13 banks apply for Myanmar’s second round of foreign bank licensing. All 5 new applicants from Taiwan

Thirteen foreign banks from Taiwan, India, Vietnam, Cambodia, Korea and Africa have shown interest in starting operations in Myanmar.

The applications, submitted to the Central Bank of Myanmar, are part of the second round of bank licensing the country plans to issue, as it opens up its economy to increased foreign direct investment following decades of isolation.

Nine foreign banks were awarded license in the country last year, and they are from Australia, Malaysia, China, Singapore, Japan and Thailand. These included Singapore’s OCBC and UOB, ANZ Banking Group, Thailand’s Bangkok Bank, Japan’s Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group. (Courtesy of dealstreetasia.com)