<article>The Central Bank of Myanmar is initiating the process of further opening up the banking sector for foreign players.</article>

The Central Bank of Myanmar is initiating the process of further opening up the banking sector for foreign players.
It is looking at a second round of issue of new overseas bank licences early next year, when it will call for expression of interests.
Buoyed by the response it got in the first round, the apex bank is hoping the second round will see new foreign banks participate from neighbouring and significant trade partner countries.
According to the Central Bank of Myanmar press release, the licence will be granted to banks for providing &#8220;onshore wholesale banking through a branch.”
However, in this round, the apex bank will not permit those countries whose representative banks won licences in the previous one. These banks represent the countries of Australia, Japan, Malaysia, China, Singapore and Thailand.
In May 2014, nine foreign financial institutions bagged permission to open a branch and conduct onshore wholesale banking business. The first batch of banks who were awarded licences were <a style="color: #000080;" href="http://www.bangkokbank.com/BangkokBank/Pages/homepage.aspx">Bangkok Bank</a>, Australia’s <a style="color: #000080;" href="https://www.anz.com/personal/">ANZ</a>, Japan’s the <a style="color: #000080;" href="http://www.bk.mufg.jp/global/">Bank of Tokyo-Mitsubishi UFJ</a>, <a style="color: #000080;" href="http://www.mizuhobank.com/index.html">Mizuho Bank</a>, <a style="color: #000080;" href="https://www.smbcgroup.com">Sumitomo Mitsui Bank Corporation</a>, the <a style="color: #000080;" href="https://www.icbc.com.ar/institucional/home.do">Industrial and Commercial Bank of China</a> (ICBC), Malaysia’s <a style="color: #000080;" href="http://www.maybank2u.com.my">Maybank</a>, and <a style="color: #000080;" href="http://www.ocbc.com/group/Group-Home.html">Singapore’s Oversea-Chinese Banking Corporation</a> (OCBC) and <a style="color: #000080;" href="http://www.uob.com.sg/personal/index.html">United Overseas Bank</a> (UOB).
The foreign banks that have representative offices in Myanmar or are in the process of obtaining a license are permitted to participate. Promoting existing economic corporation is the main objective of the second round of licensing, it said.
Also Read:
<a style="color: #ff0000;" title="Myanmar central bank bats for de-dollarisation, e-payments" href="http://www.dealstreetasia.com/stories/myanmar-central-bank-bats-for-de-dollarisation-electronic-payments-20567/" rel="bookmark">Myanmar central bank bats for de-dollarisation, e-payments</a>
<a style="color: #ff0000;" title="Myanmar Dealbook: Marsh opens office; Mizuho Bank’s 2nd branch; Chevron studies offshore block" href="http://www.dealstreetasia.com/stories/myanmar-dealbook-marsh-opens-office-mizuho-banks-2nd-branch-chevron-studies-offshore-block-18243/" rel="bookmark">Myanmar Dealbook: Marsh opens office; Mizuho Bank’s 2nd branch; Chevron studies offshore block</a>
<a style="color: #ff0000;" title="Malaysia’s Maybank starts Myanmar ops with branch in Yangon" href="http://www.dealstreetasia.com/stories/malaysias-maybank-starts-myanmar-ops-with-a-new-branch-in-yangon-14360/" rel="bookmark">Malaysia’s Maybank starts Myanmar ops with branch in Yangon</a>

Central Bank of Myanmar initiating process of opening up banking sector for foreign players, will issue a second round of new overseas bank licences early next year.

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

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

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

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief