Myanmar to issue up to 10 foreign bank licences

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The Central Bank of Myanmar (CBM) has kicked off a process to allow foreign banks to start retail operations in the country from 2021.

In the third phase of the banking sector liberalization announced in November 2019, the sector regulator will issue foreign banks with representative offices in Myanmar with either a branch licence or a subsidiary licence.

The CBM has issue issued an expression of interest to award a minimum of five and up to 10 licences to foreign financial institutions.

As per the announcement, the licensees will be permitted to serve both local and foreign financial institutions in addition to local and foreign corporates.

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