Myanmar’s new Yangon Stock Exchange (YSX) will begin using blockchain in its settlement platform over the next two years. Two stocks are currently trading on the exchange, with four more on the way.
The opening of Myanmar’s new stock exchange in 2015, the Yangon Stock Exchange (YSX), highlighted the increasing development of the area. Introducing blockchain will see the region overcome the problems of infrastructure in order to compete at a global level.
Working with the Myanmar Agricultural Development Bank (MADB), the Japan International Cooperation Agency (JICA) is launching two-step loans to nine Mandalay-based farms.
JICA will loan money to MADB, who will then disburse to farmers. The arrangement was initially approved in December 2016, and the loans are now being distributed.
Strides Transportation, a company based in Singapore, has signed a joint venture agreement to provide limo services in Yangon from 2018.
Under the terms of the agreement, SMRT Strides Toyotsu Alliance owns 60% of the venture. The rest is split equally between Toyota Tsusho Asia Pacific and Alliance Urban Transport (AUT).
A significant development has opened in Yankin. The Golden City Business Center (GCBC) is a four-storey, high grade office tower and was officially opened by the developers in Yankin township, Yangon on 17 October.
The development has an area available to lease to businesses that measures about 150,000 square feet. There are office suites and rooms available on long term leases. The offices available to rent are about 1,044 square feet to 12,755 square feet, giving an exciting range of options to businesses.
Various experts from the world of banking, along with representatives from the International Council of Small Business (ICSB) have recently said that Myanmar must alter its loan policy to allow businesses to access funds to grow.
At the moment, business loans in Myanmar are only approved short term and based on collateral.
As part of the annual 14th World Chinese Entrepreneurs Convention (WCEC), a prestigious Myanmar – China business summit was held in Yangon in mid-September.
Hosted at the Sule Shangri-La Hotel in Yangon, the summit further strengthened the business and economic relationship between the two countries.
The summit was sponsored by the China Federation of Overseas Chinese Entrepreneurs (CFOCE) and was titled “The Belt and Road Promotes Cooperation and Mutual Benefits”.