Myanmar Business News JournalBurma Business News Journal
Burma Business News in brief
Last weekend, the Japanese Sumitomo Mitsui Banking Corporation (SMBC) was granted a license by the Central Banks of Myanmar to open a subsidiary in Yangon. According to the report, the office will open on April 23. You will find the store in Level#5, Strand Square, No.53, Strand Rd, Pabedan Townhip. CityMart, the biggest retail store network in the state, together with Visa and KBZ Banka, has introduced ticket approval in select stores, a first for a Myanmar retail group.
Consumers can now use their Visa Direct Debit and Visa Card to make payments at CityMart at Junction Square, CityMart's Market Place in the Golden Valley and CityMart's Market Place in Parkson, Yangon. The CityMart Group has 19 offices in Myanmar. Bangalore's International Institutes of Information Technologies (IIIT-B) is working with its Mandalay office to establish an IT department in Myanmar's second biggest town, the Indian Embassy in Yangon said.
Mandalay Insitute of Information Technology, the "Center of Excellence" for IT based on the model of IIIT-B, is underway. The next stage is for the Enterpreneurship in Yangon to join forces with the Indian Institution of Management, Lucknow (IIM-Lucknow). In addition, India has supported the Yangon University's UK linguistic division and a linguistic lab for the Ministry of State to allow its civil servants to study abroad.
Sai Kham Park Hpa, Air Mandalay Chief Executive Officer, ch-aviation, said the company's domestic operator Air Mandalay will recommence regular services on May 1. The Yangon to Heho, Tachilek, Thandwe, Mandalay, Myitkyina and Nyaung-u will use the recently introduced ERJ-145 AeroMéxico Connect fleets. Tin Maung Htun, Chief Executive Officer of Myanmar Airways International (MAI), informed the Airfinance Journal that his company plans to expand its existing three Airbus A319-100 and one Airbus A320-200 from mid next year.
May is also in the process of leaving its Yangon base to enhance its presence internationally, he added. Strict limits are placed to stop overseas investment from inspecting the exchange prior to the opening of the Yangon Exchange (YSX) in October, said the Chairman of the Securities and Exchange Commission of Myanmar (SECM).
Currently, SECM does not grant license to immediately engage in YSX investments to international mutual fund and institutions. Maung Maung Thein said to the regional press that the Company Act will be used by the European Union to monitor FDI and that free investing by FDI will push smaller FDI companies out of the market.