A bank that caters for small scale travel and tour companies is expected to launch this year, according to the Myanmar Tourism Federation.
The Tourism Bank Public Company, which the federation began making plans to launch in October 2014, will open three branches nationwide: at Bo Son Pet Street in Yangon, Thabyay Gone Market in Nay Pyi Taw and 27th Street in Mandalay.
The bank is waiting on approval by the Central Bank of Myanmar, the last stage left before it can open, said U Phyo Wai Yazar, vice-chairman of the Myanmar Tourism Federation.
The Myanmar Investment Commission has approved K20 billion of initial capital, which the bank will use to operate while searching for investors.
Initially the bank aims to provide loans only for small scale travel and tour businesses but loans to large scale tourism businesses are up for further consideration, according to U Yan Win, chairman of the federation.
The company’s board consists of up to 25 members of the Myanmar Tourism Federation, mostly hoteliers and business people from travel and tour companies.
Myanmar’s Tourism sector is one the country’s most lucrative. In 2015 there was $2.64billion worth of foreign direct investment spread over 47 projects across the hotel and tourism sector.
Source: Myanmar Business Today
