Myanmar’s KBZ Bank: first Singapore - then the world?
Kanbawza Bank (KBZ Bank) is the largest private bank in Myanmar and has just set up in Singapore.
KBZ Bank is the first Myanmar bank to be granted a license to operate in Singapore. Following its successful accordance to regulations set down by the Monetary Authority of Singapore, the bank has become the country’s first to establish operations within the island nation.
Earlier this year KBZ Bank became Myanmar’s first bank to establish an international presence when it received its license for a Thailand representative office.
U Zaw Lin Aung will lead the Singapore operations as CEO – he is the bank's Deputy Managing Director of KBZ Bank for SME business.
The new KBZ bank branch will act as an information hub for companies seeking advice on regulatory requirements in both Singapore and Myanmar – it will also be able to offer a number of research capabilities covering finance and bilateral business.
Setting up shop in Singapore is a sensible and likely profitable move for KBZ Bank. With many of the world’s financial institutions stationed in the nation-state, Singapore’s finance market is both well-staffed and leads both the world and the region. If KBZ plays its cards right in this market, then expect more exciting growth announcements.
SOURCE: [Singapore Business Review]