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SCB sets up fully-owned subsidiary in Myanmar

Jan 15. 2021
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By The Nation

Siam Commercial Bank is setting up operations in Myanmar becoming the only Thai bank to operate a wholly-owned subsidiary in the neighbouring country.

SCB Myanmar will leverage its digital banking expertise and strength to elevate financial products, services, and payment systems in Myanmar to fulfil business requirements in Asean.

SCB’s president Sarut Ruttanaporn said: “SCB has been granted a banking licence to operate Siam Commercial Bank Myanmar by the Central Bank of Myanmar, which will be officially inaugurated on January 15 [Friday].”

This development is an important jigsaw piece in SCB’s strategic expansion of its overseas network in CLMV+2 countries, namely Cambodia, Laos, Myanmar, Vietnam, China, and Singapore, over the past several years.

"As a wholly owned subsidiary of SCB, Siam Commercial Bank Myanmar is currently the only Thai bank granted a subsidiary licence in the country. The bank will offer a full spectrum of commercial banking services in the same manner as local banks.

The bank will also support the development of financial infrastructure and payment systems by offering solutions critical for Myanmar's businesses and digital finance, in line with increasing popularity of Myanmar's digital banking trend,” he said.

"The bank is now studying the market so as to create satisfactory financial experiences for Myanmar. Our tasks will start from the development of digital payment systems, both a corporate portal for businesses and mobile banking for retail customers. Services are expected to be available in 2022, which will help support business payments and reduce cash usage and management costs in the country."

Siam Commercial Bank Myanmar is located at Sule Square Office Tower in the heart of Yangon and will be headed by Rajesh Ahuja as general manager.

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