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Myanmar Tourism Bank Launches to Support Tourism
AUTHOR: EI THANDAR TUN
Myanmar Tourism Bank (MTB), the very first of its kind in the country, was launched on May 6 with the aim of supporting tourism sector in the country.
The bank, located on Pyay Road in Yangon, is established by Myanmar Tourism Federation as part of a plan to promote the tourism industry. The K22 billion investment will provide five percent of its net profit to the Ministry of Hotel and Tourism and tourism organizations.
“The bank is aimed to support the development of tourism sector in the country. We will give five percent of the profit as charity for the development of the tourism sector. Our banking services will follow the norms of other international banks,” said U Yan Win, President of Myanmar Tourism Federation.
The bank will finance to tourism businesses and hotels who need capital with lower interest rates, and they will make the process simple for them. The bank will provide transaction services and a card payment system in accordance with the approval of Myanmar Central Bank.
At the moment, the bank is only open in Yangon and plans to open a branch in Nay Pyi Daw and other 10 branches across the country within a year.
The bank officially obtained a banking license from the Central Bank of Myanmar in July 2018. Currently there are four state-run banks, and 27 private banks who are operating over 1,800 branches, in addition there are 13 foreign banks and branches. There are 44 other banks in Myanmar operating only representative offices, they are not providing financial services.
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