UOB oversees Asian business expansion in Myanmar

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.

Source: ELEVEN Myanmar

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