Financial Services

While Myanmar’s banking sector has much to do in order to catch up to its neighbours, it should remain on track to expand rapidly as the economy grows and penetration deepens. Regulatory reforms will be key to expansion and foreign access. Elsewhere in the financial services sector, Yangon Stock Exchange (YSX) is Myanmar’s fourth try at launching a securities market, but it is by far the most serious project to date. Its formal launch date is set for late 2015, when it will be inaugurated along with a new securities exchange commission. There is extensive support for a local bourse in Myanmar, however it will likely take time to properly ensure that stock is able to trade freely and securely and to solve questions regarding the extent of foreigners’ participation. Meanwhile, the insurance sector, with private insurers just beginning to develop since 2013, is in its early stages after a long period in which the sector was fully nationalised.

This chapter contains interviews with U Win Shein, Minister of Finance; and Lim Cheng Teck, CEO for ASEAN, Standard Chartered; as well as a roundtable with Andrew Geczy, CEO of International and Institutional Banking, ANZ Bank; Chartsiri Sophonpanich, President, Bangkok Bank; and Abdul Farid Alias, Group President and CEO, Maybank.