Financial Services Sector

Myanmar has now become more liberalised in the financial services sector which definitely helps in economic development. The Central Bank of Myanmar (CBM) has allowed foreign bank branches in Myanmar to lend to corporates with its own risk management so that the fixed interest rate is no longer a barrier. With the CBM’s forward-looking plan for advancing banking services, it will be interesting to see in the near future how the UK will play its part in world-class technologies such as RegTech and FinTech.

Most importantly, this discussion will mainly cover Myanmar’s insurance business sector and capital markets to set out how the industry grows and how Myanmar is evolving. As foreign insurers will be allowed to operate with 100% control within the life insurance sector, and through joint ventures for general insurance, it’s very timely to explore opportunities to provide services in this flourishing economy of 54 million people.

This discussion also aims to maintain the UK’s position as a global leader in the financial services industry by demonstrating UK expertise in the sector. UK businesses will be able to explore where they fit in to do business in Myanmar and participate in the industry’s expansion over the coming years.

14:00 – 15:30 Financial Services Sector Workshop

Key Discussion Areas

Overview of Myanmar’s financial services sector reforms and current status
Central Bank of Myanmar’s up-to-date reforms (banking, payment and settlement, foreign exchange management, FinTech and RegTech, bond market support) since 2018 and favourable conditions for foreign investments
Myanmar Ministry of Planning and Finance’s up-to-date reforms (insurance sector liberalisation, government bond market, capital market, AML/CFT) since 2018 and favourable conditions for foreign investments
Risks associated with the political situation, money laundering and financing terrorism, uncertain regulatory framework and resolutions to manage those risks
Preparation of Myanmar insurers for insurance sector liberalisation and potential technical collaborations with British insurers
Insurance products development and capacity building in insurance businesses with the support of British insurers
UK businesses’ interest and barriers to investing in Myanmar

Panel Members

Moderator: James Mythen, Partner, Allen & Overy

Myanmar

H.E. Mr. Set Aung (Winston), Deputy Minister, Ministry of Planning and Finance

H.E. Mr. Bo Bo Nge: Deputy Governor, Central Bank of Myanmar

Mr. Myo Min Thu, Managing Director, AYA Myanmar Insurance (AMI)

Tom Herbstein, Insurance Prosperity Specialist, Financial and Professional Services, DIT UK

Mr. Charles Robertson, Global Chief Economist and Head of Macro-stratefy Unit, Renaissance Capital