The Central Bank of Myanmar (CBM) has warned the public not to engage with organizations, including digital banks advertised on social media, that have not been licensed by the central bank, in order to avoid financial losses.

The CBM stated that under the Financial Institutions Law, no one is allowed to establish or operate a bank without a license. If found guilty of violating Section 158 of the law, offenders will face legal action under Section 171.

According to the CBM, it supervises and regulates banks and non-bank financial institutions established in the country in accordance with the Central Bank of Myanmar Law and the Financial Institutions Law enacted by the Union Parliament. The central bank grants banking licenses and registration certificates to authorized institutions and carries out regulatory and supervisory measures.

The CBM said the list of licensed banks and non-bank financial institutions permitted to operate can be found on its official website.

It added that organizations, including digital banks promoted on social media but not included in the official list, have not been granted licenses by the CBM. Therefore, the public has been advised not to engage or conduct transactions with such entities to avoid unnecessary financial losses.

The CBM reiterated that operating a bank without a license is prohibited under Section 158 of the Financial Institutions Law, and violators proven guilty will be prosecuted under Section 171.