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Myanmar’s Financial Regulatory Bodies Set Sights on Inclusive Sector Growth

To develop an inclusive financial sector, Myanmar’s policymakers have set their sights on ensuring that financial institutions operate correctly and comply with anti-money laundering and anti-terrorism financing provisions. The ultimate goal is to provide financial education to the people and support the development of the capital market.

Key Objectives

• Build an inclusive financial sector in Myanmar by working closely with related ministries, government departments, organizations, civil societies, international organizations, donors, and development partner organizations.
• Jointly implement projects with the private sector.

Regulatory Bodies Take Action

Conducting Strict Inspections

The regulatory bodies will conduct strict inspections of state-owned banks to ensure high efficiency and a wide range of services. This includes:

• Developing the insurance sector by effectively implementing supervision and control over the national government’s Aung Baley Lottery, aimed at developing the small financial sector.
• Overseeing the income flow of foreign insurance companies and microfinance companies to guarantee a clean cash flow.

Supervising Microfinance Organizations

Microfinance organizations will be closely supervised and inspected to ensure they operate legally and in an orderly manner. This includes:

• Providing training on Mutual Evaluation Report findings to prevent money laundering and combat the financing of terrorism.
• Reporting between communication operators and knowledge sharing initiatives.

By taking these steps, Myanmar’s financial regulatory bodies aim to create a more inclusive and efficient financial sector that benefits all citizens.