CBM revokes forex licence of Imperial Myanmar Finance Co

Imperial Myanmar Finance Co Ltd got its money changer license revoked, as per the Central Bank of Myanmar’s statement released on 23 January.
Nonbank financial institutions (NBFI) have to seek a forex licence under a separate company or parent company.
When the CBM conducted the onsite inspection, the money changer business was found running under the name of Imperial Myanmar Finance Co Ltd which is a registered NBFI.
According to the policy laid down by the CBM, Imperial Myanmar Finance Co Ltd got its licence revoked on 19 January 2023, as per the CBM’s statement.
Additionally, only those business entities that are approved by the Directorate of Investment and Company Administration can seek a licence to undertake legitimate transfers. Intending to eradicate the informal money transfer system “hundi” and support authorized inward remittance businesses with licences, the CBM has been granting licences for that. Those businesses need to hold a licence from relevant countries while executing money transfer business.
The CBM has issued licences for 11 companies so far.—TWA/EMM