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Taiwan's banks obtain licenses for operations in Myanmar

Taiwan's banks obtain licenses for operations in Myanmar

Taipei, Aug. 5 (CNA) Several Taiwanese banks have obtained licenses for establishing representative offices in Yangon, former capital of Myanmar, officially setting their foot in that Southeast Asian country, banking sources said Wednesday. As of Wednesday, Bank of Taiwan, Taishin International Bank, CTBC Bank, Shin Kong Bank and Yuanta Bank have already received their respective licenses granted by Myanmar authorities for setting up representative offices in Yangon, said the sources who asked not to be identified. Besides, Taiwan Cooperative Bank and Hua Nan Bank have also presented their applications for establishing representative offices in Myanmar, he added, prognosticating that more Taiwanese financial institutions will look forward to establishing their operation bases in that nation. Taiwanese bankers have seen Myanmar as a potential emerging market, taking into account its rich petroleum and other natural resources, the sources noted. The Banking Bureau of the Financial Supervisory Commission of the Yuan Executive said that Taiwan's investment in Myanmar had been increasing rapidly in recent years, which, it said, had made Myanmar government recognize Taiwanese financial institutions' significant contribution to the economic development of Myanmar. Besides, the communication between related authorities of the two countries has been effective, the bureau revealed. (By Tsai Yi-su and Romulo Huang)


Updated : 2021-09-23 18:29 GMT+08:00