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Roundup: Myanmar bankers strive to explore int'l market

Xinhua, June 28, 2016 Adjust font size:

Giant local private banks of Myanmar are making efforts to penetrate the international market, seeking ways to collaborate with foreign banks.

Kanbawza (KBZ) Bank was granted by the Monetary Authority of Singapore to open representative office in Singapore. This is the second KBZ Bank licensed to open an international office abroad after Thailand in May.

The bank will offer services concerning with market research, liaising between the two countries' private sector and serving as a source of information and regulatory requirements to their customers for doing business in both Singapore and Myanmar.

U Soe Lin, Deputy Managing Director of Ayeyawaddy (AYA) Bank, another local giant bank, said that foreign banks have opened branches to give financial support to their customers coming to invest in Myanmar.

In fact, the local banks have started their steps to open representative offices in foreign countries as a preparation for the country's promise of growing economy, U Soe Lin added.

AYA bank has planned to support their customers staying abroad, according to U Soe Lin.

Myanmar's banking and financial sector is far lagged behind other ASEAN countries. Even the Central Bank of Myanmar has become independent in 2012, the most visible reform by the central bank is awarding the licenses to foreign banks for opening branches in the country.

At present,there are 13 foreign banks branches in Myanmar allowed to operate corporate banking or wholesale banking.

Moreover, local banks are expecting to collaborate with those foreign banks in project financing and lending syndicated loans for expanding the country's banking sector as the local ones are weak in capital assets, according to local bankers. Enditem