November 10, 2016
Three local banks will receive technical support from GIZ for improvement of Myanmar banking system through MoU agreement.
This project will last for 3 years which indicates agreement between the GIZ and 3 national banks with the aim of improving financial reporting sector.
Head of the project of GIZ stressed that the project activities will focus on supporting the banks by improvising the accounting disclosures and capacity buildings of the bank staff by means of internationally accepted practices.
Head of Project , GIZ, Thomas: “This is part of our financial sector development activities of the GIZ on the German Government here in Myanmar. These activities are based on the government to government agreement, with the objectives of strengthening the banking sector to make the local banking sector more transparent and more inclusive. Financial reporting thereby is important aspect to increase the transparency as well as cooperative governance within the local banks.”
GIZ and three local banks including Shwe Bank, KBZ Bank and MOB Bank signed the MoU, and GIZ will conduct trainings to the staff in order to carry out banking procedures in line with the International Financial Reporting Standards (IFRS).
Executive Vice Chairman, Shwe Bank, Thein Zaw: Germany government's GIZ is supporting us not in financial way but in technical way in order to gain the full trust from the depositors. They will focus on our accounts and reporting systems by training us the ways of maintaining IFRS.
Local bankers hope to provide more financial loan with the technical assistance of GIZ.
Senior Managing Director, KBZ Bank , Nyo Myint : Our bank focus precisely on small and medium enterprises by means of providing financial loan so..yes we do get more offer from the public asking for loans. As small and medium businesses are the core of the country's financial stability so..we cannot neglect those offers. The main problem here is how and who will insure about those companies applying for loan. So, yes, we will focus on SME matter first as soon as we get the technical aid from GIZ.
GIZ has selected the local banks by forming Banking Sector Financial Reporting Standard Implementation Committee (BFRIC) which comprised with the Central Bank of Myanmar and Myanmar Accounting and Audit Department.
Ref; mitv News