Siam Commercial Bank is opening “Siam Commercial Bank Myanmar” to fully expand to Myanmar’s financial market, the only Thai bank allowed to operate a wholly-owned subsidiary bank in the Republic of the Union of Myanmar.
SCB Myanmar will leverage its digital banking expertise and strength to elevate financial products, services, and payment systems in Myanmar to fulfill the business requirements of the ASEAN group.
The move will open up new capabilities and allow SCB Myanmar to meet the needs of every customer group in Myanmar to the fullest extent possible, whether large corporations, SMEs, or retail customers. SCB Myanmar will also capitalize on SCB’s branch network by bridging regional trade and investment relations among the CLMV+2 countries.
“The Bank is now studying the market so as to create satisfactory financial experiences for the people of Myanmar. Our tasks will start from the development of digital payment systems, both a corporate portal for businesses and mobile banking for retail customers. Services expected to be available in 2022, which will help support business payments and reduce cash usage and management costs in the country,” said Siam Commercial Bank President Sarut Ruttanaporn.
At present, up to 74 percent of the population does not have access to financial services, with the percentage of domestic credit to GDP standing at a mere 20 percent.
With its increasing importance as a regionally strategic country, Myanmar has become one of the top destinations attracting investors from around the world. The country’s strategic location links Asia’s two regional powers, China and India. While the Myanmar government continues to support foreign direct investment despite the COVID-19 crisis situations faced by countries worldwide, including Myanmar and Thailand, SCB is confident that this impediment will not change the overall investment trend in Myanmar,’ Mr. Sarut Ruttanaporn said.
Siam Commercial Bank Myanmar is located at Sule Square Office Tower, a major financial district in the heart of Yangon city, headed by Mr. Rajesh Ahuja as General Manager.
Having entered the Myanmar market in 2012 as a representative office, SCB fully understands Myanmar’s market, cultural, and regulatory requirements.
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