Myanmar keyword: Financial Regulatory Department ("FRD")

June 29, 2019

On 4 June 2019, the Financial Regulatory Department (“FRD”) issued a letter (“Letter”) directing International Non-Governmental Organizations (“INGOs”) and Non-Governmental Organizations (“NGOs”) which provide microfinance services to register as companies and apply for fresh Microfinance Business License (“MFI License”). MFI License issued previously Pursuant to the Letter, FRD had previously issued MFI Licenses to 3 […]

January 29, 2019

RfP for licenses to carry on life insurance business in Myanmar as 100% foreign company As reported earlier by VDB Loi, (read here: http://www.vdb-loi.com/mlw/myanmar-opens-up-insurance-sector-to-foreign-investors/) when a foreign life insurer wishes to obtain an individual license in Myanmar, it is required to submit a proposal in response to a Request for Proposal (the “RfP”), issued on 18 […]

January 15, 2019

In another exciting development in the Myanmar financial regulatory landscape, foreign life and non-life insurers can form joint ventures with local life and non-life insurers respectively. In addition, up to 3 (three) licenses will be granted to foreign life insurers to operate as wholly-owned subsidiaries. Therefore, foreign insurers will now play a much more active […]

July 31, 2018

In July 2017 the Central Bank of Myanmar (“CBM”) introduced a fresh set of four regulations (Notifications 16-19/2017 pertaining to capital adequacy, asset classification and provisioning, large exposures and liquidity ratio requirement respectively). Issued under the Financial Institutions Law 2016 (“Financial Institutions Law 2016”), for the most part these were reinforcements of the existing regulations […]