Sarawak’s small and medium-sized enterprises (SMEs) are on course for strong growth this year as more companies tap into spin-off projects engendered by larger players’ investments in the state’s special economic zone.
Asia Financial Services
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Economic update | Mongolia banks under pressure
23 Dec 2014
Banks in Mongolia are facing weaker profits this year as one of Asia's fastest growing economies cools, triggering a downpour of higher borrowing costs and an increase in non-performing loans, while credit rating agencies are watching the banks' vulnerability to China's continued economic slowdown.
Economic update | Myanmar opening banking doors
23 Dec 2014
Foreign banks are about to make a return to Myanmar after an absence of more than 50 years, in a move that is intended to support foreign direct investment (FDI) and improve existing services.
The insurance sector in Mongolia is heading for consolidation with higher capital requirements likely to squeeze out smaller operators in a crowded market. However larger firms can look forward to solid growth prospects as penetration rates remain low and product awareness is on the rise.
Plans by three of Malaysia's biggest lenders to merge into the country's largest bank conglomerate have thrown a spotlight on the health of the industry.
Authorities in Myanmar are determined to foster economic progress and have placed financial inclusion on their list of priorities. In an attempt to tackle demand for increased financial services, Myanmar has taken numerous steps in the past 24 months, such as the adoption of a floating currency, liberalisation of the insurance industry and the independence of the Central Bank of Myanmar (CBM). Following these adjustments, 2014 is set to see the CBM grant operating licences to foreign banks, while 2015 has been set as the target date for the establishment of the Yangon Stock Exchange.