U Thein Zaw is the executive vice chair of Shwe Bank and was a member of the board of the Central Bank of Myanmar from 2007 to 2010. In an interview with The Myanmar Times, he shares his views on banking policies and services, and the overall economy.
Banking is an industry now very much focused on technological innovation. Banking systems in any country need to be effective, efficient and in touch with technology, which is modernising all areas of human activity.
After serving a group of diners at a trendy restaurant in Nay Pyi Taw, the waiter whispered to the customers, “Would you want the receipt with or without a tax stamp?” It’s not a question that should be asked, but frequently shoppers and diners are hit with this question when they take out their wallets to pay. An interesting paradox to note: Aside from local customers, this restaurant in Nay Pyi Taw is regularly patronised by local lawmakers too.
Let alone pursuing one’s dream of owning a house or an apartment in Yangon, even renting one can be troublesome to most families, no thanks to rising demand, limited land space, the lack of infrastructure and, most of all, insufficient financial resources. Enter Construction and Housing Development Bank Ltd (CHDB), the only bank that has the Ministry of Construction’s backing.