Wednesday, 11 June 2014

Financial systems to be exported to Myanmar

Financial Services Commission (FSC)Chairman Shin Je-yoon has agreedwith Myanmar policymakers to exportcorporate credit rating and otherfinancial systems to the country.

The FSC said Thursday that it willdispatch financial policy advisors toMyanmar to support Korea's CreditBureau (CB), a Seoul-based credit-evaluation-service system for financialfirms, and a corporate credit rationingsystem to be adopted there.

Chairman Shin attended the Korea-Myanmar ADB Financial Forum onJune 2 to share Korea's financial development experience and promotepartnership.

At the forum, Shin introduced Korea's successful financial systems,such as its corporate credit rationing system and experiences on policyloans and its deposit insurance system, which have contributed toKorea's economic development. He said the challenges facingMyanmar's banking sector are lack of financial support to small andmedium-sized companies, too much reliance on secured loans and adrop in banking confidence due to a chain of bank runs.

"Korea's financial sector has successfully navigated a series offinancial waves. Korea's experience will help Myanmar explore ways torestore confidence and improve competitiveness in the banking sector,"he said.

Shin also stressed that Korea will be a strong partner to Myanmar asmany financial firms in Korea are actively looking to invest in theMyanmar market.

Korea has supported Myanmar to develop the stock market andprovided technical training for anti-money laundering and financialsupervision.

"Korea and Myanmar share many similarities in culture and history. Ihope that the next Korean wave happens in the financial sector," hesaid.

source: The Korean Times
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