Myanmar and Malaysia has built a strong friendship based on mutual trust. In this regard, Malaysia was glad to have extended a helping hand to Myanmar when financial assistance was needed in the past. In return, Myanmar has reinforced this trust with good faith. A substantial amount of the assistance has been repaid in a timely manner commensurate with Myanmar’s steadily strengthening international financial standing. At the central banking level, Bank Negara Malaysia (BNM) and Central Bank of Myanmar (CBM) collaborate very closely. I am glad to say that the results of this collaboration have yielded tangible results. For instance, in October 2013, CBM and BNM signed an enhanced Memorandum of Understanding (MoU). 2  BIS central bankers’ speeches  The MoU affirmed commitments from the two sides to provide capacity building support in areas including financial and monetary stability and financial inclusion. I am pleased to say that since 2012, almost 200 officials from the government of Myanmar have attended and benefited more than 30 programmes and study visits organised by BNM. In the long run, these programs could contribute towards raising the internal capacity of CBM so that as a group, we can better enjoy the benefits and meet the opportunities and challenges of regional financial integration. As a member of the central bank fraternity, BNM alongside institutions such as the World Bank (WB) and International Monetary Fund (IMF), has facilitated the implementation of Myanmar’s Financial Sector Development Strategy.
On this note, I am encouraged to hear that Maybank’s Yangon office is already driving initiatives for the local community, through its Project H.E.A.R.T (Helping Every Asian Rise Together). Therefore, judging by Maybank’s by-line, with its stated aim of “humanising financial services”, I am confident Maybank will show a stellar example in making a difference in Myanmar. I also expect that as a good corporate citizen, Maybank will contribute to the development of the domestic financial sector, as over the long term and given the opportunity, they can meet the overall financial services needs of the low and moderate income households. I should also expect a meaningful participation and contribution of Maybank in Myanmar’s interbank and foreign exchange markets as well as the payment system. Conclusion As we speak, Myanmar is undergoing a profound shift. It stands at the cusp of something great. During this historic time, it gives us a great honour that Malaysia is actively involved and contributing to Myanmar’s transformation. For we consider Myanmar not only a partner, but a close friend. BIS central bankers’ speeches  3  With this, I wish Myanmar all the success in her future endeavours. Congratulations to Maybank again for the start of a new chapter in what I trust will be an enduring and productive presence in this great country. Truly, the future is bright and this is indeed, Myanmar’s moment. 4  BIS central bankers’ speeches