Scarcity of resources for securities industry

The stock exchange and private enterprises to operate in the securities industry are facing huge problem of human resource scarcity, said a minister.

“Since the stock exchange will be a major entity, it will require a large number of staff. As Myanmar has never experienced this before, there is no talents to use. This human resource problem is being the most important problem,” said Maung Maung Thein, the deputy minister of the Ministry of Finance who is leading for implementation of Yangon Stock Exchange.

Right now, there are 15 people employed for Stock Exchange Certificate Market (SECM) and they are under training programmes.

It was expected that students graduating with degrees in finance would have an advantage over others in finding jobs, due to the scarcity.

Currently, there are offers from international schools to open finance-related courses. SECM is planning to scrutinise their proposals and issue permits.

“SECM hasn’t acknowledged any training schools that are operating now yet. Later, it will scrutinise and acknowledge the training schools as it is worried that our human resource will be wrongly taught by people who are not experts,” said Maung Maung Thein.

The Yangon Stock Exchange is slated for opening in October this year.

According to the deputy minister, Myanmar originally planned to allow only local securities companies to operate at the stock exchange. However, due to human resource scarcity, it plans to allow joint ventures with foreign firms as this would open door to the entry of foreign experts.