The Central Bank of Myanmar (CBM) announced on January 3, 2023 that the Money Changer License of Mandalay Capital Co. Ltd was revoked.

The CBM has established that non-bank financial institutions that have been issued a registration certificate by the CBM must apply under the name of a separate company or parent company, not under the non-bank financial institution, if they wish to operate as money changers.

According to the statement, during an on-site inspection of Mandalay Capital Co. Ltd., which has been issued a non-bank financial institution registration certificate by the CBM, it has been found that the company is also operating a money changer business under the name of the company.

Accordingly, Mandalay Capital Co. Ltd is a non-bank financial institution and also operates as a money changer, the money changer license No. CBM-FE MD-537/2022 issued by the CBM on February 28, 2022, has been withdrawn from January 3, 2023 in accord with the principles established by the CBM, according to the statement.