Siam Commercial Bank is opening "Siam Commercial Bank Myanmar" to fully expand to Myanmar's financial market, the only Thai bank allowed to operate a wholly owned subsidiary bank in Myanmar, according to a press release.

SCB Myanmar will leverage its digital banking expertise and strength to elevate financial products, services, and payment systems in Myanmar to fulfill the business requirements of the ASEAN group.

The move will open up new capabilities and allow SCB Myanmar to meet the needs of every customer group in Myanmar to the fullest extent possible, whether large corporations, SMEs, or retail customers. SCB Myanmar will also capitalize on SCB's branch network by bridging regional trade and investment relations among the CLMV+2 countries, the press release says.

"SCB has been granted a banking license to operate Siam Commercial Bank Myanmar by the Central Bank of Myanmar, which will be officially inaugurated on 15 January 2021,” says SCB President Sarut Ruttanaporn.

"This development is an important jigsaw piece in SCB accomplishing its strategic expansion of its overseas network in the CLMV+2 countries over the past several years. With its increasing importance as a regionally strategic country, Myanmar has become one of the top destinations attracting investors from around the world. The country's strategic location links Asia's two regional powers, China and India,” he said.

“While the Myanmar government continues to support foreign direct investment despite the COVID-19 crisis situations faced by countries worldwide, including Myanmar and Thailand, SCB is confident that this impediment will not change the overall investment trend in Myanmar. The economy should be able to recover to full capacity when the pandemic subsides. Bearing that prospect in mind, SCB is moving forward with its plan for opening Siam Commercial Bank Myanmar, which will be instrumental in the recovery of trade, investment, and public finance in Myanmar, helping bridge regional investment even further, he added.

According to a World Bank forecast, Myanmar's GDP will resume its former 6 percent level in 2021, up from the 1.5 percent level predicted for 2020 due to impacts of the COVID-19 pandemic.