September 20, 2017

Singapore, Myanmar agree to cooperate in banking supervision, capacity building

Sectoral cooperation between Myanmar and Singapore are  discussed at  5th Singapore-Myanmar Joint Ministerial Working Committee meeting.  Photo: Aye Min Soe
Sectoral cooperation between Myanmar and Singapore are discussed at 5th Singapore-Myanmar Joint Ministerial Working Committee meeting. Photo: Aye Min Soe

Yangon, 6 July — The central bank of Myanmar and Singapore agreed at a meeting Monday in Yangon to cooperate in banking oversight and capacity building.
At the 5th Singapore-Myanmar Joint Ministerial Working Committee meeting, high-ranking officials from the Central Bank of Myanmar and the Monetary Authority of Singapore signed a memorandum of understanding and exchanged views on developing an inter-bank funding market, as well as deepening technical cooperation in banking and capital market supervision.
The JMWC meeting also discussed the business environment for foreign investors, urban development strategies, transportation and logistics, food and agriculture, expansion of air connectivity, development of small- and medium-sized enterprises and the legal sector in Myanmar.
The two sides also agreed to jointly organize legal workshops and seminars to share best practices, and enhance understanding of the legal frameworks of both countries.
To improve the weak institutions of Myanmar’s small-to-medium enterprise sector, the country would cooperate with Singapore to improve the efficiency of government personnel from the sector, Daw Aye Aye Win, the Deputy Director-General of the Central Department of SMEs Development of the Ministry of Industry, said before the meeting.
Myanmar allocated 20 billion kyatsworth of loans to SMEs this year. The country’s Small and Medium-sized Industrial Development Bank has already disbursed 9 billion kyats to SMEs in 15 regions and states including Nay Pyi Taw Council Area, she added.— GNLM

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