Banking

Thai bank opens office in Myanmar

As Myanmar has recently opened up for foreign trade and investments, many Thai companies are eyeing to invest in the neighboring country, one among which is state-owned Krung Thai Bank, which has opened a representative office in Rangoon

Published

8 years ago

January 6, 2013

Bahar Karaman

After Myanmar has opened up its country and shown signs of improvement towards democracy since the end of 2010, the nation is now gearing up to welcome the establishment of the ASEAN Economic Community (AEC), which will be formed at the end of 2013.

Myanmar has been encouraging more foreign trade and investments, especially in its infrastructure development for the economic connections among nations in ASEAN and the Indo-China Peninsula.

Myanmar’s economy is expected to grow by 6% per year on average

Cities such as Naypyidaw, Yangon, Mandalay, and Myawaddy are expanding rapidly. The growing population means demands for instant food, consumer products, machinery, electronics, and construction materials, among others, are on the rise.

The Burmese government is also investing in mega projects such as the Dawei Deep Sea Port and Industrial Estate and gas pipelines laying project. Seeing a bright business opportunity in Myanmar, Krung Thai Bank has opened a representative office in Rangon. The bank has formed a joint venture with a local financial institution, offering loans to Thai and Burmese investors.

According to KTB president Vorapak Tanyawong, the focus is on Thai-Myanmar border trade, which accounts for 150 billion baht a year or 90% of all trades between the two sides. Mr Vorapak added that the neighbor has set a target to increase its production of rice to 2 million tons a year, and is also developing its oil refining and public utility businesses. Thailand, China, and Singapore are major exporters to Myanmar; however, its bright prospects also attract other countries.

Krung Thai now has 9 offices abroad and 17 branches on the Thai borders, which cater to people from Myanmar, Laos, Cambodia, and Malaysia. It also aims to open another branch in Ho Chi Minh City to boost trade and investments in the region. สำนักข่่าวแห่งชาติ : Special Report: Thai bank opens office in Myanmar

Banking

APAC corporates likely to improve in 2021

Moody’s Investors Service says in a new report that credit conditions in APAC will improve in 2021, supported by the gradual recovery of economic activity given the early containment of the pandemic in several Asian economies.

Published

6 days ago

January 20, 2021

Pr News

Ongoing fiscal and monetary support in both advanced and emerging markets will also aid improving conditions, but renewed lockdowns in parts of the world have stalled the nascent global economic recovery and create uncertainty around improving credit conditions.

(more…)

Banking

Can Fintech drive a strong post-COVID-19 recovery in Asia?

The pandemic has highlighted the power of digital technology. Now is the time to harness this power for inclusive growth so that communities, especially in poor and remote areas, can survive the crisis and thrive.

Published

7 days ago

January 19, 2021

Asian Development Bank

To say 2020 has been a challenging year is a massive understatement. The COVID-19 pandemic has quickly undermined development gains from recent decades and slowed growth in many Asian economies.

(more…)

Banking

BoT sees mild impact of new COVID-19 wave on the economy

The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended.

Published

1 week ago

January 18, 2021

National News Bureau of Thailand

BANGKOK (NNT) – Despite a new and wider wave of COVID-19 infections in the country, the Bank of Thailand (BoT) has assessed that the economic impact of the situation will not be as severe as the first wave as the effects of the virus are not as pronounced, and public health preparations, including plans for vaccination, are in place.

(more…)