Myanmar Tourism BankThe Myanmar Tourism Bank
The Myanmar Tourism Bank is opened within six months: officially
Burma Tourism Bank will open within six-month in Yangon, Mandalay and Nay Pyi Taw after a long detention to obtain the permission of the Yangon authorities, said one officer. "We plan to provide low-interest, long-term credits to small and medium-sized ethnical businesses, especially in the tourism area. That is our primary goal because we currently have no such bank services in the country," U Yan Win, a bank stockholder, said to the Myanmar Times last Wednesday.
At the beginning of December, the President's Office instructed the Central Bank of Myanmar to authorize the opening of the Myanmar Tourism Bank, the Mineral Development Bank, the Glory Farmer Development Bank, the Mandalay Farmer Development Bank and the Shwe Nann Saw Bank. In its early stages, Myanmar Tourism Bank is made up of 26 partners - hotel operators, tourism operators and tourism operators.
Others from the general population will be encouraged to attend once their licence has been cleared by the Central Bank of Myanmar, said U Yan Win. The Myanmar Tourism Bank received K2 billion from the U Thein Sein administration to fund the tourism industry, but was unable to obtain the necessary permits from the competent authority.
Five similar institutions are currently in operations, among them Myanmar Micro Finance Bank, Naypyitaw Sibin Bank and Construction and Housing Development Bank, which obtained their operating license in July 2013. 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.
There are a few hotel and tourism operators that are able to spend large sums of money to fund their business, but others are mostly small and medium-sized enterprises (SMEs) that face financial strait. That is why the bank's goal is to provide them with low-interest credits, said U Yan Win, who is also chairman of the Myanmar Tourism Federation.
At the end of November, according to statistics from the Ministry of Hotel and Tourism, there were 2508 tourism and tourism enterprises, but most of them are SMBs. "We are hoping for low-interest credits without security in the bank. When Myanmar Tourism Bank can provide each SME with K40 million or K50 million, it will be very useful for our business," said U Kyaw Min Hlaing, CEO of Shwe Myintmoomestic tours.