Sub-title:
Two private banks, Ayeyarwady Bank (AYA Bank) in Myanmar and Thailand’s Siam Commercial Bank (SCB) have signed a memorandum of understanding (MOU) to collaborate in the development of cross border payments and fund transfer services between the two countries.
Description:
"This cements an October 2019 agreement between the Central Bank of Myanmar and the Bank of Thailand to promote the official use of the Myanmar kyat and Thai baht when trading at the border. The Central Banks also inked a second MOU to promote financial innovation and services for payments through collaboration between the two countries.
“We hope to start the work within the year,” U Hpone Thet Oo, vice president of Financial Institutions and Corporate Banking for AYA Bank, told Myanmar Times. Even though trading at the Thai-Myanmar border is already conducted in kyat and baht, payments that are processed through the banks are conducted in US dollars, resulting in leakages through foreign exchange losses.
“Through this MOU, we can bring more of the payments through the formal channel and make the process more convenient,’’ Mr Kamalkant Agarwal, Advisor to the CEO, SCB Bank..."
Source/publisher:
"Myanmar Times"
Date of Publication:
2020-01-09
Date of entry:
2020-01-09
Grouping:
- Individual Documents
Category:
Countries:
Myanmar, Thailand
Language:
English
Resource Type:
text
Text quality:
- Good