- 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 tate-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 internationa 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;
1. Myanma Small Loans Enterprise(MSLE) was first initiated as state Pawn-Shops management board on 11 October,1952. In October1961, it became one of the organizations of Myanma Economic Development Corporation, namely People's Loans Company. When Myanma Economic Development Corporation was nationalized in 1963, People's Loans Company had been merged with the People's Bank of the Union of Myanmar. Then it was included again in newly formed Myanma Economic Bank as Small Loans Department. When Myanmar Financial Institution Law was enacted in 1990, Small Loans Department was separated form Myanma Economic Bank and has been transformed into a different Financial institution under the name of Myanma Small Loans Enterprise headed by Managing Director since 14 August,1992.
2. To be systematic and precise in supervising Microfinance Business, Myanma Small Loans Enterprise was transformed into Myanma Microfinance Supervisory Enterprise on 10th October,2011 in accordance with the sanction of the Union Government. It had been under the purview of the Ministry.
3. In accordance with the decision made by the Meeting No.(16/2014) of the Union Government Office held on 14thAugust,2014, the Ministry of Finance issued the Directive No.(1560/2014) on 1st September 2014, to be transformed Myanma Microfinance Supervisory Enterprise into " Financial Regulatory Department "with effect from 1st September,2014. The Financial Regulatory Department is composed of six divisions in head office and 15 regional branch offices, respectively.