Ayeyarwady Bank (AYA Bank), private bank from Myanmar and Siam Commercial Bank (SCB) from Thailand have singed a memorandum of understanding (MOU) to collaborate in the development of cross border payments and fund transfer services between the two countries.
“We hope to start the work within the year,” said U Hpone Thet Oo, vice president of Financial Institutions and Corporate Banking for AYA Bank according to the Myanmar Times.
The Central Banks also inked a second MOU to promote financial innovation and services for payments through collaboration between the two countries.
“Through this MOU, we can bring more of the payments through the formal channel and make the process more convenient,’’ Mr Kamalkant Agarwal, Advisor to the CEO, SCB Bank.
In October 2019, the Central Bank of Myanmar and the Bank of Thailand made an agreement to promote the official use of the Myanmar kyat and Thai baht when trading at the border.
Thailand is the second largest trading partner among four countries which share borders with Myanmar. Trade volumes at the Thai-Myanmar border, including Tachileik, Myawaddy, Kawthoung, Myeik, Htee Khee and Maw Taung during fiscal 2018-19 amounted to US$3.8 billion, according to the government data.
Source: The Myanmar Times