Myanma Foreign Trade Bank (MFTB) is a state-owned bank. The Myanma Foreign Trade Bank originated in the Foreign Department of the State Commercial Bank which was established in 1954. In 1963, all the private and foreign commercial banks were nationalized, On 1 February 1970, the State Commercial Banks, the State Agricultural Bank and all nationalized banks were reorganized and amalgamated into single bank, the People’s Bank of the Union of Burma, and later changed its name to the Union of Burma Bank. On the date of amalgamation, the Foreign Department of the State Commercial Bank was formed as Foreign Exchange Division of the new Bank.In order to develop appropriate banking system in the business environment of State Economic Enterprises (SEEs), a new Bank Law was passed in 1975. The 1975 Bank Law splits the single monolithic Union of Burma Bank into four separate specialized banks, namely the Union of Burma Bank (the Central Bank), the Myanma Economic Bank, the Myanma Agricultural Bank, and the Myanma Foreign Trade Bank. It came into being on 1 April 1976 taking over the businesses of the Foreign Exchange Division of the Union Of Burma Bank. On 4 July 1990, The Financial Institutions of Myanmar Law was enacted and the Myanma Foreign Trade Bank was deemed to have been established and attained separate legal entity under that Law. At present, Myanma Foreign Trade Bank has been providing banking services under Financial Institution Law 2016 with effect from 25th January, 2016. It provides International banking, domestic banking and other financial services.
(a) To serve the banking services and, as a state-owned bank, to contribute to the implementation of the policies set up in order to get our people's trust.
(b) To reinforce the development of the nation and people interest from the banking sector.
(1) To support implementation of government's policy.
(2) To contribute to the development of Myanmar's Financial Industry and Economy.
(a) To carry out the banking services in accordance with the Goals of Myanmar Sustainable Development Plan and constantly observing the international
banking system in order to ensure the financial inclusion.
(b) To encourage the staff's capacity development.
(c) To improve the services with transparency, accountability and responsibility.
(d) To mordernize and develop the financial sector.
(e) To provide the banking services including not only financial services but also non-financial services for the sake of people interest.
(f) To ensure the financial service activities in line with the regulatory requirement and international standards.
Myanma Foreign Trade Bank is organized with (12) departments as follows and carrying out various bank’s task -
(1) Administration and Human Resource Department
(2) Account Department
(3) FX Market, Card and SWIFT Department
(4) Information Technology Department
(5) Exchange Control and Remittance Department
(6) Financing and Guarantee Department
(7) Export Department
(8) Import Department
(9) Audit Department
(10) Anti-Money Laundry Department
(11) Research, Policy and Legal Department
(12) International Relations and Correspondent Banking Department
The functions of Myanma Foreign Trade Bank are as follow;
(a) Myanma Foreign Trade Bank is providing international banking and financial services to our customers through our worldwide correspondent network as well as domestic banking service is providing to customers.
(b) (i) Accepting current and fixed deposit account in foreign currency and kyats, saving deposit account in kyats
(ii) Issuing, advising and confirming letters of credit
(iii) Drawing, accepting and collecting bills of exchange
(iv) Issuing and advising bank guarantees
(v) Trade financing for exporter and importer
(vi) Interbank lending
(vii) Implementation and administration for government project loan
(viii) Inward and Outward Remittance
(ix) Services of MPU Cards
(x) Collecting the proceed of credit card traveler cheque
(xi) Purchase and sale of foreign currency
(xii) Issuing demand draft and payment order