Myanmar

Strategy (Myanmar): The Central Bank of Myanmar is expected to submit a new monetary policy during Parliament’s next session, which begins 28 May. According to a local news source, the central bank is working on new guidelines to allow foreign banks to operate in Myanmar as part of reforms to modernize the creaking financial sector. But this is likely to meet opposition from 20 local banks, fearing that they will be crowded out by the big global banks. Currently, the 34 foreign banks with representative offices in Myanmar can only provide limited financial services. Among the lenders that have expressed interest in deepening its presence in the country and are ikely to be the first to be granted new banking licences are DBS and OCBC. The progress on the policy framework is critical to providing much need funding to the country’s cash-strapped infrastructure sector and downstream industries. Existing SGX-listed companies with business links in Myanmar include Yoma, Interra Resources, Yongnam, Tiong Seng, UPP, Super Group, Keppel Land, UOL, Parkson Retail Asia, NeraTel, Ntegrator, mDR, Sin Heng, Tat Hong, Tee International, AsiaMedic, ISDN, WE Holdings and Goodland.