3.8 Myanmar Additional Services
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 |
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: 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. |
|
|
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. |
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. |
Other Locations |
|
Region(s) |
Service Location(s) |
Kanbawza Bank’s 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) |
|
|
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 |
|
|
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 |
Company Overview |
||
Company Name |
Myanma Apex Bank (MAB) |
|
Address |
Thein Phyu road 207, Middle block 11161, Yangon, Myanmar |
|
|
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.