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The Exporter shall submit the situation of Export Proceeds after exportation  of the Goods within (6)months duration in accordance of CBM Instruction No.FE 1/1075 on date December 5,2016

Reference    :    Foreign Exchange Management Law and Principle.

1.    With reference to the Foreign Exchange Management Law and Principle  it is prescribed  that the Exporter shall be transferred and deposited the Export Proceeds to his Bank Account within (6) months of exportation.   

2.    So that the AD Licensed Banks shall submit the list of Companies who failed to transfer over (6) months duration of their Export Proceeds to the Central Bank of Myanmar within 5 days of the Working Days.

The Exporter shall submit the Export Proceeds in accordance with the Law of CBM's No.FE 1/1076 on date December 5,2016. 

Reference    :    Foreign Exchange Management Law and Principle.

1.        It is defined in the Foreign Exchange Management Law Section 18(a) that the A.D Licensed Holder shall analysis:-
    (a) Whether the Export Proceed in Foreign Currency of the Local Resident being deposited properly to his Bank Account during the fixed timing.
    (b) In analysing according to sub-section (a),it shall be submitted  together with the analysis immediately to the Central Bank of Myanmar if it is found not being deposited.
   (c) According to Foreign Exchange Management Principle 35,A.D Licensed Holder Shall analysis whether the Export Proceeds are received within (6) months of the shipment of exportation.

2.        In respect to that Law and Principle, A.D Licensed Banks are necessary to analys not only the Export Proceeds are being deposited to their  Account but also to inform the Exporters who are communicated to the Bank to follow the prescription of the  Law properly.

3.        We would like to inform that action will be taken according to the Foreign Exchange Management Law Section 42(a) to the Exporters, those who failed the Export Proceeds to be deposited to their Bank Account in Foreign Currencies.

Investment  in Abroad shall be conducted in accordance with the Law of CBM's No.FE 1/1077 on date December 5,2016.

1.    Investment  in Abroad is prescribed under the Foreign Exchange Management Law as follows: According to Foreign  Exchange Management Law Section 29,"Local Resident" shall;
    (a)  Conduct in line with the prescription of the Central Bank of Myanmar if he wants to invest directly or indirectly.
    (b)  According to sub-section (a),it is prescribed that the divident from the investment and repatriation of Capital shall retransfer to the Local Country  through the Foreign Currency A.D Licensed Holder.

2.    According to Foreign Exchange Management Principle Para 46, it is Prescribed that a Resident who wants to make direct or indirect investment in abroad shall submit report to the Central Bank the information  related to Foreign investment such as Direct investment or Portfolio Investment or other investments or Real Estate Business Investment etc;Type of Business investment, Volume of investment and shall obtain the permission of the Central Bank of Myanmar .In Para 47,a Resident, before the prescription of this Principle, has been conducted the investments shown in paragraph 46 or the other business conducted in abroad, shall submit to the Central Bank according to the prescription of this Principle the soonest.

3.    We would like to inform that the Members of the Board of Directors and Officials related  the Banks who are residing in Local are not only necessary to obtain the permission from the Central Bank of Myanmar in accordance with the above Para(1) and (2) prescription for their Direct or Indirect Investment in abroad and but also necessary to conduct the resubmission to the Central Bank of Myanmar for the Investments in abroad before the prescription of the said Law and Principles.

4.    Similarly, the Banks shall inform to the communicators such as individuals and companies for their investment directly or indirectly in abroad shall necessary to obtain the permission from the Central Bank according to the above Para(1) to (2) prescriptions and also to be resubmitted for their investment before the execution of the said Law and Principles.

5.    We would like to inform as per the above mentioned paragraphs that all the Banks have to submit to the Central Bank of Myanmar the soonest for the Investments directly or indirectly in any Foreign country and the action will be taken those who failed to follow the prescription in accordance with the Foreign Exchange Management Law Section 38-c and  Section 42-a.

  To open the Foreign Bank  Accounts in accordance with the Law of CBM's No.FE 1/1078 on date December 5,2016.

1.     We would like to inform that in  accordance with the prescription of the Foreign Exchange Management Law Section 14 and 15,the Member of the Board of Directors of the Banks, Advisers and related officials are necessary to submit to the Central Bank of Myanmar,whenever in opening of their Foreign Currency Accounts in abroad together with the documents ralated to their Foreign Currency Accounts and the Bank Statements.

