New World Financial Group started talks with Cambodian Security Echange and First Gold six months ago. Recently they signed a memorandum of understanding with the counterparts to establish a derivatives market in Myanmar. The market will include forex, real estate, gold and commodities and create thousands of jobs.
“We will make efforts in all possible ways to make it happen. If we are able to make it, the forex market will definitely boom here in line with international standards, and thereby gold and commodities markets will substantially grow” said U Min Htike Aung, New World Managing Director.
Stakeholders include the Ministry of Finance and Planning, the regulator Securities and Exchange Commission of Myanmar (SECM), Yangon Stock Exchange, Cambodia Derivatives Exchange (CDX) and Hong Kong-based First Asia Merchants Bullion Ltd (also known as First Gold).
It will be interesting to see if it actually gets off the ground and how it will affect the efficiency of getting Myanmar’s agriculture products to market.