Authority of Singapore this month. This is the second KBZ Bank licensed to open an international office abroad after Thailand in May.

U Zaw Lin Aung, who is currently serving as Deputy Director of KBZ Bank, will lead the Singapore office as the chief.

U Zaw Lin Aung said that having a KBZ team in Singapore, it will help pass capital through to Myanmar.

The services offered by the office include market research, liaising between the two countries' private sector and serving as a source of information, to include regulatory requirements for doing business in both Singapore and Myanmar.

The bank has been working alongside the Monetary Authority of Singapore to establish the office since late 2015.

It became the fund settlement bank of YSX in March. It is a part of the KBZ Group, which is comprising many subsidiaries such as banks, securities, aviation, insurance, agriculture, hotels and tourism, manufacturing and others.

Myanmar and Singapore have agreed on mutual visa exemption during Singapore Prime Minister Lee Hsien Loong's visit to Myanmar this month.

Singapore stood as the second largest investor in Myanmar's investment line-up with over 4.2 billion U.S. dollars. Endit