The licence will allow it to provide credit reporting services. Within a year of licensing, the bureau should be in operation. Zayar Nyunt, chief executive officer at Small and Medium Industrial Development Bank, said the bureau would help a great deal in building trust between bankers and businesses. Many SMEs in Myanmar lack capacity, skilled labour, technology and finance. The more people know about the credit bureau, the more they will make good use of that. Yet, he warned that improving access to finance alone could not make a small business successful.
Getting Credit - Doing Business - World Bank Group
The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process. Established on 12 March , the ACC facilitates communication between shareholding central banks in the region and the BIS's Board and Management on matters of interest to the Asia-Pacific central banking community. It also provides guidance for the Asian Office's research and banking activities. The Asian Office's research projects are often undertaken in collaboration with central banks and supervisory authorities in Asia and the Pacific. We host a secondment programme for BIS member central banks in the Asia-Pacific region to foster closer working relationships with shareholding central banks. The Asian Office's regional treasury dealing room was established in Oct to enhance the level of banking services and support to regional customers in managing their foreign exchange reserves.
BIS Representative Office for Asia and the Pacific
The workshop focused on promoting the development of credit information systems in the region. Topics included the legal, regulatory, and information technology needed to support a credit-information sharing bureau and the current and potential sharing of credit information in the region. Presentations and group discussions addressed the efforts in the South Asia region to create the necessary conditions for the development of a bureau and the distinct challenges faced by this region.
A credit bureau will be operational in the next two years. On November 8, Central Bank started allowing foreign banks and branches to provide wholesale financial services to local corporations the same as local banks do. However, local businessmen pointed out that not having a credit bureau that can provide background information of potential borrowers could delay granting loans. Myanmar Credit Bureau Limited nominated one of Central Banks officials as a member on the board of directors, he added. When the credit bureau is operational, banks will grant loans based on the information provided by the credit bureau instead of lending on collateral.