OCBC Bank Signs MoUs With 10 Myanmar Banks

KUALA LUMPUR, July 2 (Bernama) -- OCBC Bank Thursday signed memorandum of understandings (MOUs) with 10 Myanmar banks in conjunction with the official opening of its branch in Myanmar. The MOUs are focused on collaboration in training and capability-building of cash management, trade finance and treasury solutions to support the anticipated growth in trade and foreign direct investments into Myanmar. "The banks wants to jointly develop and introduce new solutions to support their corporate customers in managing their local and foreign currencies and financing requirements. "We would also cooperate with the banks to develop the domestic money market and interbank lending to enhance the infrastructure for payments and settlements, both which are critical for a well-functioning banking system," OCBC said in a statement. The signing of the MOUs follows OCBC’s previous successful collaboration with Myanmar banks for training and capability-building over the past decade. OCBC has conducted workshops and study trips for senior and mid-management staff – from both state-owned and private commercial banks – to observe the practices and transformation of banking services in Singapore, China and Hong Kong. -- BERNAMA