Myanmar central bank cuts interest rate by a further 1%

The Central Bank of Myanmar (CBM) slashed interest rates by an additional 1 percent today (March 24), taking total rate cuts to 1.5pc within the span of two weeks. Starting from April 1, bank deposit rates in Myanmar will be reduced a minimum of 6.5pc, while lending rates will not exceed 11.5pc for collateralised loans […]

Myanmar central bank revokes licence of local bank

The Central Bank of Myanmar announced on Monday announced that it is revoking the banking licence of locally incorporated Asia Yangon Bank Ltd (AYB). The central said in its announcement that the revocation is for “breaching the country’s existing laws” but did not provide any further details on the matter. Since the announcement, the central […]

Central Bank of Myanmar cuts interest rates by 0.5%

UPDATE: The Central Bank of Myanmar announced Friday (March 13) that the implementation of a 0.5 percent cut in interest rates will start on Monday (March 16), instead of April 1 as originally planned According to the directive, the minimum bank deposit rate will be lowered to 7.5pc from 8pc, while the maximum lending rate […]

Myanmar Central Bank unlikely to accept deputy governor’s resignation: sources

The Central Bank of Myanmar (CBM) is unlikely to accept the resignation of its deputy governor, U Soe Thein, according to government sources in Myanmar’s administrative capital Naypyitaw. “I heard that U Soe Thein submitted his resignation directly to the governor and the governor is unlikely to forward it to the President’s Office. He doesn’t […]

InfoCorp Technologies Partners Mandalay Capital to Provide Livestock-backed Loans for Unbanked Farmers

26th April 2019: InfoCorp Technologies, Singapore-registered fintech company has formed a partnership with Myanmar-based financial services company, Mandalay Capital (MCAPITAL) to utilise FarmTrek as platform to provide livestock-backed loan services to farmers and MSMEs in the Myanmar agricultural and livestock market. MCAPITAL aims to replace illegal remittances and currency exchanges in line with Central Bank’s […]

Myanmar’s veteran central bank chief gets another term

YANGON, July 26 (Reuters) – Myanmar has decided to appoint the incumbent central bank governor for another term, despite the concerns of some in the financial community that the veteran official has not driven through much-needed banking reforms. The Southeast Asian country’s parliament announced the appointment of Kyaw Kyaw Maung as chief of the Central […]

Revolutionary new technology demonstrated by Myanmar’s Blockchain Development and Research Company

YANGON The future of blockchain, the potentially revolutionary new verification method for digital transactions, was presented last week to the business community in Yangon. Blockchain Development & Research Company Limited jointly presented with China’s Guiyang Institute of Blockchain, with whom they have signed a memorandum of understanding. The DCD Group Sdn Bhd of Malaysia and […]

Thai Firm Partners With Myanmar Tycoon for Financial Services Expansion

Thailand’s SET-listed digital finance firm Group Lease PCL (GL) has formed a strategic partnership with Myanmar tycoon U Aung Moe Kyaw and other investors at AMK Consortium to launch financial services in the country. Under the new partnership, GL will set up a joint venture company with AMK Consortium, which will support Century Finance Company […]

Japan & Singapore big winners in foreign banking licence award

Subscribe to our tender alert mailing list 9 foreign banks have been awarded preliminary Foreign Banking License on 1st October 2014. The award of the banking licence also shows the influence that the countries that the banks come from – in financing development and trade in Myanmar with the rest of the world. The big […]

Bank Negara Indonesia to open representative office in Myanmar

State lender Bank Negara Indonesia (BNI) is due to open its first-ever representative office in Myanmar in November to facilitate the expansion of fellow state-owned enterprises (SOEs) in the neighboring country. According to the deputy general manager of BNI’s international division, Rahmad Hidayat, the bank will submit a proposal to Myanmar’s central bank next week. […]