The government of Myanmar has an ambitious target for financial inclusion, with a goal of bringing financial services to 40% of people by 2020, and having 15% of the population using more than one financial product within the same timeframe. There is a very low base of financial inclusion today, with only 6% of the population having access to...
For most of the last half century Myanmar’s insurance sector was closed and monopolised, but it is now opening up to both domestic and international competition. The transformation has been rapid and across the board. A dozen domestic private insurers have been formed since 2013, while a raft of foreign companies have opened representative...
Since the political reforms of 2011, a number of significant steps towards liberalisation have been taken in the banking sector. The Central Bank of Myanmar (CBM) has been given much needed autonomy and ATMs are now allowed in the country. Further aiding accessibility, mobile banking services have been introduced. New private banks are being...
The country’s new stock market, which has been in development since 2008, has been designed to approach or meet international standards in terms of listing rules, intermediation, market infrastructure and supervision. It will be well supported and promoted and will likely make a significant difference in Myanmar. The new bourse will allow for...
In 2015 foreign banks started operating in Myanmar for the first time since 1963. A total of nine branch licences were issued. The licences will be highly restrictive at first, and the banks will only be able to do business in foreign currencies, they will be limited to one branch and they will not be able serve retail clients. The step is a...
When will the credit rating bureau be established, and how will it strengthen Myanmar’s financial sector and consumer discipline?
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