Myanmar
3.8 Myanmar Additional Services
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Overview

There are sufficient vehicle rental, taxi’s and freight forwarding agents available in Myanmar. There are warehouses available for rent on the private market, but they normally do not include any handling equipment. Most warehouse equipment is available on the local market, except pallets are in short supply.

There are three telecommunications providers but only one who provides and manages the Internet back-bone service: Myanma Post and Telecommunications (MPT). Myanmar’s economy is predominantly cash-based and in 2014 only 23% of the adult population had access to a bank account. As of 2015 the country has 27 national banks and 9 foreign banks.

For more information on company contact details, please see the following link: 4.11 Myanmar Additional Services Contact List

Financial Service Providers

The financial sector in Myanmar is the least developed of all countries in Southeast Asia. Key infrastructure including payment and settlement systems are in progress but not yet in place, while regulatory capacity is somewhat stretched. However, due to recent reforms, the sector has undergone major changes, including the entry of foreign-owned banks and introduction of legislation to promote mobile financial services. After an absence of foreign banks of five decades the Central Bank of Myanmar (CBM) granted approval in 2014 to nine foreign banks to operate in Myanmar.

The economy is predominantly cash-based. In the many areas where formal financial institutions are not present, people rely on pawnshops, hundi money transfers or other informal providers of financial services – often paying significantly higher rates.

As of December 2015, the country counted 4 state banks, 23 private banks (nine of which are semi-government institutions), 9 foreign bank branches and 48 representative offices of foreign banks. The four state- owned banks own 64% of the banking system’s assets. According to World Bank, in 2014 an estimated 23% of the adult population (17% women) in Myanmar had access to an account at a formal financial institution. Geographical coverage of bank locations is poor as there are 0.57 ATMs and 3.1 bank branches per 100,000 adults, rural coverage is limited. 


In December 2013, CBM introduced legislation allowing local banks to engage in mobile banking. The legislation limits both transaction values and number of transactions per day. Mobile

Phone use is growing exponentially in the country and represents a powerful potential vehicle for increasing financial inclusion and reaching rural populations. However progress remains slow as no service has yet shown extensive uptake or geographic coverage in terms of agents. The expected launch of mobile money services through bank/mobile money operator partnerships through Telenor and Ooredoo may change the landscape for mobile money dramatically.

 

Table 1: State-owned banks

State-owned banks

Branches

Staff

Myanma Economic Bank

310

8,610

Myanma Agricultural Development Bank

206

2,581

Myanma Foreign Trade Bank

1

556

Myanma Investment and Commercial Bank

2

316

Total

519

12,063


Table 2: 10 Largest private banks in terms of assets

Largest Private Banks

Market share

Assets
(MMK billion)

Branches

Staff

ATMs

Kanbawza Bank

38%

4,145

180

11,111

259

Ayeyarwaddy Bank

9%

1,200

143

3,500

156

Co-operative Bank

11%

1,181

100

5,255

236

Myawaddy Bank

9%

1,028

37

2,088

26

Myanmar Apex Bank

7%

721

74

2,600

56

Global Treasure Bank

5%

589

107

1,817

-

Yoma Bank

4%

506

51

2,221

-

United Amara Bank

4%

505

32

1,400

70

Asia Green Development Bank

4%

463

50

2,400

116

Myanmar Oriental Bank

2%

239

26

975

22

Total

93%

10,577

678

33,367

928


Table 3: Foreign-owned banks

Foreign Bank Branches

License Date

Date of Business Commencement

Bank of Tokyo-Mitsubishi UFH (BTMU)

2 April 2015

22 April 2015

Sumitomo Mitsui Banking Corporation (SMBC)

2 April 2015

23 April 2015

Mizuho Bank

27 July 2015

3 August 2015

Overseas-Chinese Banking Corporation (OCBC)

2 April 2015

23 April 2015

Malayan Banking Berhad (May Bank)

27 July 2015

3 August 2015

United Overseas Bank (UOB)

30 April 2015

4 May 2015

Australia and New Zealand Banking Group Limited (ANZ)

29 September 2015

2 October 2015

Bangkok Bank

26 May 2015

2 June 2015

Industrial and Commercial Bank of China (ICBC)

26 May 2015

1 July 2015


Table 4: List of Mobile Financial Services in Myanmar

Service Type

Providers/Partnerships

Overview of service

Mobile banking

Cooperative Bank, First Private Bank, Myawaddy bank, Ayeryarwaddy Bank

Mobile apps allowing bank customers to access bank services, transfer funds between accounts

