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

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 “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 Bangkok Bank, Australia’s ANZ, Japan’s the Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Sumitomo Mitsui Bank Corporation, the Industrial and Commercial Bank of China (ICBC), Malaysia’s Maybank, and Singapore’s Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (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.

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

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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.