SINGAPORE (Oct 6): Myanmar’s Kanbawza Bank announced that a new office in Singapore, making it the first bank from Myanmar to land in Singapore’s shores.

The Singapore office opening follows an office opening in Thailand, signaling the bank’s goal of being Myanmar’s commercial presence in Southeast Asia and the world. Kanbawza Bank got the nod from the Monetary Authority of Singapore earlier this year in June, to set up a representative office.

Kanbawza Bank says the Singapore office will be a trove of information for businesses looking for advice and expertise on Myanmar, with information on regulatory requirements, market research, feasibility studies on investment and business opportunity, as well as private sector liaison services.

The bank is seeking to be the port of call for Singaporeans investing in Myanmar, while strengthening relationships with financial institutions in Singapore.

 “Having the KBZ team on the ground here in Singapore is a big step forward,” says U Zaw Lin Aung, chief representative officer, Kanbawza Bank Singapore.

“It means that we can facilitate the flow of investment from Singaporean businesses directly, and indirectly from other parts of the world more easily,” he adds.

The bank’s parent company, Kanbawza Group boasts a track record of operating with best practices, and ranks as one of the most transparent companies in Myanmar, according to the Myanmar Centre for Responsible Business.

Kanbawza Bank notes that Singapore is now Myanmar’s largest investor after China, and with the commencement of visa-free travel between the two countries on Dec 1, should serve to further ease doing of business between the two countries.