Singapore Mainboard-listed SMI is looking to expand its brand, The Coffee Bean & Tea Leaf, in Myanmar while Sri Lanka’s CBC Myanmar Microfinance Co Ltd will also start its microfinance operations in the country.
Singapore’s SMI to expand Coffee Beans & Tea Leaf outlets
The pact was signed between SMI and California-headquartered International Coffee & Tea, which owns and operate CBTL.
The deal will allow CBTL to expand its outlets across Myanmar, beyond the new Yangon International Airport Terminal where they have the franchise rights to operate.
CBTL, a coffee chain featuring specialty coffee drinks and teas from around the world, has over 1,000 stores around the world.
Sri Lanka CBC-backed microfinance entity enters Myanmar
CBC Myanmar Microfinance Co Ltd, a fully owned subsidiary of Sri Lanka’s Commercial Bank of Ceylon Plc has received the licence to start operations as a non-saving deposit microfinance in Myanmar, according to the filing on Colombo exchange.
Led by chairman K G D D Dheerasinghe, CBC is a commercial bank in Sri Lanka with 250 branches and operations in Bangladesh and the Maldives.
The license was obtained from the Myanmar Microfinance Supervisory Enterprise with effect from January 12.
According to the IFC, an affiliate of the World Bank Group, over 170 MFIs in Myanmar are licensed to operate and serve nearly 70 per cent of the 54 million population. State Owned banks like Myanmar Agriculture Development Bank (MADB), MSLE and private banks like Myanmar Livestock and Fisheries Development Bank (MLFDB) are also providing small-scale loans to micro entrepreneurs in the country.