KPMG aims to develop Burmese banking

The first wave of international investment will focus on infrastructure projects and developing Burma’s banking system, which has long remained off-limits to foreign investors, says KPMG Global Chairman Michael Andrew.

Speaking to Mizzima’s sister publication MZINE+ on the sidelines of KPMG’s official opening reception in Rangoon recently, the senior executive spoke about his firm’s vision for Burma.

Netherlands-based KPMG is one of the largest professional services companies in the world and one of the Big Four auditors, along with Deloitte, Ernst & Young and PricewaterhouseCoopers.

Andrew said the company’s move to Myanmar, or Burma, is a strategic play to support its large base of Thai, Japanese and international clients in neighboring Singapore and Thailand.
“The first thing that has to happen is to allow access to foreign banks which can support their foreign clients’ entry to Myanmar,” Andrew said. “Japanese, Korean, Australian and Singaporean banks are all circling Myanmar and would love to be here.”

Japanese companies make up a significant portion of Burma’s foreign business community. Mr. Hideyo Uchiyama, the Chairman of KPMG Asia Pacific, delivered a special greeting to Japanese clients and guests at the KPMG Myanmar’s opening ceremony.

“The infrastructure in Myanmar is still developing, and there is much work to be done to receive foreign businesses. KPMG will base Japanese CPAs in Yangon to serve our Japanese clients in Myanmar,” affirmed Uchiyama.

But building Burma’s banking system is one of the key areas where KPMG aims to channel its expertise.

“We’re interested in privatization, government consulting work and getting the banks established,” Andrew told M-ZINE+.

“We will be focusing on our global clients at this stage as the local market isn’t sophisticated enough for us at the moment,” he added.

source: Mizzima
http://www.mizzima.com/business/8705-kpmg-aims-to-develop-burmese-banking.html