AYB, which was founded some 20 years ago is headquartered in Botahtaung, Yangon, and has branches in Bayintnaung, Lewe, Mandalay, Taungoo, Monywa, Magwe, Pathein, Pyay and Minbu.

In July, 2017, the CBM introduced rules requiring banks to submit reports on large debts, amended the way bank liquidity ratios are calculated, changed loans offered by banks to fixed-term loans, and tightened regulations on types of assets banks can hold. Specific guidance was also issued for the qualifications of the members of the board of directors of banks, with banks instructed to adhere to the standards when appointing members to their board of directors.

Source: Myanmar Times

In 2019, the Ministry of Planning, Finance, and Industry granted permission to five wholly foreign life insurance companies and six joint venture life insurance and non-life insurance companies to operate in the domestic insurance market.

During the period, the five wholly foreign life insurance companies – AIA, Chubb, Dai-ichi, Manulife and Prudential – invested a sum totaling US$65 million, according to the MIC. The three joint venture life insurance companies – Capital Taiyo Life, CB Life and GGI Nippon Life- invested US$34 million and around K10 billion.

Meanwhile, the three joint venture non-life insurance companies – AYA Sompo, GGI Tokio Marine and KBZ MS – put in US$26 million and K56 billion.

The insurance sector contributed strongly to total foreign direct investments (FDI) of around US$2.6 billion in fiscal 2019-20. Myanmar is expected to receive a total of US$5.8 billion in FDI this fiscal year, according to the MIC’s estimates.

Source: Myanmar Times

KBZ MS is a joint venture insurance company between between IKBZ Insurance and Japanese insurer MSI, while AYASOMPO is a joint venture between AYA Myanmar, and Japanese insurer Sompo. Bancassurance is the selling of life assurance and other insurance products and services by banking institutions.

Since the liberalisation of the market in 2019, some local insurers along with their foreign partners have been considering bancassurance as another option to serve the country’s insurance needs.

Based on 2016 analysis by The Foundation for the Advancement of Life and Insurance Around the World, the distribution share of bancassurance in selected countries represents 42.2 percent, and given the recent growth of bancassurance, the distribution share might converge to 50pc in the future, according to research commissioned by local insurer KBZ MS.

The pilot project shows that Myanmar bancassurance even in its initial stages can produce figures of 10 policies per sales person per month compared to AXA Mandiri of Indonesia which set the best in region with 8-10 monthly polices sold per branch per month.

Bancassurance is an exciting new channel for banks in Myanmar that can generate significant incremental income and in the next five year.

Source: Myanmar Times

The current bank interest rate is 10percent while the minimum deposit rate is set at 8pc and maximum secured lending rate at 13pc.

Some MPs pointed out that lending rates should be reduced to make loans more affordable for local businesses. They added that easier access to funding would facilitate business growth and make local companies more competitive both domestically and internationally.

U Soe Min said that while interest rate policies helped to drive the economies of financially-developed countries, Myanmar’s economy has yet to reach the same level. For example, lowering interest rates at this time may not help the economy but increase non-performing loans, contribute to inflation, and destabilise the economy. It’s important to take these points into account.

Vice governor U Soe Min had previously said in previous Hluttaw sessions that the CBM would not reduce interest rates as at current levels, the rates were set within a reasonable range.

Source: Myanmar Times

MIBS aims to provide foundational capabilities and operational discipline to protect the value of sensitive client information. Born from the legacy of 35-year old parent company MASCON, today MIBS is a trusted partner for some of the largest public and private enterprises across Myanmar. To counter increasing global cyber security threats across modern enterprises, MIBS exclusive partnership aspires to safeguard the digitally connected world with its highly intuitive solutions.

MIBS will add solutions to its cyber security offerings powered by TASL and ensure its existing and potential customers will receive endpoint cyber safe environments. MIBS will enhance the modern market with solutions enabling trustworthy preventions, greater visibility, vital detections and even discovering sophisticated mitigation threats to identify and prevent security breaches swiftly. The partnership with TASL aims to leverage a stronger protection with better control over critical assets vital to Business to Business (B2B) segment, like users’ details and data.

Three platforms offered by MIBS (supported by TASL), namely Cyber Intel, Cyber Secure and Cyber Assurance unify vulnerability management, surface attack analysis, cyber risk management, fraud & risk intelligence services and much more. The wide range of solutions illustrates leading choice for endpoint security to maintain IT hygiene and proactive risk hunting.

Source: Myanmar Times

Frontiir, a homegrown Myanmar firm, has operated Myanmar Net since 2013, and is a major service provider serving as many as 1.3 million users in the country. It received an additional US$30 million of funding from private equity fund manager Delta Capital last September.

The New City scheme, led by Yangon Chief Minister U Phyo Min Thein and launched in March 2018, aims to build an industrial and urban area on the west of Yangon city, covering a landmass twice the size of Singapore. Described by Serge Pun as Myanmar’s answer to Shenzhen, its target is to attract US$1.5 billion (K2.83 trillion) investment for its first phase. Thai PTT Group and India’s Indraprastha Gas Limited and Gail Consortium were selected by NYDC to supply and distribute power and natural gas respectively.

The feasibility of the scheme is in doubt due to climate change risks. Critics question whether designing a new city to withstand only a 90cm sea level rise makes economic sense at a time when many coastal cities in Asia are investing heavily in flood defences or moving inland. Global sea levels could rise by two metres by the end of this century.

The NYDC responded that a separate tendering would be set up through a special “Swiss Challenge” method. The project proposal is currently awaiting the approval of the Attorney General office in Nay Pyi Taw.

During Xi Jinping’s historic Myanmar visit at the start of this year, the two countries signed a Letter of Intent regarding the proposal, reflecting Beijing’s support for the scheme. New City is widely seen as a part of China’s flagship Belt and Road Initiative, though its strategic importance pales in comparison to Kyaukphyu deep-sea port in central Rakhine and railway and road connectivity between Yunnan and western Myanmar.

Source: Myanmar Times