TODAY

As part of building stronger financial sector ties between Singapore and Myanmar, United Overseas Bank (UOB) conducted a seminar on opportunities for Myanmar’s financial and treasury market development for more than 45 of Myanmar’s senior corporate and central bankers.

Industry experts from UOB and the Singapore Management University shared their expertise and experience of navigating the global financial market and updated bankers on best practices and real-life case studies on how capital and treasury markets could fuel the growth and development of Myanmar’s financial sector.

Dr Fock Siew Tong, Visiting Professor of Finance (Practice) at Lee Kong Chian School of Business, SMU, sharing his expertise at the seminar.

Ian Wong, Managing Director and Head, International, UOB Group said, “An important step in the continuing development of Myanmar’s financial sector is to ascertain the best way to tap into the international financial market. To help facilitate this, we wanted to share the experience UOB had gained over many years across Asia and beyond and to bring in independent experts to share their insights of what is possible for Myanmar.”

The guest of honour of the seminar, Dr. Sein Maung, Chairman, First Private Bank and Vice President of Myanmar Banks Association, said that Myanmar’s financial sector must be developed in a progressive and calibrated manner.

Dr Sein Maung said that he welcomed UOB’s practical trade finance training sessions for Myanmar’s banking professionals as these knowledge-sharing initiatives would lay the foundation for the country to develop a strong and resilient banking sector. He also suggested more practice-oriented courses, especially on the job training for international trade services.

Dr Sein Maung, Chairman of First Private Bank and Vice President of Myanmar Banks Association (center), with Mr Robert Chua, Singapore Ambassador to Myanmar (left) and Mr Bill Chua, Managing Director and Head, Global Financial Institutions Group, UOB Group (right), at the seminar.

In 1994, UOB was one of the first banks to set up a representative office in Myanmar and since then has established a correspondent banking network with most of Myanmar’s local banks. As part of its long-term commitment to Myanmar, UOB regularly shares best practices in international trade, risk mitigation and working capital solutions with the local business community, regulators and banks.