Vietnam's Bank of Investment and Development, E-SUN Commercial Bank, Shinhan Bank and State Bank of India have all been given preliminary approval to operate in Myanmar, as part of the government's latest attempt to attract foreign investment to the emerging nation. The four new banks that have been given initial approval by the Central Bank of Myanmar are Vietnam's Bank for Investment and Development, Taiwan's E.SUN Commercial Bank, South Korea's Shinhan Bank and the State Bank of India. " The move comes amid growing concern over Myanmar's human rights record following a crackdown on pro-democracy protests last year. Myanmar's banking system had been closed for decades to outside competition due to junta rule, leaving the country with a creaking financial system infrastructure and its people deeply suspicious of banks, however, this has been slowly changing since 2011.
Vietnam's Bank of Investment and Development, E-SUN Commercial Bank, Shinhan Bank and State Bank of India have all been given preliminary approval to operate in Myanmar, as part of the government's latest attempt to attract foreign investment to the emerging nation. The move comes amid growing concern over Myanmar's human rights record following a crackdown on pro-democracy protests last year. Myanmar's banking system had been closed for decades to outside competition due to junta rule, leaving the country with a creaking financial system infrastructure and its people deeply suspicious of banks, however, this has been slowly changing since 2011.