A new 2020 Myanmar report by the global research and consultancy firm Oxford Business Group (OBG) will shine a spotlight on the ongoing liberalization of the financial services sector

A new report by the global research and consultancy firm Oxford Business Group (OBG) will map out Myanmar’s ongoing efforts to open up its economy to the outside world, and the legislative and regulatory reforms that are being implemented to accommodate the nation’s plans.

The Report: Myanmar 2020 will shine a spotlight on the ongoing liberalisation of the financial services sector, including opportunities that are fast becoming available to foreign insurance players following the implementation of the new legislation that paves the way for joint ventures. The life segment, which now allows 100% foreign ownership to a limited number of firms, will be a specific focus. Elsewhere, the impact of recent moves to allow foreign banks to engage in wholesale banking services and trade finance for the first time will be explored, alongside efforts to ease access to credit, such as allowing lenders to offer higher interest rates for borrowers unable to meet strict collateral requirements.

Meanwhile, the latest report will analyse the impact of the new Companies Law on boosting foreign direct investment by allowing international firms to acquire a stake of up to 35% in Myanmar companies without changing their status as a local entity.

Other changes set to be explored include amendments to the withholding tax system which are expected to enhance the business climate for international firms based in Myanmar by enabling them to operate more efficiently.

Kelvin Chia Yangon has signed a further memorandum of understanding (MoU) with OBG for its forthcoming publication. A longstanding partner, the legal firm will help the Group to research and produce the Law Chapter of The Report: Myanmar 2020.

Khin Leinmar Ban Aye, Principal Legal Manager, Kelvin Chia Yangon, said she looked forward to teaming up once again with OBG and helping investors that are keen to discover more about Myanmar’s opportunities navigate the country’s changing legal framework.

“Oxford Business Group has a well-established track record of providing the most accurate and informative research on Myanmar’s economy,” she said. “In this era of liberalisation, when information is of a premium, we are thrilled to be working with the Group’s analysts and shedding light on this fast-emerging economy.”

Mila Dimitrova, OBG’s Country Director for Myanmar, agreed that Myanmar’s latest efforts to boost investment by overhauling the corporate framework had heightened the need for business leaders to ensure they were up to date on the laws and regulations governing their sector ahead of the decision-making process.

“Myanmar’s plans to reposition itself as an outward-facing economy are taking shape, bolstered by a far-reaching reform programme and growing interest from an investment community keen to discover more about the country’s many untapped opportunities,” she said. “Kelvin Chia Yangon’s experts have an in-depth understanding of the evolving economic landscape here and their analysis has undoubtedly strengthened our coverage of the country over the years. I’m delighted to have their input once again as we begin work on this important report.”

The Report will mark the culmination of approximately 12 months of field research by a team of analysts from Oxford Business Group. It will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. OBG’s publication will also contain contributions from leading representatives across the public and private sectors.

The Report: Myanmar 2020 will be produced with Kelvin Chia Yangon, the Myanmar Investment Commission; Win Consulting and Parami Energy. It will be made available online and in print.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/financial-services-reforms-fore-2020-myanmar-report )

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