CBM revokes forex licence of Mandalay Capital Company Ltd

Mandalay Capital Company Limited got its money changer licence revoked, as per the Central Bank of Myanmar’s statement released on 3 January.
Non-bank financial institutions (NBFI) have to seek a forex licence under a separate company or parent company and they are not entitled to be engaged in money changer business under the NBFIs.
When the CBM conducted an onsite inspection, the money changer business was found running under the name of Mandalay Capital Co Ltd, which is a registered NBFI.
According to the policy laid down by the CBM, Mandalay Capital Co Ltd got its licence revoked (MD-537/2022) on 3 January 2023, as per the CBM’s statement. — TWA/EMM