OCBC Bank collaborates with 10 Myanmar banks

PETALING JAYA: OCBC Bank signed memoranda of understanding (MOUs) with 10 Myanmar banks yesterday, during the official opening of its Myanmar branch.
The MOUs between OCBC Bank and three state-owned banks and seven private commercial banks will focus on collaboration in training and capability-building in key areas of cash management, trade finance and treasury solutions in support of 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's 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.
The signing ceremony was held after the 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.
OCBC Bank chairman Ooi Sang Kuang said the 10 banks have been friends and business partners of OCBC for several years, successfully collaborating with it in areas of training and capability-building to develop financial industry professionals who can help drive growth in the domestic banking industry.
"The MOUs 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," Ooi said in a statement.