MAS inks MOU with Central Bank of Myanmar to strengthen bilateral ties

After CBM’s banking liberalisation programme in 2014.

The Monetary Authority of Singapore (MAS) and the Central Bank of Myanmar (CBM) have announced that they will enter into a Memorandum of Understanding (MOU) to strengthen bilateral ties.

Under the proposed MOU, MAS and CBM will cooperate on banking supervision and capacity building. The MOU comes after CBM’s banking liberalisation programme in 2014, where it awarded nine foreign bank licences to allow foreign banks to offer wholesale banking services to foreign corporates, and financial and technical support to Myanmar’s domestic banks.

On October 2014, Oversea-Chinese Banking Corporation Limited and United Overseas Bank obtained preliminary licences from CBM to open one branch each in Myanmar.