The Central Bank of Myanmar invited the eight consultant companies to submit a request for proposal (RFP) to hire the consultant to aid in approving the foreign banks and branches to operate in the Myanmar

The Myanmar Central Bank has invited eight companies to submit a request for proposal (RFP), as it will hire one of them as a consultant in approving foreign banks and branches to operate in this country. This will, it is hoped, improve the banking industry of Myanmar.

At the meeting of the Central Bank’s Board for Proving Foreign Banks, it was decided to hire a consultant company, one with an office in Myanmar, to examine and give approval for foreign banks and branches.

The companies invited to submit the RFP are: Deloitte Touche Myanmar Vigour Advisory, Ltd.; PricewaterhouseCoopers (PwC) Myanmar Company, Ltd.; EY UTW Advisory, Ltd.; KPMG Advisory (Myanmar), Ltd.; Roland Berger Co., Ltd.; Allen & Gledhill, Ltd.; Rajah & Tann NK Legal Company, Ltd.; and finally Baker & Mckenzie Company, Ltd.

As of now, the Central Bank of Mynmar has allowed 13 foreign banks to provide corporate banking services in this nation, just as local banks do. According to Vice President U Soe Thein, the Central Bank is planning to allow foreign banks’ branches to operate in Myanmar as subsidiaries, and provide retail banking services within our country’s borders.

Pisit Serewiwattana, President of Thailand’s EXIM Bank, said that because the Central Bank of Myanmar is relaxing its rules for foreign banks, his bank will assist Thai banks that wish to open branches and provide banking services in Myanmar.

Experts believe that allowing foreign banks to provide banking services in the same way that local banks do will help domestic financial security; however, local banks need to prepare themselves – in the way of terms of services, as well as technologies – in order to compete with foreign banks in the domestic battleground.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/central-bank-hire-consultant-aid-approving-foreign-banks )

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