myanmar - Banking & Finance - News

CBM to approve QR Code Payment Transactions soon

Digital payments using QR codes will be introduced to Myanmar as soon as the framework for such payments are ready.
Date: 13 June 2019; Type: Legal News; Source: Myanmar Times

Finance Ministry cuts Micro Finance Loan Interest Rates

A new directive from the Ministry of Planning and Finance (MOPF) has reduced interest rate for microfinance loans and compulsory saving. The new rates are to take effect at the beginning of this month but the announcement was released after four days of the effective date, causing microfinance institutions to be in a difficult position.
Date: 11 June 2019; Type: Legal News; Source: Myanmar Times

Central Bank issues Warning against Crypto Currency Trading

Local investments in cryptocurrency have been rising, according to experts in the financial sector. But unlike overseas, where exchanges and crypto-news aggregators publish transaction data on a daily basis, the numbers are more difficult to track in Myanmar.
Date: 20 May 2019; Type: Legal News; Source: Myanmar Times

Myanmar launches First Ever Municipal Citizen’s Budget

The Taunggyi Township Development Affairs Organisation (DAO) has become the country’s first-ever local-government authority to publish its citizen’s budget.
Date: 06 March 2019; Type: Legal News; Source: Myanmar Times

Bankers seek Clarity over Foreign Equity in Myanmar Banks

The latest regulation by the Central Bank of Myanmar (CBM) permitting foreign institutions to invest up to 35 percent in local banks has been well-received by the banking and financial industry. However, experts have flagged the need for further clarity in its provisions.
Date: 12 February 2019; Type: Legal News; Source: Myanmar Times

CBM to publish Market-Based Reference Exchange Rate

The Central Bank of Myanmar (CBM) will publish a market-based reference exchange rate, or the aggregate of actual market rates for the day, from today onwards, according to a CBM press release.
Date: 05 February 2019; Type: Legal News; Source: Myanmar Times

Local Banks permitted to extend More Mortgages

Local banks have been permitted to allocated 5 percent of their total loan portfolio towards mortgages not exceeding three years, the Central Bank of Myanmar (CBM) said in a statement on Tuesday.
Date: 17 January 2019; Type: Legal News; Source: Myanmar Times

Central Bank permits Loans without Collateral at 16pc Interest Rate

Myanmar banks have been permitted to extend loans without the need for collateral at a maximum lending rate of 16 percent, the Central Bank of Myanmar (CBM) announced in a directive issued yesterday. The measures will take effect on February 1.
Date: 15 January 2019; Type: Legal News; Source: Myanmar Times

FMI changes Name, revises Constitution

Yangon Stock Exchange-listed First Myanmar Investment (FMI) Company announced on Saturday that it will be adopting a new name and constitution in accordance with the Myanmar Companies Law.
Date: 12 January 2019; Type: Legal News; Source: Myanmar Times

Central Bank provides New Details on Foreign-Bank Directive

Foreign banks will be allowed to expand their branch networks in Myanmar next year, according to two senior officials of the Central Bank of Myanmar (CBM) yesterday.
Date: 15 November 2018; Type: Legal News; Source: Myanmar Times

Central Bank allows Foreign Banks to lend to Local Businesses

Foreign banks in Myanmar are being allowed to provide commercial services, setting them on more equal footing with the local banks as the sector implements further reforms, U Soe Thein, Vice Governor of Central Bank of Myanmar (CBM), told The Myanmar Times on November 9.
Date: 12 November 2018; Type: Legal News; Source: Myanmar Times

Rules permitting Foreigners to Trade likely out This Year

The Yangon Stock Exchange (YSX) will release rules under the new Myanmar Companies Law which could allow foreigners to trade on the local bourse before the end of the year, U Yin Zaw Myo, managing director of the YSX, said yesterday.
Date: 10 September 2018; Type: Legal News; Source: Myanmar Times

MOB to allow Digital Payment System

Ongo, a digital financial service firm, and Myanmar Oriental Bank (MOB) have partnered up to reduce cash flow.
Date: 06 August 2018; Type: Legal News; Source: Myanmar Times

$97m FDI approved since April 1, as Government targets $3B by October

One company among 18 investments greenlighted by the authorities last month will produce and sell automotives, U Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA), said.
Date: 06 June 2018; Type: Industry Updates; Source: Myanmar Times

Central Bank issues License to Myanmar Credit Bureau

The Central Bank of Myanmar (CBM) has issued a license to Myanmar Credit Bureau Limited, allowing it establish a credit bureau in the country, according to a May 17 CBM announcement.
Date: 22 May 2018; Type: Industry Updates; Source: Myanmar Times

Microfinance gains Momentum as Knowledge and Education improves

Ko Bik, marketing manager at Alliance Microfinance, is seeing a pickup in demand for loans provided by microfinance institutions.
Date: 11 May 2018; Type: Industry Updates; Source: Myanmar Times

Central Bank issues Gold Coins with Fresh Design

The Central Bank of Myanmar (CBM) will sell new quarter-tical gold coins with national leader Bogyoke Aung San’s portrait, according to State media.
Date: 30 April 2018; Type: Industry Updates; Source: Myanmar Times

Accounts must be in Order for SMEs to qualify for Loans

The lack of proper accounts, financial statements and a solid business plan is one of the biggest obstacles to Small and Medium Enterprises (SMEs) qualifying for loans, banking officials said at a recent discussion on access to capital organised by MFITRIX, a financial training school.
Date: 06 April 2018; Type: Industry Updates; Source: Myanmar Times

Government seeks Approval to accept Japanese, French Loans

The Union government yesterday sought Parliamentary approval to accept French and Japanese loans to implement projects in the agriculture and healthcare sectors as well as for the upgrading of the Yangon-Mandalay Railway. If approved, the loans taken will total ¥87 billion and €22 million.
Date: 16 March 2018; Type: Legal News; Source: Myanmar Times

Interim Budget approved in Parliament after 1.2 per cent Cut

Parliament has approved the six month interim budget submitted by the government for the period between April 1 and September 30.
Date: 02 March 2018; Type: Legal News; Source: Myanmar Times

INDUSTRY UPDATES

Ambushed fiscal named Mindoro judge

MANILA, Jun 21 (PNA) - A female prosecutor who was shot and wounded as she was entering her home in Oriental Mindoro last June 10 is among the newly-appointed judges, Justice Secretary Menardo Guevara announced on Friday.

