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Committee on Banking Service Development
The development of Myanmar's banking sector is a critical component of its economic progress. To drive this evolution, various committees and working groups are established to address key challenges, modernize services, and ensure stability. While a single, overarching "Committee on Banking Service Development" may not be its formal name, the Central Bank of Myanmar (CBM) and other financial institutions regularly form task forces with similar mandates.
Committee on Development of interbank market, Money Market, Fx Market
In a developing financial landscape like Myanmar's, the stability and efficiency of its core markets are paramount. A committee focused on the development of the interbank, money, and foreign exchange (FX) markets plays a vital role in creating a robust and transparent financial system. Such a body, often led by the Central Bank of Myanmar (CBM) in collaboration with private banks, is tasked with implementing policies and reforms to strengthen these markets.
Prudential/ AML/ CFT/ Compliance/ Risk/ Fraud Committee
In any modern financial system, a strong regulatory framework is essential to protect consumers, prevent financial crimes, and maintain market stability. A committee focused on prudential, AML/CFT, compliance, risk, and fraud acts as the central guardian of a country's financial integrity. In Myanmar, these vital functions are overseen by the Central Bank of Myanmar (CBM) and its specialized working groups, which collaborate with all licensed financial institutions.
Banking Technology Committee
In today's global economy, technology is at the heart of modern banking. A dedicated Banking Technology Committee plays a crucial role in steering a country's financial sector toward a more digital, efficient, and secure future. In Myanmar, where the push for financial inclusion and digitization is accelerating, such a committee (comprising representatives from the Central Bank, commercial banks, and tech experts) is vital for setting standards and guiding innovation.
The committee's primary objective is to modernize the banking landscape by leveraging technology to enhance services, improve customer experience, and ensure the resilience of the financial system.
Committee on International Relation
In an increasingly globalized economy, the strength and credibility of a country's financial system depend heavily on its international relationships. A committee or department focused on international relations acts as the primary liaison between the domestic banking sector and the global financial community. This body, often a part of the Central Bank, works to ensure Myanmar's financial system is well-integrated and respected on the international stage.
The primary objective is to manage foreign relationships, adhere to international standards, and facilitate cross-border financial activities.
Committee on Developing Consume protection & Deposit insurance scheme
The Central Committee for Consumer Protection, under the Ministry of Commerce, is the primary body responsible for safeguarding consumer rights in Myanmar. This committee, along with the Department of Consumer Affairs (DOCA), works to build public trust in the market by ensuring fair practices and protecting consumers from fraudulent or harmful products and services.
Committee on payment, settlement & System
The payment, settlement, and clearing systems are the core plumbing of a country's financial sector. An efficient and secure system allows money to flow smoothly, which is essential for trade, investment, and daily transactions. A committee dedicated to this area, often led by the Central Bank and collaborating with commercial banks and fintech companies, is crucial for building a resilient, digital, and inclusive economy.
The main goal of this committee is to design, regulate, and operate a national payment system that is safe, efficient, and accessible to everyone.