Mobile money

First Private Bank & MyKyat

No bank account required 


Services include mobile bill payment and money transfer, as well as cash-out at agents 


Estimated 70+ agents 


Mobile money

Innwa Bank* & Myanmar Mobile Money (MMM)

No bank account required 


Cash to be initially loaded to account through Innwa agent

450 agents at launch in 2014, though fewer now 


Real funds are held in central trust account at Innwa Bank; e-money is transferred between users 


K80 to K400 per transfer 


Mobile money

Yoma Bank & Telenor

As of November 2015, at very early pilot stage; Central Bank approval for full launch expected in January 2016

Mobile money

 CB Bank & Ooredoo

Partnership signed; no information available on whether mobile money services are actually available yet

*Innwa Bank currently appears on list of U.S.-sanctioned banks

Ref: https://www.giz.de/en/downloads/giz2015-en-myanmar-financial-sector.pdf

Ref: http://data.worldbank.org/indicator/FB.CBK.BRCH.P5

Ref: http://www.mmtimes.com/index.php/special-features/194-your-money-2014/11064-who-s-getting-in.html

Ref: http://www.mmtimes.com/index.php/business/12606-mobile-banking-race-heats-up-with-mykyat.html

Ref: http://www.mmtimes.com/index.php/special-features/194-your-money-2014/11063-mobile-banking-pushes-toward- financial-inclusion.html
Ref: http://www.mmtimes.com/index.php/business/technology/17579-telenor-and-yoma-bank-test-mobile-money- service.html

Ref: http://www.oxfordbusinessgroup.com/analysis/mobile-financial-services-and-knowledge-based-apps-hit-market

Ref: https://www.treasury.gov/resource-center/sanctions/Programs/Documents/burma.pdf

Financial Service Providers

This section lists the 10 largest banks of Myanmar in terms of assets. These State-owned and Private banks operate countrywide and do not have international branches. Foreign-owned banks with international branches only began operations in 2015 and do not yet operate countrywide.

Company Overview

Company Name

Myanma Economic Bank

Address

No. 26, Thiri Kyaw Zwar Street, Bank Zone, Nay Pyi Taw, Myanmar.
Phone: (067) 421 326, 421 328, 420 441
Fax: (067) 421 327, 421 328, 421 437

 

Available?

Comments

(max/min transfer or exchange amounts, etc)

Has IBAN, BIC, or SWIFT number?

(Yes / No)

Yes

SWIFT/BIC: MYEBMMMY

Provides currency exchange?

(Yes / No)

Yes

 

Will initiate / receive wire transfers? (Yes / No)

Yes

 

Provides Loan / Credit services? (Yes / No)

Yes

 

Other Comments or Key Information

State-owned. Has a network of 305 bank branches, 14 State and Regional Banking Offices and 6 Head Office Departments. Acts as an agent of the Central Bank of Myanmar.
 http://www.meb.gov.mm/mm/

 

Other Locations

Region(s)

Service Location(s)

Ayeyarwady Region

Bago Region

Chin State

Kachin State

Kayah State

Kayin State

Magway Region

Mandalay Region

Mon State

Rakhine State

Shan State

Sagaing Region

Tanintharyi Region

Yangon Region

Naypyidaw Union Territory

6 Head offices

Banking offices in 14 regions and states

305 branches country wide

 

Company Overview

Company Name

Myanma Agricultural Development Bank

Address

26/42,2nd Flr, Pansoedan St.,Lower Block, Kyauktada, Yangon. Phone: 01 253180, 01 376896

 

Available?

Comments

(max/min transfer or exchange amounts, etc)

Has IBAN, BIC, or SWIFT number?

(Yes / No)

No

 

Provides currency exchange?

(Yes / No)

Yes

 

Will initiate / receive wire transfers? (Yes / No)

Yes

 

Provides Loan / Credit services? (Yes / No)

Yes

 

Other Comments or Key Information

State-owned. 206 branches. It has a countrywide network of 14 regional offices, 169 branches and 44 agency offices providing short term and long term credit to over 2 million farmers.

Company Overview

Company Name

Myanma Foreign Trade Bank

Address

No. 80-86, Mahabandoola Garden Street, Kyauktada Township, Yangon, Myanmar

 

Available?

