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Myanmar: Non-bank lenders asked to allow delayed repayments for struggling borrowers

Microfinance and other non-bank financial institutions have been instructed to provide repayment relief to their borrowers as most consist of low-income workers who could be hit by the economic fallout of COVID-19. The Ministry of Planning and Finance’s Microfinance Business Supervisory Committee said on April 6 that neither principal nor interest should be collected “with force”. […]

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Thailand: SCB gets tentative nod for Myanmar licence

Siam Commercial Bank (SCB), the country’s fourth-largest lender by assets, has won preliminary approval for a subsidiary business licence in Myanmar, targeting 7 billion baht in loans in the first five years of operation. The bank expects to set up the subsidiary and begin operations by the end of 2020, said chairman and chief executive […]

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Myanmar opens up to seven more Asian banks

Myanmar has granted operating licences to seven Asian banks, bringing to 20 the number of foreign banks allowed to do business in the previously isolated market. Bank of China (Hong Kong), Taiwan’s Cathay United Bank and Mega International Commercial Bank, Industrial Bank of Korea, Seoul-based KB Koomin Bank, Korea Development Bank and Siam Commercial Bank […]

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