SECM to Allow Foreign Stockmarket Training Centres
Lynn Bo Bo/EPA
A man speaks on a mobile phone outside the Yangon Stock Exchange after its opening ceremony in Yangon.
With the impending opening of trade at the Yangon Stock Exchange, foreign companies are instilling their knowledge of stock trading to people and businesses throughout Myanmar through seminars and handbooks.
Securities and Exchange Commission Myanmar (SECM) will allow the operation of stock exchange training centres, Deputy Finance Minister Dr Maung Maung Thein said at the 2016 Myanmar Investment Outlook Seminar held at Union of Myanmar Federation of Chambers of Commerce and Industry.
“We, as SECM, will allow the stock exchange training centres or schools in the near future. We will also provide guarantee for these training centres or schools because there are some organisations which said they will give stock training and cheated people,” said Dr Maung Maung Thein.
Maung Maung Thein told the audience the training classes were important for Myanmar because the system is so new. He said not even many businesspeople within the country were familiar with the stock exchange that is due to start trading in March.
An example of people being cheated occurred in June last year when the Global Growth Company asked its students to invest with their company and that GGC would in turn invest their money for them. Many people who fell for the scam were left penniless after the company fled Myanmar.
Some experienced foreign companies have asked permission from SECM to share their expertise and help teach students about the stock exchange market in Myanmar. The commission will choose from these companies and give permission to operate stock exchange training centre in the near future, Dr Maung Maung Thein added.
“The businesspeople and investors who want to invest in the stockmarket should have general knowledge about stock exchange. They should research and learn the financial facts of the companies before they invest in that company,” U Bo Bo Wai Maung, relationship manager from Citi Bank National Association said.
To assist the local banks with their knowledge on the stock exchange, the Trade Finance Handbook produced by German International Cooperation (GIZ), was published and introduced on January 6 at Myanmar Bank Association office.
The handbook was compiled by Deutsche Bank in collaboration with Myanmar Bank Association (MBA) and German International Cooperation.
“The handbook will focus the needs of the users and give advice on essential trade financing,” Thomas Forech, project manager of GIZ and also adviser of the book said.
The Trade Finance Handbook can be used as a reference book for the local banks to meet the increasing demand on finance trade for Myanmar financial sector, according to GIZ.
