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| Banking Sector in Burma |
Myanmar's banking industry has benefited significantly from reforms initiated by President Thein Sein's reforms and the partial lifting of US sanctions, which have enabled them to expand both their footprint and range of services on offer.
But the sector also faces significant challenges – not least a lack of public trust – and there are both threats and opportunities on the horizon. Many institutions are betting on the arrival of mobile money – financial technology instruments that will enable anyone with a smartphone to open an account – to reach Myanmar's great "unbanked": the 90 percent of the population without a bank account.
In this special feature, Frontier Myanmar provides an in-depth look at the current state and future of the banking industry, including what further reforms are planned, the role of newly licensed foreign banks and why cash is still king.
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