CHAIRPERSON’S STATEMENT
Auspicious,
Our esteemed Myanmar Oriental Bank (“MOB”) has successfully maintained its position in the financial services industry for the past 30 years. Despite challenging economic conditions, we take pride in our ability to remain steadfast.
In this year’s annual report, I would like to provide a concise overview of MOB’s performance in the 2023-2024 financial year.
Overall, I am pleased with MOB’s performance during this fiscal year. Internally, we have made significant progress by expanding and modernizing our branch networks, enhancing our trade services, digitalizing our offerings through the implementation of mobile and internet banking, strengthening our compliance measures, collaborating with two bancassurance partners to provide life and general insurance services to our valued customers, and establishing a dedicated call center. These achievements are the result of the collective efforts of our dedicated team of 954 MOB employees.
We have made significant investments in enhancing our digital services. In collaboration with an ‘external vendor, we have developed a mobile banking app and internet banking facilities. These new offerings allow our valued customers to conveniently perform financial transactions from the comfort of their own homes. Additionally, we have implemented a Management Information System (MIS) to improve our reporting capabilities, providing management with better support for decision-making. To further enhance customer satisfaction, we have established an in-house call center operation, ensuring timely assistance for our customers’ needs.
Our dedicated compliance team has been working diligently to ensure the implementation of our Anti-Money Laundering policies, effectively deterring any illegal activities.
Furthermore, our bancassurance team has been working closely with our partners, Dai-ichi Life Insurance and KBZMS, to introduce insurance services across our branches. We are proud to announce that our partnerships with Dai-ich Life and KBZMS have been instrumental in generation a stable flow of income and significantly contributing to our profit margin this year.
We would like to extend our sincere gratitude to the Central Bank of Myanmar for their guidance and support. Our board of directors, whose leadership has been invaluable, deserves our heartfelt appreciation. Our dedicated employees, whose hard work and commitment drive our success, also deserve our gratitude. Most importantly, we are profoundly thankful to our royal customers for placing their trust in us. To our esteemed shareholders, we extend our deepest appreciation for your continued support.