Kanbawza Bank (KBZ), the largest bank in Myanmar, will open a representative office in Singapore in the coming months after receiving a license to operate in the country this June. This news comes on the heels of last month’s announcement of their newly acquired license to operate in Thailand, becoming Myanmar’s first bank to open internationally.
Zaw Lin Aung, who will lead the Singapore office, told the Nation Bangkok that a Singapore office is crucial to the bank’s role as a leader in Myanmar’s financial sector.
“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,” says Zaw Lin Aung.KBZ has been working on establishing a presence in Singapore since late 2015. Services offered at the subsidiary office will include working as a liaison between Myanmar and Singapore’s private sector, capital transferring, and market research.
KBZ Bank is a part of the KBZ Group, a well-known conglomerate in Myanmar with business ventures in banking, air transportation, hotel chain, securities, agriculture, manufacturing, and tourism. The bank was chosen as the settlement bank of the Yangon Stock Exchange, the first stock exchange in Myanmar which started trading in late March.
