Vietnam bank to provide services in Myanmar
(VOV) - The Central Bank of Myanmar (CBM) has authorised 25 foreign banks, including one from Vietnam, to offer a wide range of domestic and cross-border collection and payment services to foreign investors in Myanmar.
Mizzima News said 25 banks are affected by the new regulations, including one each from Vietnam, China, India, Mauritius, Australia and France, three each from Malaysia, Singapore, Taiwan (China), the Republic of Korea and Japan, and four from Thailand.
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Ten foreign banks will be granted licences in the third quarter of this year to operate in Myanmar.
Granted banks must have at least US$75 million capital, US$40 million of which will be monitored by the CBM.
The country currently has more than 20 private banks and 3 State-owned banks.