Tourism bank is expected to open in Myanmar in six months

Myanmar Tourism Bank, a sector-specific bank to help small and medium ethnic entrepreneurs engaged in tourism industry, will open its door within six months in Yangon, Mandalay and Nay Pyi Taw, the Myanmar Times Online reported on Tuesday (Jan 2).

A shareholder of the bank said that the bank would provide low-interest, long-term loans to SMEs, especially in the tourism sector, because, at present, there is no this kind of service from banks in Myanmar.

The President’s Office, in December, instructed the Central Bank of Myanmar to approve the opening of the Myanmar Tourism Bank, Mineral Development Bank, Glory Farmer Development Bank, Mandalay Farmer Development Bank and Shwe Nann Saw Bank.

Currently, Myanmar Tourism Bank has 26 shareholders, mainly representing hoteliers, travel and tour companies. The public will be invited to invest in the bank once a license is issued by the central bank.

The aim of the bank is to offer low interest loans to assist them, said U Yan Win, who is also chair of the Myanmar Tourism Federation.

U Kyaw Min Hlaing, managing director of Shwe Myintmo domestic tour, said if the bank could provide low-interest, long-term loans without collateral, it would be very useful and helpful to the SMEs.