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Wednesday, January 31, 2018

Financial Institutions in Myanmar!


1. The Union Bank of Burma was established on 3rd April 1948 by the Act of Union Bank of Burma 1947 and took over the functions of the Yangon branches of the Reserve Bank of India. It did not have the full power of a central bank. In 1st July 1952, the Union Bank of Burma Act was enacted. In accordance with this Act Burma Currency Board was abolished and the Union Bank of Burma Act, 1952, conferred on the Union Bank of Burma all the usual functions of a central bank. The Union Bank of Burma was opened at the corner of Merchant Road and Sule Pagoda Road and had a sole right of currency issue. It was transferred from the Burma Currency Board to the newly created Currency Department of the Union Bank of Burma with effect from 1st July, 1952.

2. The Union Bank of Burma was established with an authorized capital of 40 million Kyats and a paid-up capital of 10 million Kyats by the Government. The People’s Bank of the Union of Burma Act was enacted in 1967 and a monolithic bank known as the People’s Bank of the Union of Burma was established in 1969 with the initial paid-up capital of 200 million Kyats that was fully contributed by the State.

3. After Myanmar adopted the socialist economic system in 1962, all banks were nationalized. Under the People’s Bank of the Union of Burma Act 1967, a monolithic bank was formed. After reformed the administrative system in 1972, the Union Bank of Burma Law of 1975 was promulgated and the banking system was recognized. The name of the People’s Bank of Union Bank of Burma was changed to the Union of Burma Bank. Consequently, four banks, namely the Union of Burma Bank, Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Agriculture Bank had emerged. Accordance with the 1975 Bank Law, initial paid-up capital of the Union Bank of Burma was 200 million Kyats that was fully contributed by the State.

4. After 1988, Myanma economic system has been transformed from the planned economic system to market oriented system. To develop the financial system which is in line with the market oriented by the Government, and to promote the efficiency of financial activities, the Central Bank of Myanmar Law was enacted in 2nd July 1990. The Central Bank of Myanmar was established with the paid-up capital of 500 million Kyats and of which 200 million Kyats were fully paid-up by the State. According with the new government, was formed on March30, 2011, Central Bank of Myanmar have to become independently to laid down the policies. Central Bank of Myanmar needs to enact monetary policy independently to control the price stability in domestic market and to preserve the internal and external value of the Myanmar currency the kyat. According to the new law of Central Bank (Draft), Central Bank of Myanmar will set up with paid up capital of 300 Billion kyat and of which 100 billion kyat.


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Date : 30th Jan 2018

1330.0 / USD
Interest Rate(%)
Central Bank Rate 10% pa
Minimum Bank Deposit Rate 8%pa
Maximum Bank Lending Rate 13%pa
Economic Indicators (%)
GDP Growth 5.90 %
Annual Rate of Inflation 4.79 %
Year on Year Inflation 4.47 %
     Source : Ministry of Planning and Finance
Interbank Market Rates

State owned banks

Sr.N0 Name of Bank Head-Office Address
1. Myanma Foreign Trade Bank No 80/86 Maharbandoola Park Street, Yangon
2. Myanma Investment and Commercial Bank N0 170/176 Bo Aung Kyaw Street, Botadaung Township, Yangon
3. Myanma Economic Bank Building 26/ Myatpanthazin Street, Near the Hotel Zone, Nay Pyi Taw
4. Myanma Agriculture and Development Bank No-26/42 Pansodan Road, Yangon



PRIVATE BANKS OF MYANMAR.

 


Sr.No
Name of Bank
Date of Licence Issued
Head-Office Address
1
Myanmar Citizens Bank Ltd 25.5.1992 No- 256/260, Sule Pagoda Road,Kyauktada Township, Yangon
2
First Private Bank Ltd 25.5.1992 No-619/621 Merchant Road , Pabedan Township,Yangon
3
Co-operative Bank Ltd

3.8.1992

No-334/336 Corner of Strand Road and 23rd street, Latha Township, Yangon
4
Yadanabon Bank Ltd

27.8.1992

No-58(A) 26 Bayintnaung Street Between 84*85 Street, Aung Myay Tharzan Township, Mandalay

5
Myawaddy Bank Ltd

1.1.1993

Plot B-1 Near Thiriyadana Super Market, Hotel Zone, Naypyitaw

6
Yangon City Bank Ltd

19.3.1993

Coner of the Settyon Street & Banyerdala Street Mingalar Taung Nyunt Township,Yangon

