Fintech in Myanmar (VDB Loi Insights This Month)

31
Jul
2018

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HIGHLIGHT OF THIS MONTH

VDB LOI Sponsors MMA Fighter Phoe “Bushido” Thaw

VDB Loi made the announcement of sponsoring the Myanmar Homegrown Mix Martial Arts fighter Phoe “Bushido” Thaw for the period of one year. The signing ceremony was held at VDB Loi office. Mr. Edwin Vanderbruggen, Senior Partner of VDB Loi stated that Phoe Taw demonstrates the warrior sprit which blends in with our value.

 
IN THIS ISSUE
From our Banking and FinanceTeam

New Rules on Sanitizing Bank Overdrafts in Effects

In July 2017 the Central Bank of Myanmar introduced a fresh set of four regulations. Issued under the Financial Institutions Law 2016, for the most part these were reinforcements of the existing regulations issued under the erstwhile Financial Institutions Law 1990, which were not being strictly enforced. Read more…

Fintech in Myanmar

Under the Foreign Exchange Management Law (2012) (“FEML”), “foreign currency” includes postal orders, cheques, bank drafts, payment orders, traveller’s cheques, letters of credit, bills of exchange, and promissory notes, coins and currency notes which are not in MMK. Read more…

With input from our Corporate M&A Team

Private Schools Towards a Modern Regulatory Framework

A recent Myanmar Investment Commission notification allowing foreign investment in private schools is the first in a raft of changes for the sector, with a planned Private School Law set to introduce government licensing for teachers and the vetting of international school curricula. Read more…

NEW MYANMAR LAWS AND REGULATIONS THIS MONTH
  • Bill on the National Planing of 2018-2019 Budget year
    Implementation of economic and development of Regions and States.
 
RECENT VDB LOI WORK
  • Oil products trader retains VDB Loi for market entry services: Our Energy & Infrastructure will be exploring the regulatory and commercial landscape for this client, who ponders a market entry;
     
  • Manufacturer has warehouse fire, turns to VDB Loi: Our Disputes team is helping a foreign manufacturer who suffered a fire in a leased warehouse with advice on liabilities and damages;
     
  • Car brand importer needs Joint Venture: VDB Loi’s Corporate M&A team will be assisting the parties to a new car import JVA with a range of legal services;
     
  • E-Commerce trader engages VDB Loi for its structure: An e-commerce company will be assisted by our advisers of the Corporate M&A team;
     
  • Foreign bank finances telecom operator: Our TMT and Banking teams will be assisting a foreign bank with a new financing deal;
     
  • SEZ deal for local developer: VDB Loi’s Energy & Infrastructure team will be helping a Myanmar developer with various issues in connection with its SEZ investment;
     
  • Oil, trading, manufacturing and MFIs engage VDB Loi for various tax advisory, compliance and audit services.
     
SEE OUR PROGRESS IN 2017
Check out the impressive progress our practice made last year:

  • Our MIC team remains a very strong performer with 25% of the total MIC permits obtained through the firm.
     
  • We advised several of the largest LNG projects under consideration, and was selected as local advisor by both the World Bank and the Japanese Government.
     
  • We were selected as local counsel on the IFC program to create the hydropower model PPA.
     
  • We advise mobile network operators, 4G LTE operators, tower companies and a wide range of ICT companies in Myanmar.
     
  • We play a leading role in the Government’s forthcoming regulation on sovereign guarantees.
     
  • IFC selected our team after a competitive process to help jumpstart the documentation of PPP infrastructure projects.
     
  • We assisted an IFI with its investment in one of Myanmar’s largest cement plant companies.
     
  • Our tax team was at the forefront of various tax structuring works for multimillion-dollar projects.
     
  • Our dedicated dispute team and partners have acted on a wide range of high profiel litigation and arbitration cases.

You can download the full report here

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