Myanmar-based Myanma Tourism Bank has announced its intent to channel 5% of its earnings into a tourism fund to promote Myanmar’s tourism sector.

The fund will go towards supporting Myanmar’s Ministry of Hotels and Tourism in marketing the country to drive tourism growth. Year-to-date September data has recorded more than 1.3 million foreign visitors in Myanmar, representing a 41% increase compared to the same period last year.

The ministry attributed the increase to visitors from the Asian countries, such as Japan, South Korea and China. This is due to the government’s “Look-East policy” in its tourism campaign and the relaxed visa requirements since October last year.

MTB was one of five sector-specific banks which were granted a banking license by the Central Bank of Myanmar in 2017. It was founded by a public tourism company during U Thein Sein’s government. MMK2 billion (approximately USD1.3 million) was raised to start the bank so that it can help boost the tourism sector.

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