2.    Similarly, in accordance with the above mentioned prescription of the Law, the Bank concerned has to inform the individuals and Companies who are communicated to the Bank and opening of their Foreign Currency Accounts in abroad shall submit to the Central Bank of Myanmar together with documants and Bank Statements related to their Foreign Currency Accounts.

3.     The Banks shall submit to the Central Bank of Myanmar ,the situation of the Foreign Currency Accounts within one week as mentioned in the above paragraphs and the action will be taken in accordance with the Foreign Exchange Management Law Section 38 and 42, those who failed to follow the prescription.

 

Internet & Mobile Banking Launch - Dec 2016

Interenet and Mobile Banking service has been lauched to publich. Below servies can be availed by customer on Internet & Mobile Banking

  • View/Download Account statement of any account of the customer (Savings/Current/Fixed Deposit/Loan)
  • Receive alert on mobile for any transaction happening in the account
  • Transfer money to any branches of Tun Commercial Bank
  • Transfer money to accounts of other bank using CBM-Net (Given only based on specific request)
  • Maintain Standing instruction to transfer money to single/multiple beneficiary periodically
  • Facility to do bulk salary payment to employees
  • Enquire status of issued Cheques (Whether paid/not paid etc.)
  • Mark/Release stop payment of issued Cheques
  • Place a request for pay order (Given only based on specific request)

Completes 100% computerization - Sep 2016

Tun Commercial Bank Completes Computerization of all branches using the Oracle solution – Flexcube. This enables any branch banking and instant inter branch transaction like fund transfer

Opening 3 new branches - April and May 2015

  The bank will be opening an additional 3 branches in Yangon in April and May 2015. They are

  •  Insein on Hilne River Road
  •  Sanchaung near Pyay Roadjust north of Nawpyitaw
  •  Tarmwe on Banyadala Road

Opened 3 new branches - March 2015

Tun Foundation Bank is opening 3 new branches in March 2015. They are

  • Magway Pyi Taw Thar Street in Magway town
  • Lanmadaw on Phone Gyi Road in Yangonjust north of Nawpyitaw
  • South Okkala on Wai Zantayar Road in Yangon 

Tun Foundation Bank launches quality new banking system

Tun Foundation Bank went live with Oracle’s Flexcube Banking system in January and now has 3 branches online. The Head Office on Maha Bandolla Road, Kyautada and South Okkala. All the remaining and new Yangon branches will be on line by the end of May. We shall then be rolling it throughout the rest of the country by the end of the year.

For our customer this means they can access their accounts at any branch as if it was their own. In addition this most modern and state of the art computer system puts international standard banking services and products in the hands of our customers; ie ATM cards, SMS alerts, E-statements, internet banking, Phone banking, SMS banking, autopay salaries and bill payments amongst others. Customers will also benefit from the new faster and less bureaucratic banking processes in branches including multiple tellers that can receive and pay out cash, do transfers anywhere in the network in seconds 

Tun Foundation Bank invests in quality banking systems

Tun Foundation Bank has signed a deal to buy Oracle's state of the art Flexcube Core Banking system including internet, smartphone and SMS banking solutions. U Thein Tun, the Chairman of the bank said, "This will put Tun Foundation Bank at the forefront of the banking industry as it embraces new technology and will provide our rapidly growing customer base, of both local and international clients, personal and corporate, with the full range of new products and services they need to do business and manage their money. This will change the way our customers' bank, enabling easy cross branch banking and 24 hours 7 days a week access to their money, throughout the country."

The implementation will start immediately with the formal launch towards the end of the year. Joe Barker-Bennett, the Bank's consultant added, "The key with technology is how you use it and we shall implement international standards of banking practices and procedures to Myanmar and is a key part of the Tun Foundation Bank's overall modernization program."

Note. Tun Foundation Bank is a private Myanmar bank, which opened in 1994 and operates an extensive branch network throughout the country. 

Opened 3 new branches - January 2014

Tun Foundation Bank is opening 3 new branches in January 2014. They are

  • Kawlin in Sagaing Region
  • Yeminthin in Mandalay Region, just north of Nawpyitaw
  • The delta at Wakhema in the Ayeyarwaddy Region. 

New Head office opened - January 2013

In January 2013 Tun Foundation Bank opened its new head office at 230 Maha Bandoola Road. This gives the Bank a new spacious banking hall. An international banking centre was also set up at the head office.

 

 

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