Myanmar’s Banking Sector
Myanmar’s banking sector is still in its infancy. It has endured a damaging legacy and is unable to allocate financial resources efficiently to fully support domestic economic activities. The majority of the population remains unbanked, access to credit is one of the biggest challenges in doing business in Myanmar, and it is almost impossible for SMEs and retail borrowers to get credit. However, this untapped frontier market presents ample business opportunities for foreign banks. Following economic liberalization in 2011, Myanmar has granted licenses to foreign banks to operate in the country to support the rapidly-growing economy, promote competition, and catalyze development of the financial sector.
Read the full report by Krungsri Research, Thailand here.