Counsel have called for a drastic
overhaul of Myanmar’s legislative framework for
banks amid a push by the country’s government to
liberalise its financial markets.
The Central Bank of Myanmar (CBM)
granted provisional licenses to nine regional banks to offer
services to foreign businesses in October last year. But local
lawyers have drawn attention to the absence of essential laws
needed to provide a secure environment for foreign banks
operating in the country.
"In order to do project financing, you need not only a
revised banking law but you also the secured transaction law in
place, as well as other legislation such as the private-public
partnership law, which have not yet been put in place," said Alessio Polastri, partner of Polastri Wint &
The nine banks, including Malayan Banking Bhd and ANZ
Banking, have been issued operating licenses. But they are
barred by the CBM from engaging in...