OCBC begins Myanmar operations today

OCBC Bank has opened its Yangon branch located at Union Financial Centre, Central Yangon, with operations commencing today.

According to a Facebook statement released by the bank, more than 30 corporate customers have opened an account at the new branch.

OCBC Yangon Branch will offer banking services including - cash management, project financing, working capital financing and trade finance, as well as treasury and capital markets advisory and services - to foreign companies and joint ventures, as well as domestic banks in Myanmar, said OCBC in a press release earlier. Marketing has reached out to OCBC for its marketing strategy in Myanmar.

Its consumer banking services will allow customers to open current and savings accounts denominated in Myanmar Kyat, US Dollar and Singapore Dollar, take up loans and apply for trade and foreign exchange facilities.

OCBC is one of the first three foreign banks to have received final regulatory approval from the Central Bank of Myanmar to open a branch in Myanmar. The final licence was awarded on 2 April 2015. The bank offers corporate internet banking in Myanmar through its internet banking platform Velocity@ocbc, where customers can initiate payments online.