Myanmar opened the first Mineral Development Bank (MDB) to provide banking services to small and medium size enterprises (SMEs) in the gems and mineral sector.

The main aim of the MDB is help SMEs in the gem, mineral and gold sectors to transition from the selling raw stones and minerals to developing value-added products for sale.

For the right to handle foreign currency, the MDB will apply for a license from the CBM three months after the bank’s opening. To qualify for the license, the MDB must show US$5 million in capital. If approved, the bank will also offer services to sellers at international gem expos, said U Yone Mu, chair of the MDB.

Source: Myanmar Times

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