7
Yoma Bank Ltd

26.7.1993

No-1, Kungyan street Mingalar Taung Nyunt Township,Yangon

8
Myanmar Oriental Bank Ltd

26.7.1993

No-166/168 Pansodan Road Kyauktada Township, Yangon

9
Asia Yangon Bank Ltd

17.3.1994

No-319/321 Mahabandoola Road Botadaung Township Yangon

10
Tun Foundation Bank Ltd

8.6.1994

No-165/167 Bo Aung Kyaw Road(Middle), Kyauktada Township Yangon

11
Kanbawza Bank Ltd

8.6.1994

615/1, Pyay Road, Kamayut Township, Yangon

12
Small & Medium Industrial Development Bank Ltd

12.1.1996

Plot No-2, Oktayathiri Quarter, Naypyitaw

13
Global Treasure Bank Ltd

9.2.1996

No-654/666 Merchant Road Pabedan Township, Yangon

14
Rual Development Bank Ltd

26.6.1996

Plot-2, Compound of Thiriyadanar Super Market, Naypyitaw

15
Innwa Bank Ltd 15.5.1997 No-550/552 Corner of Merchant Road and 35th Street Kyuktada Township, Yangon
16
Asia Green Development Bank Ltd 2.7.2010 No-168, Thiri Yatanar Shopping Complex, Zabu Thiri Township, Nay Pyi Taw
17
Ayeyarwaddy Bank Ltd 2.7.2010 Block (111, 112), High Grade Market, Datkhina Thiri Township, Nay Pyi Taw
18
United Amara Bank Ltd 2.7.2010 Block (2), Asint Myint Zay, Yaza Thingaha Road, Oattara Thiri Township, Nay Pyi Taw
19
Myanma Apex Bank Ltd 2.7.2010 Block (10), Asint Myint Zay, Yaza Thingaha Road, Oattara Thiri Township, Nay Pyi Taw
20 Naypyitaw Sibin Bank Limited

28.2.2013

Shopping Complex No(25/26), Yazathingaha Road, Oaktarathiri Township, Nay Pyi Taw
21 Myanmar Microfinance Bank Limited 2.7.2013 Sayar San Plaza, Corner of New University Avenue & Sayar San Road, Bahan Township, Yangon
22 Construction and Housing Development Bank Limited 12.7.2013 No.(60), Shwedagon Pagoda Road, Dagon Township, Yangon
23. Shwe Rural and Urban Development Bank Limited 28-7-2014 No.(420), Merchant Road, Botataung Township, Yangon
24. Ayeyarwaddy Farmers Development Bank Limited          (A Bank) 17-11-2015 No. (33), Corner of Mahar Bandoola Road and Myaing Haymar Road, Ward (3), Pathein

List of branches of private banks

1. Myanmar Citizens Bank's Branches List Detail
2. First Private Bank's Branches List Detail
3. Yadanabon Bank's Branches List Detail
4. Myawaddy Bank's Branches List Detail
5. Yangon City Bank's Branches List Detail
6. Yoma Bank's Branches List Detail
7. Myanmar Oriental Bank's Branches List Detail
8. Asia Yangon Bank's Branches List Detail
9. Tun Foundation Bank's Branches List Detail
10. Kanbawza Bank's Branches List Detail
11. Small & Medium Industrial Development's Branches List Detail
12. Global Treasure Bank Limited Branches List Detail
13. Rual Development Bank Limited Branches List Detail
14. Innwa Bank's Branches List Detail
15. Co-operative Bank's Branches List Detail
16. Asia Green Development Bank's Branches List Detail
17. Ayeyarwaddy Bank's Branches List Detail
18. United Amara Bank's Branches List Detail
19. Myanma Apex Bank's Branches List Detail
20. Myanmar Microfinance Bank Limited Detail
21. Naypyitaw Sibin Bank Limited Detail
22. Construction and Housing Development Bank Limited Detail
23. Shwe Rural and Urban Development Bank Limited
24. Ayeyarwaddy Farmers Development Bank Limited (A Bank)

 