Comments

(max/min transfer or exchange amounts, etc)

Has IBAN, BIC, or SWIFT number?

(Yes / No)

Yes

SWIFT/BIC: MFTBMMMY

Provides currency exchange?

(Yes / No)

Yes

 

Will initiate / receive wire transfers? (Yes / No)

Yes

 

Provides Loan / Credit services? (Yes / No)

Yes

 

Other Comments or Key Information

State-owned. 4 Branches. Specialized in foreign-exchange related banking services to the government, state enterprises, and the international community residing in Myanmar. Currently on the list of U.S.-sanctioned banks with the exception of funds transfers to or from this bank for transactions by US persons authorized by a US license.

Other Locations

Region(s)

Service Location(s)

Chin State

(1)

Kayah State

(1)

Kayin State

(1)

Yangon

(1) Head office

Company Overview

Company Name

Kanbawza Bank (KBZ)

Address

No. (615/1), Pyay Road, Kamaryut Township, Yangon. Phone: (+95) 1-538075, 538076, 538078, 538079, 538080

Email: kbzinfo@kbzbank.com

 

Available?

Comments

(max/min transfer or exchange amounts, etc)

Has IBAN, BIC, or SWIFT number?

(Yes / No)

Yes

SWIFT/BIC: KBZBMMMY

Provides currency exchange?

(Yes / No)

Yes

 

Will initiate / receive wire transfers? (Yes / No)

Yes

 

Provides Loan / Credit services? (Yes / No)

Yes

 

Other Comments or Key Information

Largest Private Bank in Myanmar. Has a network of 180 branches and the largest network of ATM’s. KBZ is part of the Myanmar Billion Group conglomerate which is involved in the mining industry.
https://www.kbzbank.com

Other Locations

Region(s)

Service Location(s)

Kanbawza Bank’s branches list

http://www.cbm.gov.mm/content/kanbawza-banks-branches-list

 

Company Overview

Company Name

Ayeyarwaddy Bank (AYA)

Address

110-112, Thiri Yadanar Shopping Complex. Dekhina Thiri, Naypyitaw. Phone: 067- 414449, 414456, 414484, 414503, 414688, 414619, 414699, 414722. Fax: 067- 414500, 414786 Email :info@ayabank.com.mm

 

Available?

Comments

(max/min transfer or exchange amounts, etc)

Has IBAN, BIC, or SWIFT number?

(Yes / No)

Yes

SWIFT/BIC: AYABMMMY

Provides currency exchange?

(Yes / No)

Yes

 

Will initiate / receive wire transfers? (Yes / No)

Yes

 

Provides Loan / Credit services? (Yes / No)

Yes

 

Other Comments or Key Information

Private Bank. Has a network of 143 branches. http://ayabank.com

 

Other Locations

Region(s)

Service Location(s)

Ayeyarwady Region

Bago Region

Chin State

Kachin State

Kayah State

Kayin State

Magway Region

Mandalay Region

Mon State

Rakhine State

Shan State

Sagaing Region

Tanintharyi Region

Yangon Region

Naypyidaw Union Territory

Branch offices in 14 regions and states

143 branches country wide.

Ayeyarwaddy Bank’s branches list

http://ayabank.com/contact/branches/

http://www.cbm.gov.mm/content/ayeyarwaddy-banks-branches-list

 

Company Overview

Company Name

Co-operative Bank (CB)

Address

No. 334/336, Strand Rd, Yangon, Myanmar (Burma)
Phone:+95 1 372 646

 

Available?

Comments

(max/min transfer or exchange amounts, etc)

Has IBAN, BIC, or SWIFT number?

(Yes / No)

Yes

SWIFT/BIC: CPOBMMMY

Provides currency exchange?

(Yes / No)

Yes

 

Will initiate / receive wire transfers? (Yes / No)

Yes

 

Provides Loan / Credit services? (Yes / No)

Yes

 

Other Comments or Key Information

Private Bank. Has 98 branches and the 2nd largest network of ATM’s and a large network of 73 foreign exchange counters. http://www.cbbank.com.mm

 

Other Locations

Region(s)

Service Location(s)

Ayeyarwady Region

Bago Region

Chin State

Kachin State

Kayah State

Kayin State

Magway Region

Mandalay Region

Mon State

Rakhine State

Shan State

Sagaing Region

Tanintharyi Region

Yangon Region

Naypyidaw Union Territory

Branch offices in 14 regions and states

98 branches country wide.