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ASEAN Chamber of Commerce, UiTM ink MoU to collaborate in Various Areas

KUALA LUMPUR, Jun 22 (Bernama) - ASEAN Chamber of Commerce and Universiti Teknologi Mara (UiTM) have inked a memorandum of understanding (MoU) to pave the way for collaboration in various areas of entrepreneurship, including research.

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President Jokowi to attend 34th ASEAN Summit in Thailand

Jakarta, Jun 20 (ANTARA) - Indonesian President Joko Widodo will attend the 34th ASEAN Summit in Bangkok, Thailand, from June 22 to 23, 2019.

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INDUSTRY UPDATES

PCC OKs East West purchase of PBCOM Auto Loan Portfolio

MANILA, Jun 19 (PNA) - The Philippine Competition Commission (PCC) approved the acquisition by East West Banking Corporation (East West) of the auto loan portfolio of Philippine Bank of Communications (PBCom).

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INDUSTRY UPDATES

RI hopes for Progress in Timor Leste joining ASEAN

Jakarta, Jun 19 (ANTARA) - The Indonesian government has expressed its hopes that the ongoing evaluation of Timor Leste will result in its becoming a member of the Association of Southeast Asian Nations (ASEAN).

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MyCC to focus Efforts on Monitoring Cement Industry

KUALA LUMPUR, Jun 19 (Bernama) - The Malaysia Competition Commission (MyCC) says it will focus its efforts on consistently monitoring the cement industry in order to complement the government’s initiative in protecting the welfare of consumers.

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Amended Code did not affect Conflict of Interest - Witness

KUALA LUMPUR, Jun 18 (Bernama) - The Code of Ethics for Administration Members and Members of Parliament was amended by the Cabinet in 2013 but did not affect the conflict of interest provision, according to a Cabinet former deputy secretary-general (Constitution and Communication).

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INDUSTRY UPDATES

Court urges Johor PTG to meet Orang Asli to settle Compensation Issue

JOHOR BAHRU, Jun 18 (Bernama) - The High Court here today encouraged the state Land and Mines Office (PTG) to engage in discussions with the Seletar tribe Orang Asli of Kuala Masai with the aim of settling compensation due as a result of wrongful acquisition of their land in Stulang Laut.

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Ex-CJ speaks out against Lawyers' Tendency to seek Postponements

KUALA LUMPUR, Jun 16 (Bernama) - Former Chief Justice Tun Zaki Azmi has spoken out against the tendency by certain defence lawyers to seek postponements of cases being heard in court.

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INDUSTRY UPDATES

New Competition Commission already under Fire

Myanmar’s professed commitment to competition reform has come under fire after the government packed the new Competition Commission with bureaucrats serving under a minister.

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INDUSTRY UPDATES

NA Deputies give Opinions on Revised Labour Code

Hanoi, Jun 12 (VNA) - The revised Labour Code will the focus during the sitting of lawmakers on June 12 in the ongoing 7th session of the 14th National Assembly.

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INDUSTRY UPDATES

Ability to pay Taxes Online a Boon for Vietnam’s Import-Export Businesses

Hanoi, Jun 6 (VNS/VNA) - Around 99 percent of import and export tax payments in Ho Chi Minh City are made online, according to the customs department.

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INDUSTRY UPDATES

OWWA joins Urban Poor Caravan

MANILA, Jun 8 (PNA) - The Overseas Workers Welfare Administration (OWWA) will be joining the Presidential Commission for the Urban Poor (PCUP) caravan to inform the public of its programs on overseas employment.

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Palace declares June 24 Holiday in Manila

MANILA, Jun 6 (PNA) - Malacañang has declared June 24 as a special, non-working holiday in the City of Manila in celebration of its 448th founding anniversary.

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INDUSTRY UPDATES

Legal Profession faces inherent Risks not Exclusive to NUPL

MANILA, Jun6 (PNA) - A state lawyer of the Office of the Solicitor General said Thursday the legal profession faces "inherent risks not exclusive to the National Union of People’s Lawyers (NUPL)".

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DOJ forms Panel to probe Jacky Co Case

MANILA, Jun 6 (PNA) - A prosecution panel has been assigned for the preliminary investigation on the complaints filed against alleged Chinese drug lord Jacky Co and others implicated in the smuggling of PHP1.8 billion worth of illegal drugs into the country.

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INDUSTRY UPDATES

Myanmar still short of Judges, says Supreme Court

The number of judges in the country is just two thirds of the number required, according the 2018 annual report of the Union Supreme Court.

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INDUSTRY UPDATES

RCI on Judicial Misconduct is what People Want - Dr Mahathir

PUTRAJAYA, Jun 5 (Bernama) - The government agreed to set up a Royal Commission of Inquiry (RCI) on judicial misconduct because this is what the people want, said Prime Minister Tun Dr Mahathir Mohamad.

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