CB Bank
As Myanmar’s primary resources sector opens up and more deposits are found, CB Bank expects a bonanza. This year, CB Bank says it captured the bulk of the market in letters of credit issuance for oil and gas-related clients.
Alongside this push into resources, the bank has become a leader in Myanmar’s foreign exchange business. The Central Bank of Myanmar notes that CB led the market for the nine months of 2018. CB has put down a physical footprint at Myanmar’s borders with China and Thailand, opening four new trade centres to serve these important land crossings.
“We see a huge potential in these places, as they are prime locations in terms of border trade,” the bank says.
CB has tied up with Seedstars, a Swiss-based investor focused on financing technology startups in the developing world. The two have launched an incubation centre in Yangon, which the bank hopes will become the “go-to space for fintech, startups and investors.” And it has hooked up with ride-sharing app Grab to open bank accounts for Grab’s drivers in Myanmar.