Financial Services

In the wake of sweeping reforms undertaken since 2011, Myanmar’s banking sector has been advancing at a rapid pace to become safer, sounder and better regulated. The majority of banking institutions are rising to the challenge by adopting international best practices, especially in terms of accountancy, and investing in systems that promise to transform the way they operate. Until recently banking in Myanmar was a highly controlled, state-centric, ledger-entry affair. However, after undergoing a process of modernisation, it has become an industry of great opportunity. Indeed, thanks to significant expansion into underbanked corners of the economy, growing international interest and a series of large-scale reforms, the sector may also be one of the world’s most promising.

This chapter contains interviews with U Kyaw Kyaw Maung, Governor, Central Bank of Myanmar; U Yin Zaw Myo, Managing Director, Yangon Stock Exchange; Quach Hung Hiep, Senior Executive Vice-President, Bank for Investment and Development of Vietnam; and Simeon Preston, Group COO, AIA Group; as well as a roundtable with Azeem Azimuddin, CFO and Advisor to Chairman, Aya Bank; Antony Picon, Managing Director, Colliers International; Kim Chawsu, Managing Partner, Katalysts Investment Group; and Hal Bosher, CEO, Yoma Bank.