The Financial Regulatory Department (FRD) has been established in September 1, 2014. In accordance with objectives set by the government, intended to mitigate poverty in rural area, its fourth objective is brought by the FRD to supervise microfinance institutions in Myanmar in order to reduce the poverty of the basic class people, for them to develop their social, education, health and economic condition and to nurture and cultivate the habit of being economical and saving practices. Apart from supervising on microfinance institutions, the FRD takes responsibilities to regulate and supervise insurance sector for it to be developed sustainably, to oversight the state-owned banks, and to regulate and supervise state lottery business, as its other mandates.
Implementation that makes the financial institution to truly carry out their tasks and makes people’s socio economic development and helps people acquire financial knowledge.
(a) To implement the Financial Inclusion Progress in Myanmar in cooperation
with relevant Ministries, Government Organizations, Civil Service Organizations, International Organizations, Donors, Development Partners and Private Sectors;
(b) To promote high performances for multipurpose services of State-owned Banks, to develop Insurance Sector and Microfinance Sector, to Implement effective monitoring on State Lottery Enterprises.
(a) To form “Myanmar Insurance Association – MIA” as to strengthen public private partnership in insurance industry;
(b) To create “Insurance Sector Liberalization Plan” in line with international standard to allow doing business foreign players and local players alike in a level playing field;
(c) To form “State Lottery Business Supervising Committee”;
(d) To set up “Management Information System – MIS” in order to share information between financial institutions and regulator;
(e) To persuade foreign direct investment from multinational corporations and to get technical assistances from international organizations in order to go for soundness of Myanmar financial system and to run their business smoothly;
(f) To perform “Normal Country Program” in collaboration with UNDP.
(g) To create “off-site supervision guidelines and on-site Inspection Manual ” in line with IAIS core principles for insurance industry and to build up staff capacity subsequently;