Singapore welcomes first Myanmar bank
Myanmar's largest private bank opens representative office here.
Kanbawza Bank (KBZ Bank), the largest private bank in Myanmar, has set up a representaive office in Singapore.
KBZ Bank, part of the KBZ Group of companies, becomes first Myanmar bank to be granted a license to operate in Singapore.
This license, granted by the Monetary Authority of Singapore, is the second is such licenses granted to KBZ Bank. In May, KBZ Bank became Myanmar’s first bank to establish an international presence when it received its license for a Thailand representative office.
U Zaw Lin Aung will lead the office as the Chief Representative Officer. Currently, he is the Deputy Managing Director of KBZ Bank for their small and medium-sized enterprise (SME) business.
Located at One Raffles Place, it will serve as a source of information for regulatory requirements in both markets. It will also offer market research and feasibility studies on investment and business opportunities and private sector liaison services.
Singapore is Myanmar's second largest investor, next only to China and the opening of the private bank comes two months before the visa-free travel between Myanmar and Singapore will commence.
Photo credit: Wikipedia