Oversea Chinese Banking Corporation (OCBC) will provide financial support to businesses that aim to operate in Dawei Special Economic Zone and Kyauk Phyu Special Economic Zone, two of the three major SEZs in Myanmar, the Singapore-based lender said at a press conference held in Sule Shangrila Hotel, announcing their official opening on April 23rd.
“We plan to increase our investment (in Myanmar) in the next three years. We feel that we currently have an adequate investment portfolio. We have received requests for financial assistance from businesses who are interested in setting up companies in SEZs. When (the SEZs) are effectively established, we will support them,” said Linus Goh, Head of Global Commercial Banking from OCBC.
OCBC will provide a range of financial services comprising financial management, project finance, loans for daily operations, trade finance and banking advisory services. In addition, the lender will assist with banking systems to support the upcoming Yangon Stock Exchange.
“As a stock exchange will be launched soon, Myanmar needs a lot of investment capital. Local businesses will get several opportunities to attract investment with the development of the stock exchange. We plan to implement banking systems and services that support the stock exchange in the future,” said Linus Goh.