The UK Trade and Investment Minister announced on July 16 that the British government and the Standard Charter Bank will work together to support Myanmar develop its financial services and technology.
The announcement was released during the visit of President Thein Sein to London and a meeting with Trade and Investment Minister Lord Green.
According to an announcement, new measures will include the provision of credit, and developing effective education, training and qualifications to build capacity in Myanmar’s financial sector.
The Vice-chairman of Kanbawza Bank, Than Lwin said, “I am glad to hear that Standard Chartered Bank, an international bank, is helping our country. Myanmar was left behind for about 50 years in financialservice sectors and even ATMs are new to the country. The more help we get, the better.”
Standard Chartered Bank first opened in Myanmar in 1862 during British colonial times. However, it left during the nationalization program that took place under the military-socialist era.
Lord Green said that the banks will play an important role in assisting President Thein Sein achieve his economic reforms.
The Executive Director of Standard Chartered Group has said that the bank will open a representative office in Myanmar over the coming year.
