Myanmar Bank Launches Wealth Services

Tom Burroughes

3 January 2019

A Myanmar-based bank, which was set up in the Southeast Asian nation almost a decade ago, has rolled out a wealth management service platform and reward programme.

The offerings come from Myanma Apex Bank, and are called MAB GOLD Wealth Banking. Clients must have a minimum fixed deposit of MMK300 million (about $195,000).

"MAB GOLD serves a significant and growing base of affluent depositors in Myanmar," the bank said in a statement yesterday.

A number of banks have set up store in Myanmar, a country that has been wracked by civil conflict in recent years. Several foreign banks have won licences recently to operate there, including Australia and New Zealand Banking Group, Singapore's Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB), and a number of Japanese lenders. After years of being ostracised internationally for its human rights record and military rule, Myanmar has begun to open up – the US lifted sanctions against the country in 2013. Myanmar, formerly known as Burma, is rich in mineral and energy resources, although it remains a relatively poor nation compared with its Asian neighbours.

The MAB Gold offering covers a range of travel, luxury accomodation and related services, Gary Voon, executive vice president and head of consumer bank at MAB, said. Organisations partnering with the service include VISA, Singapore Airlines’ KrisFlyer, Mingalar Sky Airport Lounge, Shwe Mann Taung Golf Resort, Columbus Travels & Tours, Memories Group, Hilton Hotels & Resorts, Pan Pacific Yangon, Sule Shangri-la, L’Opera, SEEDS, Signature Fine Dining Restaurant, and Wine Link.

The service offers fixed interest rates that start at 8.5 per cent for one and two months' deposits, increasing up to 10.25 per cent for deposits with a three-year tenor.

Service members obtain "priority service country-wide at all MAB branches", the bank said, and can visit any of its three wealth banking facilities located in MAB Thein Phyu, MAB Mayangone, and MAB Mandalay 10.

Myanma Apex Bank was incorporated in July 2010.

According to Forbes last year, Myanmar's wealthiest individual is the controversial business tycoon Tay Za, who has a net worth of $7 billion, and is chairman of the Htoo Group of Companies. (He is reportedly a close associate of the country's former head of state).