New Myanmar bank to supply tourism businesses with cheap loans
A new bank, Myanmar Tourism Bank, will begin operations within six months in so far three branches in Yangon, Mandalay and Naypyidaw with the sole aim of granting loans to tourism businesses and startups.
The bank, which finally obtained approval from the government, will grant low-interest, long-term loans for small and medium enterprises and company founders in the tourism industry and for related businesses.
“This is our main aim because we don’t have that kind of service from banks in the country at present,” U Yan Win, a shareholder of the bank, told The Myanmar Times.
Myanmar Tourism Bank currently has 26 shareholders, mainly larger tourism players such as hoteliers and travel company owners. Other shareholders are invited to participate.
Industry representatives have long pushed the idea of creating such as bank. In Myanmar’s tourism sector, there are just a few hotel and travel company owners who are able to invest large amounts to finance their businesses. According to Myanmar’s Ministry of Hotel and Tourism, there were 2,508 travel and tour companies as of the end of November last year, but the majority are small and medium businesses.
“Small and medium enterprises often face financing difficulties. Therefore, the aim of the bank is to offer low-interest loans to assist them,” said U Yan Win, who is also chair of the Myanmar Tourism Federation.
The bank also aims to grant loans at a volume of up to 50 million kyat ($37,064) to each qualifying company without collateral.
A new bank, Myanmar Tourism Bank, will begin operations within six months in so far three branches in Yangon, Mandalay and Naypyidaw with the sole aim of granting loans to tourism businesses and startups. The bank, which finally obtained approval from the government, will grant low-interest, long-term loans for small and medium enterprises and company founders in the tourism industry and for related businesses. “This is our main aim because we don’t have that kind of service from banks in the country at present,” U Yan Win, a shareholder of the bank, told The Myanmar Times. Myanmar Tourism Bank currently has...
A new bank, Myanmar Tourism Bank, will begin operations within six months in so far three branches in Yangon, Mandalay and Naypyidaw with the sole aim of granting loans to tourism businesses and startups.
The bank, which finally obtained approval from the government, will grant low-interest, long-term loans for small and medium enterprises and company founders in the tourism industry and for related businesses.
“This is our main aim because we don’t have that kind of service from banks in the country at present,” U Yan Win, a shareholder of the bank, told The Myanmar Times.
Myanmar Tourism Bank currently has 26 shareholders, mainly larger tourism players such as hoteliers and travel company owners. Other shareholders are invited to participate.
Industry representatives have long pushed the idea of creating such as bank. In Myanmar’s tourism sector, there are just a few hotel and travel company owners who are able to invest large amounts to finance their businesses. According to Myanmar’s Ministry of Hotel and Tourism, there were 2,508 travel and tour companies as of the end of November last year, but the majority are small and medium businesses.
“Small and medium enterprises often face financing difficulties. Therefore, the aim of the bank is to offer low-interest loans to assist them,” said U Yan Win, who is also chair of the Myanmar Tourism Federation.
The bank also aims to grant loans at a volume of up to 50 million kyat ($37,064) to each qualifying company without collateral.
