Kyobo Life Insurance gets greenlight to enter Myanmar
Kyobo Life Insurance will be able to start selling insurance products in Myanmar by the end of next year after receiving business approval from the Myanmar government, the company announced Monday.
Kyobo Life Insurance will be the first Korean life insurance company to enter the country after Myanmar’s local government started allowing foreign insurance companies to enter its local market in January.
The company previously received approval from the Financial Supervisory Service (FSS) in June last year and a greenlight from Myanmar's local financial regulators recently. It plans to finish setting up its office by the end of this year and is currently looking for local partners in the Southeast Asian country to form a joint venture.
Kyobo plans to use Myanmar as a stepping stone to gradually expand into other Asean countries and India.
Kyobo Group currently has Kyobo Life Asset Management operations in America and Japan and operates dedicated offices in Peking China and London, Britain.
BY KANG JAE-EUN [firstname.lastname@example.org]