SEC seeks bids from service providers for Yangon Exchange

The Securities and Exchange Commission (SEC) has invited applications for service providers for the prospective Yangon Stock Exchange, setting February 27 a deadline for submission of applications.

The commission will grant four kinds of services licences – underwriters, dealers, brokers and consultants, prescribing different levels of capital requirement for each, said the commission chairman U Maung Maung Thein, who is also deputy finance minister.

The application forms became available on January 19 and the winners for the service licences are expected to be announced in mid-April.

“The applicants must have enough capital to get the licence and they need to be able to provide the four services fully. After the MIC receives the applications, the stock exchange supervisory commission will scrutinise and approve them accordingly,” the deputy minister told a press conference.

A licence for underwriting requires K15 billion ($15 million), for dealing K10 billion, for brokerage $7 billion and for consultancy business K30 million, he said, adding that a licence for underwriting will be also granted to operate in other three business areas.

“The deposits are set in line with the standards set by other ASEAN countries such as Laos, Cambodia and Vietnam, all of whom have opened bourses recently,” Dr Maung Maung Thein said.

Under an agreement signed in Naypyitaw in December, the Yangon Stock Exchange Joint Venture Co Ltd will be set up in partnership among Myanmar Economic Bank (MEB) sharing 51 percent, Japan’s Daiwa Institute of Research Ltd 30.25 percent and Japan Exchange Group 18.75 percent.

The deputy minister said Myanmar is ready to open the country’s first stock exchange later this year. “We are ready to start it on October,” he said.

Myanmar enacted the Securities and Exchange Law in July 2013 to pave the way for the launch of the bourse. Related bylaws will become public soon, Dr Maung Maung Thein added.

“We welcome the opening of the stock exchange but we need to be prudent because there have been examples of financial crisis caused by speculations at stock exchange,” Dr Thet Thet Khine, an economist, told Myanmar Business Today.

The government also refuted a critique over probable failure to set up a stock exchange in the country, saying that the establishment of the stock exchange is a business rather than politics.

Referring to a critique that Myanmar’s first planned stock exchange is likely to fail and is only to show off timing politically with the upcoming 2015 general election, the deputy minister said, “We will be able to exit the list of countries with no stock exchange soon.”

Source:Content sharing agreement with Myanmar Business Today

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.