Now that the Central Bank of Myanmar (CBM) has allowed a total of seven foreign banks to provide trade financing services in Myanmar, traders are anticipating much better business in the months ahead. Last December, the CBM permitted 13 foreign banks to apply for approval to offer trade financing services in the country. Since then, […]
Kyat Hits Strongest Level Against Dollar in Over a Year
January 24, 2018 by
The Myanmar kyat appreciated to its strongest level against the US dollar in a year after the Central Bank of Myanmar (CBM) set its daily reference rate at K1,345 per dollar on Tuesday. The kyat had weakened to K1,360 against the dollar last year. It opened this year at K1,361. The kyat hit a record […]
Singapore’s Pan Pacific opens new hotel in Yangon, remains confident of long term ROI
November 27, 2017 by
Wee Wei Ling, executive director of Pan Pacific Hotel Group, isn’t at all worried about the glut in hotel rooms in Yangon. “There is definitely an oversupply. In fact, tourism has been declining recently. But we are long-term investors in Myanmar. We see the potential of this country and we would like to grow with […]
UOB puts focus on Asean investment
September 12, 2017 by
UNITED OVERSEAS BANK (UOB), one of the largest Asian banks, is actively engaged in bringing foreign investors to Thailand, particularly the flagship investment project in the Eastern Economic Corridor, according to its chief executive. Asked which Asean countries were now the most attractive for foreign direct investment in the eyes of UOB, Choon Hin Tan, […]
Frontier Markets: Myanmar, Explosive GDP Growth
March 11, 2016 by
The reason I’m revisiting Myanmar is because recently the State Bank of India (SBIN), together with the Vietnam Bank for Investment and Development, Taiwan’s E SUN Commercial Bank (2884:TT), and South Korea’s Shinhan Bank, were all granted permits to operate in that country. Last year, the first round of permits were granted to ANZ Banking […]
Myanmar admits more foreign banks ahead of NLD accession
March 8, 2016 by
BANGKOK — Myanmar has given preliminary operating licenses to four more foreign banks, following the government’s decision in late 2014 to grant licenses to an initial nine foreign banks. The move — just before a new administration led by Aung San Suu Kyi takes over on April 1 — highlights a rush by the incumbent […]
Vietnam’s BIDV says will be prioritised in next Myanmar bank licence issue
October 14, 2015 by
BIDV, Vietnam’s biggest partly private lender by assets, said on Wednesday it would be prioritised in the next issue of banking licences by Myanmar, citing comments by the country’s president during a meeting with the bank’s chairman. BIDV, which wants to open a branch in Myanmar having failed in the first license issue, said more […]
Bangkok Bank injects $200 million into its Yangon branch
June 4, 2015 by
Bangkok Bank demonstrated its optimism in Myanmar’s economic potential through the injection of US$200 million (Bt6.75 billion) into its Yangon branch, a bigger sum than what was brought in by the four foreign banks that have already opened branches here. “This will help us service our customers further, not only in terms of funding but […]
UOB first foreign bank to offer Myanmar onshore loan
May 8, 2015 by
SINGAPORE: The Republic’s United Overseas Bank (UOB) has become the first foreign bank to announce an onshore loan in Myanmar, after nine foreign banks were granted provisional operating licences in October last year. In a statement on Tuesday (May 6), UOB said it is offering onshore financing to Rangoon Excelsior – a French-Myanmar joint venture. […]
