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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.

This chapter examines Myanmar’s legal system, focusing on the new investment law that is set to enhance the business climate, the extension of investment protections and benefits, a mobile financial services bill, and updates to several key labour laws. It also contains a viewpoint from Cheah Swee Gim, Director, Kelvin Chia Yangon.

This chapter examines Myanmar’s tax regime, focusing on the newly passed Special Goods Tax Law, rules and penalties for concealment of income, regulations for industrial and special zones, the Myanmar Investment Law set to reshape the market and a summary of accounting standards and practices. It also contains a viewpoint from U Win Thin, Chairman, Win Consulting.

When Myanmar recently began opening its doors to the outside world, tourists rushed at the chance to see a country that had not only been closed to them for decades, but that also boasted a rich culture and heritage. The next phase of growth will demand better marketing, improved data collection and facilities capable of offering visitors not only sights, but compelling experiences. Change has already begun, and improvements to ageing infrastructure continue, but with hotel rates dropping to historic lows, the coming years could provide the sector with a difficult but necessary reckoning. This chapter contains an interview with U Nay Aung, Founder, Oway Group.

Spanning a vital geographic area and sharing borders with India, China, Thailand, Bangladesh and Laos, Myanmar is poised to see its transport sector post double-digit growth in the coming years. The sector is bolstered by surging air passenger and trade volumes, and rising urbanisation. Additionally, ageing road and rail networks, urban and port congestion, and a lack of multi-modal connectivity have made rising transport costs a major impediment to new foreign investment. The government is moving to address these challenges through delivery of its National Transport Master Plan, which should see huge public investment in new transport infrastructure in the coming years. This chapter contains an interview with U Than Tun, CEO, Myanmar National Airlines.

The state of health in Myanmar is gradually improving, with significantly higher levels of funding being allocated by the state, and foreign donors and private investors looking to participate. To ensure its 56m people have access to better care, and mindful of the challenges, the administration is increasingly open to assistance from foreign governments, NGOs and private firms. The newly installed government has also put education at the heart of its reform agenda, recognising its potential for lifting the country out of poverty. More money is being channelled into the sector as officials seek to build a 21st-century education system to help push Myanmar into the ranks of the upper-middle-income nations by 2030. This chapter contains a viewpoint from Dr Myint Htwe, Union Minister, Ministry of Health and Sports; and an interview with Myo Thein Gyi, Minister of Education.