KBZ Bank, Myanmar’s largest private bank, opening a representative office in Singapore, could see them become the leading financial institution in the worlds last frontier market.
The Yangon headquartered bank chose Singapore to be their window on the world for numerous reasons. Singapore is Myanmar’s largest investor after China, and there is a vibrant trading relationship between the two countries. The Singapore office will serve as a source of information for regulatory requirements in both markets, as well as offering market research and feasibility studies on investment and business opportunity and private sector liaison services.
KBZ Bank intends to be the primary port of call for Singaporeans seeking to invest in Myanmar’s economy, which is poised for tremendous growth upon the announcement that all U.S. sanctions are to be lifted. KBZ Bank also intends to strengthen longstanding relationships with international financial institutions in Singapore.
Asia's Next Rising Star
When finews.asia spoke with Zaw Lin Aung, the Chief representative of KBZ Bank in Singapore he commented that having the KBZ team on the ground in Singapore is a big step forward. «It means that we can facilitate the flow of investment from Singaporean businesses directly, and indirectly from other parts of the world more easily,» he added.
The bank will have up to 7 staff in Singapore initially and will seek to grow business and enhance their regulatory status.
Earlier this week finews.asia featured an article from Jovi Seet, Partner at PwC Myanmar entitled Myanmar: Asia’s Next Rising Star. The demographic profile of the country is a strong enabler for economic expansion – more than half of Myanmar’s 51 million population is under the age of 27; and within this group, a significant proportion is in the 5 to 14 age range, signalling a potential ‘demographic dividend’ for the nation.
