02 Jul OCBC Bank Collaborates with 10 Myanmar Banks to build a stronger financial sector
Memoranda of Understanding (MOUs), signed on the day Myanmar branch officially opens, deepens cooperation in five key areas and affirms OCBC Bank’s support for the development of the local banking sector and economy
OCBC Bank signed Memoranda of Understanding (MOUs) with 10 Myanmar banks today, on the occasion of the official opening of its Myanmar branch.
The MOUs between OCBC Bank and three state-owned banks and seven private commercial banks focus on collaboration in training and capability-building in key areas of cash management, trade finance and treasury solutions to support the anticipated growth in trade and foreign direct investments into Myanmar. The banks aim to jointly develop and introduce new solutions to support their corporate customers in managing the local and foreign currency operating and financing requirements of their investments and projects.
OCBC Bank will also cooperate with the banks as part of the industry effort to develop the domestic money market and interbank lending as well as to enhance the infrastructure for payments and settlements, both critical for a well-functioning banking system.
OCBC Bank signed the MOUs under the witness of Mr Teo Chee Hean, Deputy Prime Minister and Coordinating Minister for National Security and Minister for Home Affairs, Singapore, His Excellency U Win Shein, Union Minister, Ministry of Finance, Myanmar, and His Excellency U Kyaw Kyaw Maung, Governor, Central Bank of Myanmar.
The signing ceremony was held after the official opening of OCBC Bank Yangon Branch, which was officiated by dignitaries from the Singapore and Myanmar Governments, as well as senior representatives from OCBC Bank. They were:
- Mr Teo Chee Hean, Deputy Prime Minister and Coordinating Minister for National Security and Minister for Home Affairs, Singapore
- His Excellency U Win Shein, Union Minister, Ministry of Finance, Myanmar
- His Excellency U Kyaw Kyaw Maung, Governor, Central Bank of Myanmar
- U Maung Muang Thein, Deputy Minister, Ministry of Finance, Myanmar
- His Excellency Mr Robert Chua, Ambassador of the Republic of Singapore to Myanmar
- Mr Ooi Sang Kuang, Chairman, OCBC Bank
- Mr Samuel Tsien, Group CEO, OCBC Bank
- Mr Linus Goh, Head, Global Commercial Banking, OCBC Bank
- Mr Tan Chor Sen, Head, International, Global Commercial Banking, OCBC Bank
For the MOU signing ceremony, Mr Ooi Sang Kuang was the signatory representing OCBC Bank while the signatories for the Myanmar banks were:
- U Yin Zaw Myo, Acting Managing Director, Myanma Economic Bank
- U Nyi Phyu Hla, Managing Director, Myanma Foreign Trade Bank
- U Yin Zaw Myo, Managing Director, Myanma Investment and Commercial Bank
- U Than Ye, Chairman, Asia Green Development Bank Limited
- U Phyo Aung, Managing Director, Ayeryarwady Bank Limited
- U Kyaw Lynn, Executive Vice Chairman and CEO, Co-operative Bank Limited
- U Than Cho, Senior Managing Director, Kanbawza Bank Limited
- U Chit Khine, Chairman, Myanmar Apex Bank Limited
- U Mya Than, Chairman, Myanmar Oriental Bank Limited; and
- U Ne Aung, Chairman, United Amara Bank
Said OCBC Bank’s Chairman, Mr Ooi Sang Kuang: “We are pleased to celebrate two significant milestones for OCBC in Myanmar today: One, the official opening of our Myanmar branch. This comes as the culmination of 60 years of serving the country, dating back to 1923. Two, the signing of MOUs with 10 domestic Myanmar banks. These 10 banks have been friends and business partners of OCBC for several years, successfully collaborating with us in the areas of training and capability-building to develop financial industry professionals who can help drive the growth of the domestic banking industry.
“We now bring these collaborative efforts to a new level. The MOUs we have signed – on this, the day we officially open our branch, affirm the close working arrangements we already have with the banks. More importantly, the MOUs also commit us to promoting further cooperation in growing the trade finance, cash management and treasury businesses as well as in improving operational efficiency to support these activities. We believe these efforts will significantly contribute to a stronger financial sector that will underpin the growth and development of the Myanmar economy.”
The signing of the MOUs follows OCBC Bank’s successful collaboration with the Myanmar banks in the areas of training and capability-building over the past decade. OCBC Bank has conducted workshops and structured study trips for senior and mid- management staff – from both state-owned and private commercial banks – to observe the practices and transformation of banking services in Singapore, China and Hong Kong.
In 2013, OCBC Bank launched the OCBC Training Certification Programme in Trade Finance and Treasury in Yangon. Offered in partnership with the Myanmar Institute of Banking and the Myanmar Banks Association, it has certified close to 100 participants from both Myanmar state-owned and private banks to date.