The FINANCIAL -- The
UK and Burma have created a Financial Services Taskforce which will
support the development of Burma’s financial services sector, according
to the announcment of The UK's Department of Business, Innovation and
Skills.
The new taskforce will bring together experts from both sides including
relevant authorities and financial and professional services firms,
according to Standard Chartered.
The purpose of the Taskforce will be to supplement the work already being undertaken by President Thein Sein’s government and international development agencies on financial and regulatory reforms by:
Helping the local industry to develop appropriate new financial products and services focused on the provision of credit.
Advising on suitable regulatory structures to support the sector.
And developing effective education, training and qualifications to build capacity in the sector.
The taskforce will be jointly chaired on the UK side by Standard Chartered Bank and the UK Government and will meet regularly in both countries. The first formal high-level meeting of the taskforce will be held during the Lord Mayor of London’s visit to Burma in October this year, according to Standard Chartered.
“The formation of this taskforce is an important step. It will be focused on delivering practical support and assistance to President Thein Sein’s Government on the development of a fully functioning financial services sector," said Lord Green, UK Minister for Trade and Investment.
"Financial services has the potential to be a transformative sector in this reform process, unlocking capital and investment. It is a sector in which the UK is a world leader and I am confident that British business can play an important role in supporting President Thein Sein and his Government in achieving the economic reform they are striving for,” he added.
“Standard Chartered has operated in the ASEAN region for over 150 years and we reopened our representative office in Yangon in February of this year. We have played a key role in supporting the development of emerging economies and have gained unique insights on how such markets can better manage sustainable economic transformation. The government in Naypyitaw has made great strides in its reintegration efforts with the international community and it has done so in a very short period of time," said Mike Rees, Standard Chartered Group Executive Director and CEO Wholesale Banking.
“The goal of seamless reintegration is being driven by the government’s desire to transform the country socially and economically. Following discussions with the government and local business leaders it has become clear there is a pressing need to boost knowledge and expertise in the area of financial services and as such, we view this taskforce as an exciting component in this strategy,” he added.
source: Financial
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