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About Myanmar's bright prospects for KBZ Bank
Myanmar's finance industries are in a period of transition, with new players in the domestic and overseas bank sectors, the advent of the personal lines of credit and the introduction of the Yangon Stock Exchange as a driver of economic expansion. Myanmar's finance environment has benefited strongly from the government's emphasis on liberalization, both for overseas investment and global businesses, as Nang Kham Noung, Executive Director of KBZ Bank, commented.
What is your assessment of the prospects for economic expansion in Myanmar's bank system? The Myanmar bank system is becoming increasingly competitive in the face of increasing economic activity. Besides expanding the range of commercially available bank services, many of our customers are now focusing on new sectors such as the SME and bulk-markets.
Myanmar's bank industry offers enormous potential for economic expansion, as most numbers indicate that 95 per cent of the country's total economy is without bank. Considering that only five per cent of the workforce is involved in the bank industry, the prospects for huge economic expansion are certain. The interest of international bankers in entering the Myanmar markets is great.
It is a clear indicator of the bright prospects for further economic development and a signal of trust in Myanmar as a place of business for the world. Which public policy reform is necessary to make the bank industry more globally comparable? The Myanmar administration is very advanced, given that the state has been insulated for over 50 years.
In 2010, the country's sovereign power began comprehensive reform of the bank system and enhanced the country's global reputation. Will the banks be prepared for this? Over the past few years, the pace of growth has been quick and furious. Several of Myanmar's banks have been agile and innovating in line with the evolving eco-tax.
Those banks that were agile benefited from liberalization and significantly expanded their business and products year-on-year, while others lagged behind. Banks like KBZ, which concentrate on investment in people, technologies and the reinforcement of good business practices, are well prepared to succeed in this changing world.
Which are the greatest challanges for KBZ Bank and the bank industry in general? Myanmar's greatest problem is the lack of highly trained and educated bankers. Overall, the bank industry is growing here and is growing every single months.
As well as increasing local interest and competitive pressure for talented people. The KBZ Bank has seen unparalleled expansion. There are increasing recruitment problems for employees with powerful engineering and analytic capabilities. The KBZ Bank invests strongly in the expansion of personnel resources. How does the KBZ see the way forward?
We' re optimistic about the outlook. As a result of the new reform, both the challenge and the opportunity arise. We are currently working to maintain our status as the leader with the highest Myanmar equity footprint.