Myanmar

Early Dawn Microfinance was born under the wing of Save the Children International in 2002 as a donor-funded programme, but it was spun off in 2015 as an independent company and has become one of Myanmar’s largest and most reputable microfinance institutions (MFI).

KBZ Bank, led by chief executive Mike DeNoma, is the largest bank in Myanmar by many measures, which means it can reach communities in need, funding schools, healthcare and programmes on a level its peers can’t match.

Myanmar’s economy is driven in large part by small and medium-sized enterprises (SMEs). Most banks try to target as much SME business as possible, but Ayeyarwady Bank, in particular, is known for its wide penetration and active lending in this sector.

Internet and mobile have become ubiquitous terms in Myanmar’s financial industry. All of the top names, as well as smaller banks, have rolled out digital services, including payments apps and e-wallets. But CB Bank is Asiamoney’s best digital bank because alongside its increasingly popular smartphone app it is pursuing an internal digital and technological transformation that will improve its operations and boost market share.

International banks don’t have an easy time in Myanmar under the eyes of the central bank and regulator, but Singapore’s OCBC has been one of the most innovative and adaptable foreign players since it set up office in 2015.

For a country where approximately 90% of the population is unbanked, Myanmar is flush with banks. But the sector is dominated by just a handful of private institutions. Among them, CB Bank is the most impressive, with a strategy that targets retail, SMEs and corporations, and gaining strength from an intriguing digital approach.

For a country where approximately 90% of the population is unbanked, Myanmar is flush with banks. But the sector is dominated by just a handful of private institutions. Among them, CB Bank is the most impressive, with a strategy that targets retail, SMEs and corporations, and gaining strength from an intriguing digital approach.