Myanmar confers Foreign Banking License on UOB

Allowing deeper onshore banking relationships.

United Overseas Bank (UOB) has been awarded a Foreign Banking License in Myanmar, which will spur further banking relationships in the country.

According to a statement from UOB, Mr Wee Ee Cheong, Deputy Chairman and Group Chief Executive, UOB Group, said the bank welcomes the license given to the institution by Myanmar.

“UOB is proud to have been awarded the Foreign Bank License by the Central Bank of Myanmar in support of the continued development of the country’s financial sector.

The license will allow us to participate in Myanmar’s economic development by deepening our onshore banking relationships. We hope to work even more closely with the Central Bank and Myanmar local banks to provide financial solutions for the banking community and multinational companies that invest in the country.

UOB has always taken a long-term approach to building and deepening relationships. We look forward to strengthening our close ties with Myanmar’s banks and businesses in the years to come,” he said.

In August this year, UOB also launched Myanmar’s largest tertiary education scholarship programme to support Myanmar’s banking industry as it continues its rapid transformation.

The Bank will invest US$180,000 over the next three years to support Myanmar’s best and brightest undergraduates for the full term of their university studies.

The programme will be administered by top universities - University of Yangon and Yangon University of Economics.

Here's more from UOB:

UOB's key milestones in Myanmar:

Strategic partner in Myanmar’s economic progress – UOB has been providing financing support for key infrastructural projects such as APR Energy and Asiatech Energy.

Strong supporter of educating the next generation of banking talent - UOB launched Myanmar’s largest tertiary education scholarship programme in August 2014 – The ‘UOB University Scholarship Programme’ will offer additional support to

Myanmar’s banking industry as it continues its rapid transformation. The Bank will invest US$180,000 over the next three years to support 45 of Myanmar’s best and brightest undergraduates for the full term of their university studies. The programme will be administered by top universities – University of Yangon and Yangon University of Economics.

Knowledge sharing partner - In the last two years, UOB has organised 14 knowledge-sharing seminars for Myanmar’s bankers, regulators and the local business community, covering topics from international trade to working capital solutions. Through such seminars, UOB hopes to promote cultural exchange, to have a better understanding of Myanmar’s business landscape, and to help develop Myanmar’s talent pool.

Facilitating Foreign Direct Investment - UOB has led numerous FDI initiatives into Myanmar with our clients across our regional network. UOB has 9 dedicated FDI advisory units, including one in Myanmar. Through our FDI unit, UOB supports regional clients entering Myanmar by providing them with valued advisory services on local investment regulations and business operating environment.