Co-operative Bank’s branches list

http://www.cbbank.com.mm/aboutus/aboutus_network_branches.aspx

http://www.cbm.gov.mm/content/co-operative-banks-branches-list

Company Overview

Company Name

Myawaddy Bank

Address

24/26, Sule Pagoda Rd., Between Merchant Rd.and Strand Rd., Lower Block, Ward (3), KTDA township, Yangon
Phone: 256057, 256062, 370560. (no website)

 

Available?

Comments

(max/min transfer or exchange amounts, etc)

Has IBAN, BIC, or SWIFT number?

(Yes / No)

Yes

SWIFT/BIC: MWDBMMM1XXX

Provides currency exchange?

(Yes / No)

Yes

 

Will initiate / receive wire transfers? (Yes / No)

Yes

 

Provides Loan / Credit services? (Yes / No)

Yes

 

Other Comments or Key Information

Private Bank. Has a network of 37 branches. Myawaddy Bank is part of the Union of Myanmar Economic Holdings (UMEHL), currently on the list of U.S.-sanctioned banks.

Other Locations

Region(s)

Service Location(s)

Myawaddy Bank’s branches list

http://www.cbm.gov.mm/content/myawaddy-banks-branches-list

Company Overview

Company Name

Myanma Apex Bank (MAB)

Address

Thein Phyu road 207, Middle block 11161, Yangon, Myanmar
Tel: (+95) 01 398811-19. Fax: (+95) 01 398820
Email:    international.banking@mabbank.com

 

Available?

Comments

(max/min transfer or exchange amounts, etc)

Has IBAN, BIC, or SWIFT number?

(Yes / No)

Yes

SWIFT/BIC: MMABMMMY

Provides currency exchange?

(Yes / No)

Yes

 

Will initiate / receive wire transfers? (Yes / No)

Yes

 

Provides Loan / Credit services? (Yes / No)

Yes

 

Other Comments or Key Information

Private Bank with 74 branches. The bank is owned by Chit Khine, owner of Eden Group, subject to European Union, British and American economic sanctions. https://www.mabbank.com

 

Other Locations

Region(s)

Service Location(s)

Ayeyarwady Region

Bago Region

Chin State

Kachin State

Kayah State

Kayin State

Magway Region

Mandalay Region

Mon State

Rakhine State

Shan State

Sagaing Region

Tanintharyi Region

Yangon Region

Naypyidaw Union Territory

Private Bank with 74 branches countrywide.

Myanma Apex Bank’s branches list

https://www.mabbank.com/branches

http://www.cbm.gov.mm/content/myanma-apex-banks-branches-list

Company Overview

Company Name

Global Treasure Bank

Address

Merchant street 653-699 Pabedan township. Yangon, Myanmar. Phone: 389365,389489. Fax: 243240. Email:  ho@gtbmm.com

 

Available?

Comments

(max/min transfer or exchange amounts, etc)

Has IBAN, BIC, or SWIFT number?

(Yes / No)

Yes

SWIFT/BIC: MLFBMMMY

Provides currency exchange?

(Yes / No)

Yes

 

Will initiate / receive wire transfers? (Yes / No)

Yes

 

Provides Loan / Credit services? (Yes / No)

Yes

 

Other Comments or Key Information

Private/Public Bank. 107 branches country wide. Formerly Myanmar Livestock and Fisheries Development Bank Ltd. http://www.gtbmm.com/

Other Locations

Region(s)

Service Location(s)

Yangon (city)

19 branches

Ayeyarwady Region

12 branches

Nay Pyi Taw (city)

5 branches

Mandalay (city)

9 branches

Rakhine State

8 branches

Magway Region

9 branches

Sagaing Region

9 branches

Shan State

5 branches

Bago Region

12 branches

Kayin State

3 branches

Mon State

12 branches

Tanintharyi Region

4 branches

Global Treasure Bank’s branches list

http://www.gtbmm.com/contact.php

http://www.cbm.gov.mm/content/myanma-livestock-and-fisheries-development-banks-branches-list


Disclaimer: Inclusion of company information in the LCA does not imply any business relationship between the supplier and WFP / Logistics Cluster, and is used solely as a determinant of services, and capacities.

Please note: WFP / Logistics Cluster maintain complete impartiality and are not in a position to endorse, comment on any company's suitability as a reputable service provider.

 

 

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