OCBC Bank Signed Memoranda of Understanding (MOUs) with 10 Myanmar banks on July 2. The MOUs between OCBC Bank and three state-owned banks and seven private commercial banks mainly emphasize on collaboration in training and capability-building in key areas of cash management, trade finance and treasury solutions to support the anticipated growth in trade and foreign direct investments into Myanmar. The banks aim to jointly develop and introduce new solutions to support their corporate customers in managing the local and foreign currency operating and financing requirements of their investments and projects.
Three State-owned banks are Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank. Seven Private Commercial Banks are Asia Green Development Bank Limited, Ayeyarwady Bank, Co-operative Bank (CB), Kanbawza Bank (KBZ), Myanmar Apex Bank, Myanmar Oriental Bank and United Amara Bank.
OCBC Bank signed the MOUs under the witness of Mr Teo Chee Hean, Deputy Prime Minister and Coordinating Minister for National Security and Minister for Home Affairs, Singapore, His Excellency U Win Shein, Union Minister, Ministry of Finance, Myanmar, and His Excellency U Kyaw Kyaw Maung, Governor, Central Bank of Myanmar.
Mr Ooi Sang Kaung, OCBC Bank’s Chair- man said,” We now bring these collaborative efforts to a new level. The MOUs we have signed – on this, the day we officially open our branch, affirm the close working arrangements we already have with the banks. More importantly, the MOUs also commit us to promoting further cooperation in growing the trade finance, cash management and treasury businesses as well as in improving operational efficiency to support these activities. We believe these efforts will significantly contribute to a stronger financial sector that will underpin the growth and development of the Myanmar economy.” OCBC Bank, established in 1932, is combination of three Singapore Bank. Now, it is the second largest financial services group in Southeast Asia. It has over 630 branch- es and representative offices in 18 countries and territories.
