NewsCase StudiesEvents

UK and Burma launch Financial Services Taskforce

Also in the news...

Trade with the UK as a business based in the EU

If you run an EU-based business, check what your business needs to know to continue trading with the UK.

Safety and security requirements on imports and exports

Find out about new safety and security declarations that will apply from 1 October 2021 on goods leaving Great Britain (England, Scotland and Wales).

How to open a company in the USA while maintaining residence in Italy

It is one of the best ways for the Italian citizen to manage their business. This corporate vehicle allows access to multiple advantages of an advanced jurisdiction such as the US and also manages to maintain a low tax rate with very manageable levels of accounting and bureaucracy.

UK-ASEAN Joint declaration

Joint Ministerial Declaration on Future Economic Cooperation between the Association of Southeast Asian Nations (ASEAN) and the United Kingdom of Great Britain and Northern Ireland (UK).


These are exciting times for Dubai and the UAE. With the entire business worldís attention soon to turn to the Emirates with the delayed Expo 2020 kicking off in October (and continuing all the way through to the end of March next year) itís never been a better time to be a UAE business owner

UK and Burma launch Financial Services Taskforce

Back to News

The UK and Burma have today announced the creation of a Financial Services Taskforce

The UK and Burma have today announced the creation of a Financial Services Taskforce which will support the development of Burmaís financial services sector.

The announcement comes as President Thein Sein attended a breakfast meeting this morning with senior representatives from the British financial and professional services sector. The breakfast was hosted by Business Secretary Vince Cable and Trade and Investment Minister Lord Green. Representatives from British companies heard the Presidentís priorities for economic reform in his country and briefed the President on their experiences of doing business in Burma.

The new taskforce will bring together experts from both sides including relevant authorities and financial and professional services firms.

The purpose of the Taskforce will be to supplement the work already being undertaken by President Thein Seinís government and international development agencies on financial and regulatory reforms by:

  • helping the local industry to develop appropriate new financial products and services focused on the provision of credit.
  • advising on suitable regulatory structures to support the sector.
  • and developing effective education, training and qualifications to build capacity in the sector.

The taskforce will be jointly chaired on the UK side by Standard Chartered Bank and the UK Government and will meet regularly in both countries. The first formal high-level meeting of the taskforce will be held during the Lord Mayor of Londonís visit to Burma in October this year.

Lord Green, UK Minister for Trade & Investment, said:

The formation of this taskforce is an important step. It will be focused on delivering practical support and assistance to President Thein Seinís Government on the development of a fully functioning financial services sector.

Financial services has the potential to be a transformative sector in this reform process, unlocking capital and investment. It is a sector in which the UK is a world leader and I am confident that British business can play an important role in supporting President Thein Sein and his Government in achieving the economic reform they are striving for.

Mike Rees, Standard Chartered Group Executive Director and CEO Wholesale Banking, said:

Standard Chartered has operated in the ASEAN region for over 150 years and we reopened our representative office in Yangon in February of this year. We have played a key role in supporting the development of emerging economies and have gained unique insights on how such markets can better manage sustainable economic transformation. The government in Naypyitaw has made great strides in its reintegration efforts with the international community and it has done so in a very short period of time.

The goal of seamless reintegration is being driven by the governmentís desire to transform the country socially and economically. Following discussions with the government and local business leaders it has become clear there is a pressing need to boost knowledge and expertise in the area of financial services and as such, we view this taskforce as an exciting component in this strategy.

Simon Makinson, Head of Allen & Overyís Burma Group said:

We have been supporting the Burmese Government for well over a year with training programmes on privatisation and PPP. The UKTI Financial Services Taskforce offers a great opportunity to expand this work into other areas, with the backing of the UK Government and private sector, in a more coordinated manner to really benefit the people of Burma and the development of the country.

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.