Yoma Bank and ICBC to facilitate cross-border business

10 September 2015
Yoma Bank and ICBC to facilitate cross-border business
Mr Yi Huiman, CEO of ICBC Group; Dr Maung Maung Thein, Deputy Minister of Finance and Revenue; U Myint Swe, Chief Minister of Yangon Region; U Set Aung, Deputy Governor of Central Bank of Myanmar; Mr Hong Liang, the Chinese Ambassador to Myanmar; Mr Jiang Yun, General Manager of ICBC Yangon Branch (from left to right). Photo: Yoma Bank

Yoma Bank’s Chief Business Officer, Daw Khin Mu Mu Myint, and the Industrial and Commercial Bank of China’s (ICBC) General Manager of the Yangon Branch, Mr. Jiang Yun, have signed an agreement facilitating the direct flow of trade-related funds between Myanmar and China according to a Yoma Bank media release on 9 September.
ICBC has made the trade finance facility available to Yoma Bank to support trade with China.  Specifically, the facility will provide the required foreign currency for Yoma Bank’s business clients to increase their trade flows and benefit from direct remittance services with China’s largest bank. 
Daw Khin Mu Mu Myint, Yoma Bank’s Chief Business Officer said, “Yoma Bank is pleased to establish strong relations with ICBC and we look forward to offering a gateway to China for our trade finance clients.” 
She continued, “We are focused on supporting Myanmar’s business community and we believe international trade is an essential tool in promoting their development.  We encourage interested clients to contact Yoma Bank to learn how they can benefit from the Yoma Bank – ICBC partnership.”   
ICBC is the largest bank in the world by assets and the only Chinese bank to be granted a banking license in Myanmar.  Yoma Bank is recognized as one of Myanmar’s most progressive financial institutions and has provided over 20 years of service to Myanmar’s business community.