Kanbawza Bank (KBZ Bank) Limited, part of the KBZ Group of companies, has opened a representative office in Singapore, according to a press release on October 6.
According to the release, this is another milestone for the company, and for the Myanmar banking industry, becoming the first Myanmar bank to establish an office in Singapore. Together with a Thai representative office opening last month, it moves KBZ Bank closer to its goal of becoming Myanmar’s foremost commercial presence in the Southeast Asian (ASEAN) region and internationally.
The representative office, situated at No. 40-01, One Raffles Place Office Tower One, Singapore 048616, will be a gateway for Singapore and international business looking for advice or expertise on succeeding in Myanmar, particularly as 2016 marks 50 years of diplomatic relations between the two countries.
It will serve as a source of information for regulatory requirements in both markets, as well as offering market research and feasibility studies on investment and business opportunity and private sector liaison services. KBZ Bank intends to strengthen longstanding relationships with financial institutions in Singapore, and be the primary port of call for Singaporeans seeking to invest in Myanmar’s economy, which is poised for tremendous growth upon the announcement that all U.S. sanctions are to be lifted.
The Chief Representative Officer of KBZ Bank in Singapore, U Zaw Lin Aung, said “having the KBZ team on the ground here in Singapore is a big step forward. It means that we can facilitate the flow of investment from Singaporean businesses directly, and indirectly from other parts of the world more easily. Singapore and Myanmar are strong trade partners and we hope that, as the leading Myanmar financial institution, we will benefit both Singaporean businesses and residents in Singapore with providing information about business and investment opportunity in Myanmar and, importantly, our unrivaled knowledge of Myanmar’s growing economy.”
KBZ and the Monetary Authority of Singapore have been cooperating since last year, and this occasion is the culmination of a process that required KBZ Bank to show strong financial and market position and creditworthiness, as well demonstrating transparency, corporate governance, professionalism and capability.
KBZ Group has a track record of operating with industry best practices, consistently ranking as one of most transparent organizations in Myanmar, according to the Myanmar Centre for Responsible Business (MCRB).
Singapore is now Myanmar’s largest investor after China, and there is a vibrant trading relationship between the two countries. Visa-free travel between Myanmar and Singapore will commence on December 1, 2016. Which, coupled with Singapore’s significant flow of investments to Myanmar, will serve to further the ease of doing business between the two nations.