BankSearch Information Consultancy Ltd. was honoured to accompany the Lord Mayor of the City of London, The Right Honourable Roger Gifford, to Malaysia, Indonesia and Myanmar in October. The delegation’s high-level interactions with senior members of government and businesses were an important opportunity to gain greater insight and discuss opportunities for closer collaboration between the financial and legal services in the UK and their counterparts in these three countries.
The experienced and diverse business delegation consisted of senior specialists in IT consultancy, banking, insurance, legal, education and property industries and was supported by the British Embassy and UKTI.
The week-long visit centred around meetings with the Central Banks, Ministries of Finance, regulators, banks and insurance companies in all three markets. Their fruitful discussions focussed on the individual challenges and opportunities that exist in each country.
In Malaysia, the Lord Mayor and business delegations call on the Deputy Governor of Bank Negara covered the WIEF, Islamic finance and banking regulation in Malaysia as well as the challenges and costs, to a relatively small market, of complying with international regulations.
In Indonesia, the Lord Mayor and business delegation met with the newly established and independent financial regulator and supervision institution, the OJK (Otoritas Jasa Keuangan) to learn about how they are planning to face the challenges of an increasingly complex and global regulatory environment. By learning from lessons of the past the OJK hopes to foster trust and transparency for the future. The delegation also visited the Indonesian Stock Exchange (IDX) with the Lord Mayor officiating the opening of the market.
In Myanmar, the business delegation was briefed by Robert Pe, Daw Aung San Suu Kyi’s Parliamentary and Legal Advisor and was welcomed by the Union of Myanmar Federation of Chamber of Commerce. Discussions focussed on the financial services acting as an enabler for investment, growth and job creation. It was reiterated that Myanmar is open for business and welcomes committed foreign investment and practical help. During a discussion with the Yangon Heritage Trust they also learnt about the important role foreign countries can play in helping to preserve the unique architecture of downtown Yangon as well as enjoying an exclusive tour of the Secretariat.
Delegate Amelia Anderson, BankSearch’s Sales and Marketing Director, said:
This was a unique opportunity to learn more deeply about three distinctly individual countries, the challenges they face and the opportunities that exist, as well as to help strengthen ties between the UK and counterparts internationally. The value of easily obtained, timely and accurate information in rapidly developing markets has never been greater and we, at BankSearch, look forward to continuing to work with clients in Malaysia, Indonesia and Myanmar to ensure that these information needs are met.
If you would like to learn more about this article or any of BankSearch’s Products and Services please contact Amelia Anderson.
BankSearch’s Sales and Marketing Director, Amelia Anderson, at the Indonesian Stock Exchange (IDX) with the business delegation and The Lord Mayor of the City of London,
The Right Honourable Roger Gifford, who officiated the opening of the market on Wednesday 10th October 2013.