 Non Bank Financial institutions

Sr-No Name of Bank Date of Licence Issued Head –Office Address
1. Oriental Leasing Company Ltd 8.1.1996 No-37, Latha Street, Latha Township, Yangon
2. Myat Nan Yone Finance Company Ltd 25.1.2013 No.66, Lanthit Street(Maw Tin Street), Ward 4, Lanmadaw Township, Yangon
3. National Finance Company Ltd 22.2.2013 No. (886/888), Pyay Road, Mayangone Township, Yangon
4. Ryuji Finance Company Ltd 28.5.2013 No.250, Anawrahta Road, Lanmadaw Township, Yangon
5. Mahar Bawga Finance Company Ltd 23.4.2014 No.285, U WiZaRa Road, North Myaynigone Ward, San Chaung Township, Yangon
6. Jewel Spectrum Company Ltd 8.5.2014 No.111, Nga Dat Kyi Pagoda Road, Bahan Township, Yangon
7. Century Finance Company Ltd 5.6.2014 No. 33, Pyay Road, 6.5 Miles, Hlaing Township, Yangon
8. Win Progress Services Company Ltd 11.6.2014 Building No.(C), Room No.(402/403), Mindama Housing, Mayangone Township, Yangon
9. Z Corporation Company Ltd 25.6.2014 No.20, White House, Mya Yeik Nyo Royal Compound, Pale Road, Bahan Township, Yangon
10. Global Innovations Finance Company Ltd 4.8.2014 Building No. 16, 4-01, MICT Park, Hlaing Township, Yangon
11. Mother Finance Company Limited 18.1.2016 No.44-46, Street 2, Ward 1, Lanmadaw Township, Yangon
12. Morganite Finance Company Limited 18.3.2016 No. 173/175, Room No.301, Pansodan Road, Kyauktada Township, Yangon
13. Best Merchant Finance Company Limited 18.3.2016 No. A/10, Mindhama Housing, Mindhama Road, Mayangone Township, Yangon
14. Myanma Ruby Hill Finance Company Limited 22.6.2016 No. 117, Wardan Street, Lanmadaw Township, Yangon
15. A1 Capital Company Limited 23.6.2016 No. 33/49, Second Floor, Strand Condo, Corner of Maharbandoola Road and Bank Street, Kyauktada Township, Yangon
16. Pristine Global Finance Company Limited 3.11.2016 No. A-9, Shwe Kabar Housing, Mindama Road, Mayangone Township, Yangon
17. Maha Agri Finance Company Limited. 5.7.2017 No.95-A, Kyaik Wine Pagoda Road, 8 Mile, Mayangone Township, Yangon
18. First Collaborative Finance(FCF) Company Limited. 25.7.2017 No.(31/32), Pyinmana-Taungnyo Road, Opposite ACE Villas, Nyaung Pin Wine Ward, Zabuthiri Township, Nay Pyi Taw
19. Thiri Zawtika Company Limited. 22.8.2017 No.(561/567), Room No.404, MAC Tower(1), Merchant Street, Kyauktada Township, Yangon
20. Excellent Fortune Finance Company Limited. 23.11.2017 No.(5-A), Pyay Road, Ward (10), Hlaing Township,Yangon
21. Imperial Myanmar Finance Company Limited. 23.11.2017 No. (20), Myaing Marlar Street, Yankin Township, Yangon
22. Pacific-AA Finance Limited 23.11.2017 No. (242), Upper Pazundaung Road, Satsun Ward, Mingalar Taung Nyunt Township, Yangon

 

Myanmar allowed for mobile financial services organizations


Sr.No.
Name of Company
Date of Registration CertificateIssued
Head-Office Address
1.
Digital Money Myanmar Limited
(Brand Name-Wave Money)
28.9.2016
No.84, 7th Floor, Uni Team Marine Building, Pan Hlaing Street, Sanchaung Township, Yangon.
2.
Ooredoo Myanmar Fintech Limited
(Brand Name-M-Pitesan)
26.7.2017
Myanmar Center Tower 1, No. 192, Kabaraye Pagoda Road, Bahan Township, Yangon.
3. Internet Wallet Myanmar Limited
(Brand Name-OK$)
31.8.2017 No.(321), Bogyoke Aung San Road, Kyauktada Township, Yangon.

