Myanmar BankThe Myanmar Bank
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The MCB - Myanmar Civic Bank
Myanmar Citizens Bank, a publicly traded bank, signed a ceremony for digitization with Temenos, one of the world's foremost CBS providers, on January 26, 2018. MCB, which was quoted on the Yangon Stock Exchange (YSX) in 2018, will celebrate its "silver anniversary" in 2017 and take important stages in its 2018 digitization transition.
Temenos' Temenos T-Shirt 24 has been chosen after a thorough review by many of the world's top suppliers. The contract with Temenos is one of the most important landmarks in MCB's 25-year existence. I' m delighted to have Temenos and TechMill as our chosen suppliers for the new CBS," said Dr. Thaung Han, CEO of MCB.
As part of this strategy, MCB will offer its clients end-to-end electronic bank management systems to address the ever-changing needs of Fintech's clients for innovation in its product and service offerings.
Burma Approves Five Specialist Lenders
Myanmar CBM will authorise the creation of five sector-specific financial institutions in accordance with a presidential guideline to the CBR. In accordance with the policy, the Office of President CBM has ordered the opening of Myanmar Tourism Bank, Mineral Development Bank, Glory Farmer Development Bank, Mandalay Farmer Development Bank and Shwe Nann Saw Bank.
However, it is better to ask the presidential office for details," a Myanmar Times officer from the Myanmar Times office of the United Nations Commission on Human Rights said. The managers of the CBM have not replied to e-mails asking for bank information. Similarly, no formal notice of approval of the five participating companies has been published. Meanwhile, bankers said the new bankers are likely to act as specialized financing institutes that lend to industry-specific companies.
Five similar institutions are currently operating, among them Myanmar Micro Finance Bank, Naypitaw Sibin Bank and Construction and Housing Development Bank, which were licensed to run in July 2013 under the former management of U Thein Sein. Its two other sector-specific financial institutions are the Shwe Rural and Urban Development Bank, which was licensed in July 2014, and the Ayeyarwaddy Farmers Development Bank, which was licensed in November 2015.
Mr. U San Thein, finance industry specialist at the German Association for International Cooperation (GIZ), takes a favourable view of Myanmar's economic upturn. "The increase in the number of specialist banking institutions will allow companies in the various industries to receive more focused funding than general business banking. Being such, companies have a better opportunity to get credit from the bank to expand," he said.
"Myanmar, a land where many companies are not able to provide funding, specialist banking focused on providing credit to each and every industry can provide an opportunity and expansion opportunity for many more start-ups and companies," he added. "Too many specialized vendors is a risk when the industry in which they operate is in a downswing.
Thus, such a bank must have good riskmanagement practices in place," said U San Thein. Indeed, it is not at all customary to set up specialist financial institutions outside Myanmar. "Banker' service is rare in any industry abroad," said U Than Lwin, former vice-chairman of CTBM and Kanbawza Bank executive bank.
Instead of aiming at the sector, it would be better if there were banking institutions aiming at the regional level. There should, for example, be a Shan state bank in the Shan state. In this way, they can concentrate on providing credit to companies in each region," he said.
It is also appropriate for a systematic monitoring by CBS of specialist banking institutions so that they do not provide extra funding to those linked to their lenders. "Specialized banking institutions are founded by groups and members of the companies concerned. Therefore, if a bank gives out most of the funding to its associated parties, it will defeat the purpose," said U as Lwin.
The current guidelines and guidelines of the Bank are that the starting reserve for the creation of a bank should be C20bn. Currently, 24 merchant and 5 specialist banking institutions have been authorised to do business in Myanmar.