Rajah & Tann Regional Round-Up
your snapshot of key legal developments in Asia
Issue 1 - Jan/Feb/Mar 2024
 

Issuance of Directive on Agent Banking Services

On 6 February 2024, the Central Bank of Myanmar under the State Administration Council issued a directive on agent banking services ("Directive") to provide comprehensive access to financial services to people who do not have access to banking services. The Directive seeks to increase overall participation in the financial system by setting a framework for banking services agents without affecting the safety and soundness of the banking system. The Directive, which applies to all banks that appoint agents, came into effect on the date of its issuance.



Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

 

Rajah & Tann
Myanmar Company Limited
Junction City Tower,
No.3A Bogyoke Aung San Road,
Level 13, Unit 13-04, Pabedan Township,
Yangon, Myanmar
http://mm.rajahtannasia.com


Contacts:

Dr Min Thein
Managing Partner
D +951 9345343
F +951 9345348
min.thein@rajahtann.com

Chester Toh
Director
D +65 62320220
chester.toh@rajahtann.com

Jainil Bhandari
Director
D +65 62320601
jainil.bhandari@rajahtann.com

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update.