The central banks of Thailand and Myanmar will hold talks on granting access to designated banks in each other’s markets. This will be a step forward in the financial integration of the Association of Southeast Asian Nations. For Thailand, Myanmar is the third country to enter bilateral discussions on bank access, following Malaysia and Indonesia; for Myanmar, it is a first. Under the ASEAN Banking Integration Framework, countries can enter into bilateral deals allowing banks that meet certain criteria to become “Qualified ASEAN Banks” that operate in each other’s markets on the same terms as local banks.
