It is impossible to ignore the enormous economic, political and social transformations which have been sweeping through Myanmar in recent times.
Change is happening at a rapid pace – this also rings true for the financial services sector. Following a change of government in 1988, the country adopted a market-oriented policy and transformed its structure of financial institutions through new bank laws passed in 1990. Additionally, Myanmar implemented various important reforms and liberalisation in the financial services sector since the new government took up office, making Myanmar’s financial system ready for the future.
Challenges do remain. Among them is building the people’s trust to encourage the public-private sector to invest and work in Financial Services. Good banking governance and a robust risk management culture can help build this trust to further spur the growth of the country.