Indonesian regulator the Financial Services Authority (OJK) is all set to conclude a deal with Myanmar’s banking regulator to help an Indonesia bank to operate in Myanmar. State-owned Bank Negara Indonesia (BNI) had recently received approval for its Myanmar representative office from the Central Bank of Myanmar, paving the way for the bank to begin operations there in the second half of the year. The OJK expects that the bilateral agreement could be completed this year as the delegations of the two countries have set a schedule for the Myanmar representatives to visit Indonesia and start discussions. The agreement with Myanmar would be in line with the ASEAN Banking Integration Framework, which enacts reciprocity principals and stands as a legal basis for all future bilateral agreements on ASEAN banking integration.
