2.Myanmar has now emerged as one of the world’s most sought-after countries. A new foreign investment law was recently passed, with new by-laws now being crafted and a new Banking Act in the offing, presaging to further opening and reform of the financial sector. Efforts are also underway to boost international business confidence in the kyat - the Myanmar currency – in consultation with the International Monetary Fund. Now, with most of its government debt forgiven, Myanmar looks forward to more international lending and capital injection.
3.New foreign banks and insurers are re-entering the promising Myanmar market. Mega investors like George Soros made annual visits to Myanmar. Foreign banks, and likely for insurance companies too, may be permitted to own majority shares (likely to be up to 80%) in joint-venture banks in Myanmar under new legislation that could be passed by April 2013. Foreign banks could later apply for licenses for wholly-owned subsidiaries. The proposed changes are part of legislation on central bank independence. At the same time, for Myanmar banks and insurance companies, it might be timely to modernise through foreign partnerships and joint-ventures, upgrade staff skills and product offerings, improve management, and be engaged to face new foreign competition as they enter! Indeed, in the insurance sector, the opportunities are huge, as the industry would need to start from basement floor, need expertise, knowledge and technology from foreign insurers, reinsurers, brokers actuaries, risk managers & systems experts
4.The stage is now set for bankers, insurers, corporate treasurers & CFOs, securities and fund managers, investors, central bankers to meet and get the first-hand knowledge & better understanding of the opportunities and requirements in the banking, insurance and capital market sectors.
5.Led by the Myanmar Financial Commission, eminently chaired by H.E. President Thein Sein, the Myanmar banking, finance and insurance landscape is expected to witness a sea change in the near future. INTO MYANMAR Banking, Finance and Insurance Global Summit is conceived with the encouragement of the Central Bank of Myanmar and other stakeholders in Myanmar and outside, both the buy-side and sell-side of the financial equation.
6.This inaugural Summit is strategically timed for bankers and insurers to meet Corporate Myanmar 's
Financial Directors and Managing Directors to discuss the new realities of the Myanmar marketplace and the future entry of foreign banks and insurers. What role should loans play in financing operations? How will lending costs affect deal flows? What are the hot business and projects ripe for funding?
7.Top-notch organizations presenting at the summit will include senior representatives from Ministry of Finance and Revenue (invited), Central Bank of Myanmar, Insurance Business Supervisory Board, Myanmar Economic bank, International Monetary Fund, IFC- The World Bank Group, Myanma Apex Bank, Ayeyarwaddy Bank, Assuransi Central Asia, Mittare Insurance, ADB, The Stock Exchange of Thailand, Rising Dragon Advisory Group, Rajah and Tann, Andaman Capital Partners, Bank of Tokyo-Mitsubishi UFJ , Asia Guiding Star Oil & Gas Group, Ministry of Mining, Myanmar Legal Services, Saigon Asset Management, Macquarie Agricultural Funds, Myanmar Agricultural Development Bank, Access Spectrum, National Switch Software and System Project,MIT, Myanmar Payment Union, ACE Data System
8.The CEO of the conference organizing company, Magenta Global Pte Ltd, Singapore, Ms Maggie Tan, said: “ This is an opportune platform for global industry players to explore the latest opportunities and gain a better understanding of the regulation and requirements in the banking and insurance sectors and meet potential Myanmar corporate’s to meet their funding needs”. She highlighted that participants can expect to meet with key existing and new players from Myanmar's leading state and private companies, bankers & insurers as well as their counterparts from international & regional banks, insurance, fund managers, investment corporations, finance directors from key agri, mining & oil & gas sectors”
9.The event will be held at Inya Lake Hotel Yangon, Myanmar . For more information about the summit please visit event website at
Magenta Global Pte Ltd
Magenta Global Pte Ltd
Connecting Industry Professionals Worldwide
Direct Tel: +65 6391 2530
Tel: +65 6391 2552 Fax: +65 6392 2102
Notes for Editor:
About Magenta Global – Owner & Organizer
Magenta Global Pte Ltd is a premier independent business media company that provides pragmatic and relevant information to government & business executives and professionals worldwide. The organization provides the opportunity to share thought-provoking insights, exchange ideas on the latest industry trends and technological developments with thought leaders and business peers. With a strong focus in emerging economies especially in Africa, Middle East & Central Asia, Magenta Global works in partnership with both the public and private sectors. www.magenta-
About The Thai Life Assurance Association – Supporting Organization
TLAA is the central body of life insurance business operators and related professional groups. It promotes the integrations of ideas and acts on behalf of the business operators in coordinating with government agencies and related professional groups in order to ensure that they operate their business with strength and under an acceptable standard of good governance. TLAA will also involve in the following up and improvement of rules and regulations in accordance with changing business environment as well as the efforts to educate the public on the benefits of life insurance.
About Malaysian Association of Myanmar – Supporting Organization
MAM is a non-governmental, non-political and non-profit organization. The objectives of MAM are to bring together all Malaysian persons through educational, social, cultural and economic activities for mutual co-operation and assistance, to promote the interests of its members and to foster Malaysia/Myanmar understanding and co-operation