Myanmar
LATEST ARTICLES
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The abrupt departure of the US NGO fund from military-run Myanmar leaves a vacuum for microfinanciers.
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Running a bank during the Covid-19 crisis in Myanmar is hard enough. Throw in a military coup and the situation becomes far worse.
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Running a bank during the Covid-19 crisis in Myanmar is hard enough. Throw in a military coup and the situation becomes far worse.
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Running a bank during the Covid-19 crisis in Myanmar is hard enough. Throw in a military coup and the situation becomes far worse.
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Cash-starved small businesses and microfinance institutions in Myanmar are increasingly relying on a United Nations initiative to make ends meet. But results are mixed, showing there is still a long way to go to revive the industry.
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The country’s lost decade appears to be assured: the military coup hit the financial system and the economy – and it is scaring away many investors.
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Myanmar’s banking system has been on life support since the coup on February 1, with normal business grinding to a halt. But what’s replaced it feels like a slow-motion bank run that’s chaotic and corrupt.
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Myanmar is once again an investment pariah as the country’s businesses and financial sector reel from the impact of the coup.
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Myanmar's banks proved their dedication to social responsibility in 2020 through their work battling the effects of the Covid-19 pandemic in their communities. The actions of all of the banks are laudable, but AYA Bank stood out.
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For a country like Myanmar to move to digital banking is especially tough given its underbanked population is more familiar with traditional ways of banking.
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OCBC has topped Asiamoney's list of international banks in Myanmar time and again. The bank's longstanding position in the country – and its unique understanding of Myanmar's problems and opportunities – has made it the best international bank for the fourth consecutive year.
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Banking in Myanmar has never been easy. The country has long balanced a competitive landscape with a massively unbanked population. Banks have tried a variety of approaches to entice customers and establish a presence in the far corners of the country. CB Bank stands out as Myanmar's best domestic bank, best corporate and investment bank and best bank for small and medium-sized enterprises.
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Banking in Myanmar has never been easy. The country has long balanced a competitive landscape with a massively unbanked population. Banks have tried a variety of approaches to entice customers and establish a presence in the far corners of the country. CB Bank stands out as Myanmar's best domestic bank, best corporate and investment bank and best bank for small and medium-sized enterprises.
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Banking in Myanmar has never been easy. The country has long balanced a competitive landscape with a massively unbanked population. Banks have tried a variety of approaches to entice customers and establish a presence in the far corners of the country. CB Bank stands out as Myanmar's best domestic bank, best corporate and investment bank and best bank for small and medium-sized enterprises.
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Cash is still king in Myanmar; banks are still trying to figure out what to do with the power of technology.
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Sean Turnell, adviser to Myanmar’s leader Aung San Suu Kyi, discusses the liberalization, international opening and digitalization of the country’s banking sector.
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Early Dawn Microfinance was born under the wing of Save the Children International in 2002 as a donor-funded programme, but it was spun off in 2015 as an independent company and has become one of Myanmar’s largest and most reputable microfinance institutions (MFI).
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KBZ Bank, led by chief executive Mike DeNoma, is the largest bank in Myanmar by many measures, which means it can reach communities in need, funding schools, healthcare and programmes on a level its peers can’t match.
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Myanmar’s economy is driven in large part by small and medium-sized enterprises (SMEs). Most banks try to target as much SME business as possible, but Ayeyarwady Bank, in particular, is known for its wide penetration and active lending in this sector.
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Internet and mobile have become ubiquitous terms in Myanmar’s financial industry. All of the top names, as well as smaller banks, have rolled out digital services, including payments apps and e-wallets. But CB Bank is Asiamoney’s best digital bank because alongside its increasingly popular smartphone app it is pursuing an internal digital and technological transformation that will improve its operations and boost market share.
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International banks don’t have an easy time in Myanmar under the eyes of the central bank and regulator, but Singapore’s OCBC has been one of the most innovative and adaptable foreign players since it set up office in 2015.
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For a country where approximately 90% of the population is unbanked, Myanmar is flush with banks. But the sector is dominated by just a handful of private institutions. Among them, CB Bank is the most impressive, with a strategy that targets retail, SMEs and corporations, and gaining strength from an intriguing digital approach.
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For a country where approximately 90% of the population is unbanked, Myanmar is flush with banks. But the sector is dominated by just a handful of private institutions. Among them, CB Bank is the most impressive, with a strategy that targets retail, SMEs and corporations, and gaining strength from an intriguing digital approach.