Myanmar shows green light to four more foreign banks, all from Asia

The Central Bank of Myanmar has awarded preliminary operating licenses to four more foreign banks, all from Asia,  – Bank for Investment and Development of Vietnam, State Bank of India, Taiwan’s Sun Commercial Bank and South Korea’s Shinhan Bank.

With this move, the total number of foreign banks that are allowed to operate in the frontier market touches 13.

The bank received 13 applications for the second round of licence issuance of which eight were shortlisted in the earlier round in 2014. These include State Bank of India, State Bank of Mauritius, South Korea’s Kookmin Bank and Shinhan Bank, Taiwan’s Cathay United Bank, E.SUN Commercial Bank and First Commercial Bank, and Vietnam’s BIDV.  The new applicants in this round were CTBC Bank, Mega International Commercial Bank, Taiwan Business Bank, Taiwan Cooperative Bank and Taiwan Shin Kong Commercial Bank.

In the second round of bank licence issuance, the four Asian banks were given a preliminary approval, and these banks now need to fulfill the commitments made in their application of the request for proposal.

“The preliminary approval is valid for 12 months during which the successful applicants will have to fulfill commitments made in RFP (Application), take all necessary measures to ensure functional banking operation from day one of business and will have to comply with requirements laid down by the Central Bank of Myanmar. Upon fulfillment, the Central Bank of Myanmar will grant the final License to operate in Myanmar,” the Foreign Bank Licencing Committee said, in an announcement.

The four banks are among the thirteen banks that applied to the Central Bank of Myanmar to open a branch in the country.

The banks will put a capital of at least $75 million as an investment, which was the same amount for the previously awarded banks.

These banks already have a representative office in Myanmar.

The Licensing committee said they look forward to the applicants’ continuous involvement in the financial sector and economic development of the country.

The first batch of banks that were awarded licences around late 2014 include Bangkok Bank, Australia’s ANZ, Japan’s Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Sumitomo Mitsui Bank Corporation, the Industrial and Commercial Bank of China, Malaysia’s Maybank and Singapore’s Oversas-Chinese Banking Corporation and United Overseas Bank.

Also Read: 

Central Bank of Myanmar to issue fresh foreign bank licences next year

Myanmar central bank bats for de-dollarisation, e-payments

13 banks apply for Myanmar’s second round of foreign bank licensing. All 5 new applicants from Taiwan

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.