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Finance

Myanmar allows Korean and Thai banks' entry to boost investment

KB Kookmin, Siam Commercial and other banks to begin operating by early 2021

Competition in Myanmar's banking sector is expected to intensify as more foreign banks enter the country. (Photo  by Yuichi Nitta)

YANGON -- Seven banks from around Asia are to enter Myanmar, raising the prospect that a more active presence by foreign lenders will encourage further inward investment from other industries.

The banks' entry was approved late last week by the Central Bank of Myanmar and are part of efforts to open up the banking industry by the administration led by State Counselor Aung San Suu Kyi.

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