Myanmar's KBZ to open rep office in Singapore

Last month, it was the first bank from Myanmar to win a licence for a rep office in Bangkok. The bank says the licence granted by the Monetary Authority of Singapore (MAS) marks another step towards the goal of becoming Myanmar’s foremost commercial presence in Southeast Asia and internationally.

“The flow of investment from Singapore now exceeds that of China, and much of the investment from other regions in the world passes indirectly through Singapore. Having a KBZ team on the ground assisting these businesses with market entry ensures that capital passes through KBZ Bank and supports its position as Myanmar’s leading financial institution,” said Zaw Lin Aung, who will lead the Singapore office. 

He is the deputy managing director of KBZ Bank for small and medium-sized enterprises.The bank is hopeful that visa-free travel between Myanmar and Singapore, coupled with Singapore’s significant flow of investments to Myanmar, will serve to further the ease of doing business between the two nations. 

In the Thilawa Special Economic Zone, Singapore leads among 14 countries investing in the area, with investment of US$298.15 million (Bt10.5 billion). In the past two years, Singapore led foreign investment in Myanmar, with oil and gas, manufacturing and telecommunications, real estate and hospitality as the key industries in focus.

The services being offered through this office include market research, liaising between the two countries’ private sectors, and serving as a source of information, including regulatory requirements for doing business in both Singapore and Myanmar.

“As the largest bank in Myanmar, we are able to use our extensive knowledge of the country’s financial markets to catalyse responsible trade between the countries,” Zaw Lin Aung said.

Since late 2015, KBZ has been working alongside the Monetary Authority of Singapore to establish this presence. That process involved the provision of strong financial information and creditworthiness, as well as many meetings with the Monetary Authority of Singapore to demonstrate transparency, professionalism and capability. 

A search for the office’s location is underway.