May 3, 2013

Myanmar to issue new rules, regulations to govern joint venture banks

Myanmar will issue fresh rules and regulations to govern banks set up on joint venture basis by domestic and foreign banks this year, said a finance official Tuesday.

U Thein Zaw, deputy director general of Financial Institution Supervision Department of Central Bank of Myanmar, told the opening of the first-ever Taiwan-based First Commercial Bank's representative office in Yangon -- FCB which resumed operation after an absence of 15 years.

The opening was also attended by Tsai Ching Nien, chairman of the Board of Directors of FCB and officials concerned from domestic private banks.

So far, 23 foreign banks opened representative offices in Myanmar, including those from Brunei, Bangladesh, Cambodia, China, India, Japan, Malaysia, Singapore, Thailand and Vietnam.

There are 19 private banks and three state-owned banks in Myanmar.

In January this year, U.S.-based Western Union started money transfer services in Myanmar with seven local private banks.

Moreover, four Myanmar private banks, including Cooperatives Bank, Kanbawza Bank, Asia Green Development Bank and Ayeyawaddy Bank have also been allowed to handle remittance to homeland from Myanmar migrant workers working in Singapore, Thailand and Malaysia starting February.

In the latest development, the United States authorized financial services with four Myanmar banks in February this year.

The four Myanmar banks were granted by U.S. Treasury Department general license that offered them access to American financial system. These include State Economic Bank, Myanmar Investment and Commercial Bank, private-owned Asian Green Development Bank and Ayayawaddy Bank.

Source: Xinhua

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