Industrial Bank of Korea, which is supporting small and medium enterprises in South Korea, is eyeing to extend its services in Myanmar, U Aung Kyi Soe, General Secretary of UMFCCI, said at the workshop on increasing agricultural and fishery export to South Korea from Myanmar held on February 16.
Industrial Bank of Korea is an industrial bank headquartered in Jung-gu, Seoul, they provide financial services and management assistance to SMEs as well as providing other support in handling difficult situations related to the industry.
“Industrial Bank of Korea has applied for a license to open its office in Myanmar. It provides nearly 80 percent of the SMEs in South Korea,”he added.
He said that the federation is planning to work with Industrial Bank of Korea to help the industries with the most potential to produce finished products instead of exporting raw materials, the plan to accomplish this to providing technical assistance and funding.
There are 13 foreign banks that have received permission from the Myanmar government to provide banking services in the local market, and the Central Bank of Myanmar in November issued an order which allows foreign banks to provide financial services to local enterprises in the same way local banks do. Experts believe that this will create strong competition in the local banking sector.