As Myanmar continues to develop economically, more foreign companies and businesses have a desire to invest in the country. Read the article below about some Korean banks that are moving into Myanmar.
Match the headings with the paragraphs 1 to 6 in the article
Note: there are two extra headings
i) Building on existing services
ii) Cambodian experience
iii) Helping Koreans in Myanmar
iv) Expanding the mobile banking base
v) Myanmar is attractive
vi) Youthful workers
vii) Supporting home financing
viii) Focus on farming
Banks are expanding their presence in Myanmar, as they seek new opportunities in the fast growing Southeast Asian country. Myanmar is drawing the attention of financial firms, as a rising economy which has recorded an average of 7 percent GDP growth since 2012, and has a young working population.
Nonghyup Bank has been offering micro financing services in Myanmar via its subsidiary Nonghyup Finance Myanmar since 2016 and is now preparing to expand its existing presence. The lender said last week it acquired approval from local authorities to set up an office in Yangon which will pave the way for the setting up a branch as well as a subsidiary.
Although development plans have not been finalised as the lender is currently in the stage of setting up an office, Nonghyup is seen to be planning to begin a banking business there, based on its area of expertise. Nonghyup Bank, as a commercial bank offers both retail and wholesale banking services, but it is primarily an agricultural bank which provides financing for farmers.
KB Kookmin Bank, along with Industrial Bank of Korea (IBK) and Korea Development Bank (KDB), received regulatory approval to set up a subsidiary in Myanmar in April. KB Kookmin is planning to launch its mobile-based financial services platform "Liiv" in Myanmar. The plan comes after the lender introduced the platform in Cambodia. The platform had 100,000 users as of the end of last year. KB Kookmin hopes to establish a global digital banking platform in Myanmar as the region lacks competitive digital banking services."
As for housing finance, this is an area of expertise for KB Kookmin Bank as the current lender is a merger of Kookmin Bank and Housing & Commercial Bank. The bank will provide education and consulting on setting up related systems, based on an agreement with the Myanmar government.
Meanwhile, the state-run IBK and KDB are set to provide financing for Korean firms doing business in Myanmar. There are about 300 Korean companies there. IBK is preparing to change its existing office into a subsidiary in January next year.
Abridged from article by By Kim Bo-eun at http://www.koreatimes.co.kr/www/biz/2020/07/126_292828.html
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