OCBC Bank signed Memoranda of Understanding (MOUs) with 10 Myanmar banks today, on the occasion of the official opening of its Myanmar branch.
The MOUs between OCBC Bank and three state-owned banks and seven private commercial banks focus on collaboration in training and capability building in key areas of cash management, trade finance and treasury solutions to support 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 efforts 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.
OCBC Bank signed the MOUs under the witness of Mr Teo Chee Hean, Deputy Prime Minister and Coordinating Minister for National Security and Minister for Home Affairs, Singapore, His Excellency U Win Shein, Union Minister, Ministry of Finance, Myanmar, and His Excellency U Kyaw Kyaw Maung, Governor, Central Bank of Myanmar.
The signing ceremony was held after the official 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.
