In a move to further liberalise the financial services sector, the Central Bank of Myanmar will start issuing the third round of foreign bank licences from next year allowing overseas lenders to open subsidiaries in the Myanmar market, Dealstreetasia reported.
Foreign banks can apply for licences to set up either a branch or a subsidiary. To secure a subsidiary licence, foreign lenders will be required to maintain a minimum paid-up capital of $100 million. Banks will be allowed to operate both onshore wholesale and retail banking, with the latter scheduled to start from January 2021.
Subsidiaries can set up 10 entities including branches or off-site ATMs.