List of Foreign Banks Branches

Sr No.
Bank Name
License Date
Date of business Commencement
1.
The Bank of Tokyo-Mitsubishi UFJ, Ltd
2-4-2015
22-4-2015
2.
Oversea-Chinese Banking Corporation Ltd
2-4-2015
23-4-2015
3.
Sumitomo Mitsui Banking Corporation
2-4-2015
23-4-2015
4. United Overseas Bank Limited 30-4-2015 4-5-2015
5. Bangkok Bank Public Company Limited 26-5-2015 2-6-2015
6. Industrial and Commercial Bank of China 26-5-2015 1-7-2015
7.  Malayan Banking Berhad (Maybank) 27-7-2015 3-8-2015
8. Mizuho Bank Limited 27-7-2015 3-8-2015
9. Australia and New Zeland Banking Group Limited 29-9-2015 2-10-2015
10. The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) 30-6-2016 1-7-2016
11. Shinhan Bank 15-9-2016 20-9-2016
12. E.Sun Commercial Bank Limited 27-9-2016 3-10-2016
13. State Bank of India 27-9-2016 3-10-2016


 Representative offices foreign banks


Sr.N0 Name of Bank/Finance Company Date of Registration Certificate Issued Date of Commencement
1. DBS Bank Limited 10.11.93 29.3.94
2. National Bank Limited 6.7.95 16.7.96
3. First Overseas Bank Limited 30.4.96 15.5.96
4. CIMB Bank Berhad (New Licence for Name of Change) 19.2.2008 19.2.2008
5. Arab Bangladesh (AB)Bank Limited 10.12.2010 6.6.2012
6. Siam Commercial Bank Public Company Limited 23.4.2012 23.12.2012
7. Krung Thai Bank Public Company Limited 14.6.2012 20.12.2012
8. United Bank of India 19.6.2012 5.12.2012
9. Kasikornbank Public Company Limited 18.7.2012 9.1.2013
10. Woori Bank 25.10.2012 15.11.2012
11. Vietin Bank 12.12.2012 1.3.2013
12. Korea Development Bank 27.12.2012 12.6.2013
13. Standard  Chartered Bank 27.12.2012 5.2.2013
14. Industrial Bank of Korea 14.3.2013 23.4.2013
15. First Commercial Bank (New Licence  for Change of Management Office) 18.3.2013 30.4.2013
16. Bank of India (BOI) 7.5.2013         -
17. Kookmin Bank 4.6.2013 19.12.2013
18. Export-Import Bank of India 14.6.2013 9.9.2013
19. The Export-Import Bank of Korea 16.12.2013 20.1.2014
20. Eastern Bank Limited 26.3.2014 -
21. Bank of Ayudhya Public Company Limited 26.3.2014 -
22. RHB Bank Berhad 26.3.2014 -
23. Commercial Bank of Ceylon PLC 12.11.2014 -
24. Cathay United Bank 11.4.2014 -
25. State Bank of Mauritius 11.4.2014 -
26. BRED Banque Populaire 11.6.2014 -
27. Busan Bank Co., Ltd 23-6-2015 -
28. AEON Credit Service Company 20.7.2012 21.9.2012
29. PT. Bank Negara Indonesia (Persero)Tbk 23.6.2015 -
30. Bank of Taiwan  23.6.2015 -
31. Taishin International Bank Co., Ltd 23.6.2015 -
32. Taiwan Shin Kong Commercial Bank Co., Ltd 23.6.2015 -
33. CTBC Bank Co., Ltd 23.6.2015 -
34. Yuanta Commercial Bank Co., Ltd 23.6.2015 -
35. Taiwan Cooperative Bank Limited 23.6.2015 -
36. Taiwan Business Bank Limited 23.6.2015 -
37. Mega International Commercial Bank Co., Ltd 23.6.2015 -
38. Ho Chiminh City Development Joint Stock Commercial Bank 23.6.2015 -
39. Qatar National Bank 26.7.2015 -
40. Sampath Bank PLC 26.7.2015 -
41. Bank of China 12.8.2015 -
42. KEB Hana Bank (New Licence for Change of Name) 18.12.2015 18.12.2015
43. BTMU Leasing (Thailand) Co., Ltd 7.4.2016 -
44. ACLEDA Bank Plc. 7.4.2016 -
45. SATHAPANA  Bank PLC.(New Registration Certificate for Change of Name) 7.5.2012 28.7.2012
46. Chang Hwa Commercial Bank Limited 21.11.2016 -
47. Hua Nan Commercial Bank Limited 21.11.2016 -
48. Export-Import Bank of Thailand 6.3.2017 -
49. KB Kookmin Card Company Limited 14.9.2017 -

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