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Taiwan’s Cathay United Bank opens branch in Myanmar

Taiwanese banks targeting investors under New Southbound Policy

Cathay United Bank opening branch in Yangon, Myanmar. 

Cathay United Bank opening branch in Yangon, Myanmar.  (CNA photo)

TAIPEI (Taiwan News) — Cathay United Bank opened a branch in Myanmar’s largest city, Yangon, Wednesday (Jan. 6), in a move seen as a step forward under Taiwan’s New Southbound Policy.

The office’s main aim is to assist Taiwanese businesses in investing in the rapidly developing economy of the Southeast Asian nation, CNA reported. Taiwan in 2016 launched its New Southbound Policy, targeting 18 countries in South Asia, Southeast Asia, and the Pacific, including Australia and New Zealand, to achieve closer relations in a wide variety of spheres, from trade and investment to culture and education.

Cathay United Bank initially opened a representative office in Yangon in 2014 before applying in January of 2020 to open a full branch. In April, Myanmar’s Central Bank agreed to allow seven foreign banks, including Taiwan’s Cathay United and Mega International Commercial banks, to open local branches, CNA reported. E. Sun Bank already had a presence in the country.

The new Cathay United branch is not aiming to attract regular banking consumers but wants to assist businesses, traders, and investors interested in stepping up exchanges and contacts between the two countries.