"On 26 January 2021 the Central Bank of Myanmar (“CBM”) issued Notification 1/2021 (“NBFI Directive”) in relation to non-bank financial institutions (“NBFI”). The NBFI Directive, which came into effect immediately, sets outs regulations on the establishment, operations and business conduct of NBFIs. NBFI refers to an entity registered under the Financial Institutional Law of Myanmar 2016. [...] The NBFI Directives sets out the specific requirements for a NBFI registration certificate which includes, corporate documents of the registered company under the Myanmar Companies law 2017 (“MCL 2017”),[...] In conclusion, there is no express prohibition under the current Financial Institution Law 2016 that a foreign company is not allowed to carry out NBFI business. However, in practice, only 100 % local entities are issued registration certificate by CBM. The NBFI Directive, further stated that any change of ownership interest of the company and change of status of the company from local to foreign company or ceasing as a foreign company would need prior approval from CBM. Under MCL 2017, a foreign ownership of up to 35% is defined as a local company." (ZICO Law (2021), "Central Bank of Myanmar issues directives for non-bank financial institutions", March 4). For the purposes of the OECD FDIRRI, it is assumed that the new Directive 1/2021 does not impose any foreign shareholding limitation; local incorporation is however required.
On July 13, 2022, "the Central Bank of Myanmar (“CBM”) issued Directive No. 8/2022 (“NBFI Directive 8”), allowing the establishment of 100% foreign owned non-bank financial institutions (“NBFI”). [...] Previously, in 2021 CBM had issued Notification 1/2021 (“NBFI Directive 1”) regarding NBFI and set outs regulations on the establishment, operations and business conduct of NBFI. [... ] Foreign finance companies that are registered in Myanmar as well as foreign financial institutions can apply to CBM for registration certificate at to operate 100% foreign owned NBFI in Myanmar. The NBFI Directives sets out the specific requirements for a NBFI registration certificate which includes: corporate documents of the registered overseas corporation issued under the Myanmar Companies law 2017; minimum capital of USD 10 million along with the descriptions of the source of fund; [...] In short, under FIL 2016, although there is no express prohibition that a foreign company is not allowed to carry out NBFI business, in practice, only locally owned entities are issued registration certificate by CBM, We can assume that the issuance of NBFI Directive 1 may signal the gradual opening of the sector to foreign players. Accordingly, the issuance of NBFI Directive 8 may be new steps of the financial sector with foreign investors for NBFI operations in Myanmar.[...]" (ZICO Law (2022), "Central Bank of Myanmar Allows Foreign Financial Institutions to Operate in Myanmar", August 29). For the purposes of the OECD FDIRRI, it is assumed that the new Directive 8/2022 just clarifies that no foreign shareholding limitation is imposed on NBFIs; foreign investment in NBFIs remain subjec to local incorporation however. 
"Relevant field 1. 
This statement is to maintain 100 percent owned non-bank financial services organizations and non-bank financial services organizations that will not invest in the same business. It must be related to organizations.
Interpretation 2.
(a) Non-bank financial institution 5 means as defined in Section 2(j) of the Law on Financial Institutions;
(b) Money management company business is as defined in Section 2(0) of the Money Management Organizations Law.
(c) Leasing business is as defined in Section 2(3) of the Financial Services Organization Act.
(d) Ownership of non-bank financial institutions means the ownership of non-bank financial institutions in accordance with the relevant provisions of the country's laws.
100 percent owned non-banks by 5 international financial institutions 3. 
(a) According to Article 24 of the Law on Financial Services Organizations, not only non-bank foreign financial services organizations authorized by the Central Bank of Myanmar, but also foreign financial services organizations obtained from the registered representative. Organizations are also regulated by Article 20 (a) of the Law on Financial Institutions ) in accordance with , the 100 percent-owned non-bank financial services organization has submitted a certificate of incorporation to the Central Bank of Myanmar to operate.
(b) A person who obtains a registration certificate to establish and operate a non-bank financial institution that is 100 percent owned by an international financial institution must comply with the requirements in this section.
Necessary documents for booking a registration certificate 4. 100 percent owned non-bank money and care organization by the International Money and Care Association, to obtain a registration certificate for the establishment and operation of a non-bank money and care organization. The following information must be submitted along with the standard:
(a) The official documents of the company incorporated in Myanmar according to the Myanmar Companies Law;
(b) The documents of the capital account that will be invested in the amount of 10 million US dollars per month for the capital investment to be added; [...]" (Directive 8/2022 by the Central Bank of Myanmar, 13 July 2022 [google translation])
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"In exercise of the powers conferred under Section 184 of the Financial Institutions Law (FI Law), the Central Bank of Myanmar (CBM) hereby issues the following Directive for the establishment, operations and business conduct of non-bank financial institutions.   
Application 
1. This Directive shall only apply to the companies formed in accordance with the law in intention of establishing NBFI and any NBFIs engaging in the following activities:  (a) Finance company business; (b) Leasing business; and (c) Factoring business. 
Definitions 
2. (a) Finance Company business has the same meaning as defined in section 2 (wa) of the FI Law.    
(b) Leasing business has the same meaning as defined in section 2 (lagyi) of the FI Law.     
(c) Factoring business has the same meaning as defined in section 2 (ya) of the FI Law.
[...]
Application for NBFI Registration Certificate  
3. (a) A person who wishes to carry on NBFI business must apply to obtain a registration certificate from CBM. 
(b) An applicant for a registration certificate to conduct NBFI business must meet all the requirements set out in this directive.
Documents required in applying for a Registration Certificate
4. Any person applying to CBM to obtain a registration certificate shall submit the following with the application form attached to this directive: 
(a) documents evidencing that proposed applicant is a company incorporated under the Myanmar Companies Law; [...]" (CBM Notification No. 1/2021)
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"TITLE AND DEFINITION
1.   This Law shall be called the Financial Institutions Law.
2.   The following expression contained in this Law shall have the meanings given hereunder:‐ [...]
(j) Non‐Bank Financial Institution means an entity that is registered under Section 20 to carry on one or more of the following businesses‐  
(1) finance company;
(2)   leasing;
(3) factoring;
(4) credit token;
(5) money services;
(6) any other credit services the Central Bank may prescribe.
[...]
NBFI Business
23.   A NBFI may engage in one or all of the following activities subject to any conditions and restriction imposed by the Central Bank‐ 
(a) finance company business;
(b) leasing business;
(c) factoring business;
(d) credit card business;
(e) money services business;
(f) any other credit services the Central Bank may prescribe;
(g) such other activities determined by the Central Bank." (Financial Institutions Law, 25 January 2016 [unofficial translation])
Directive 8/2022 by the Central Bank of Myanmar, 13 July 2022 [google translation]
CBM Notification No. 1/2021
Financial Institutions Law, 25 January 2016 [unofficial translation]
[<a href="https://www.cbm.gov.mm/sites/default/files/directive_no.8-2022website13-7-2022_2.pdf">Directive</a>],[<a href="www.cbm.gov.mm/sites/default/files/directive_on_nbfieng26-1-2021-1docx_0.pdf">Notification</a>],[<a href="https://myanmar-law-library.org/topics/myanmar-banking-law/fiml-laws/financial-institutions-law-2016.html">Law</a>],[<a href="https://www.zicolaw.com/resources/alerts/central-bank-of-myanmar-issues-directives-for-non-bank-financial-institutions/">Other</a>],[<a href="https://www.zicolaw.com/resources/alerts/central-bank-of-myanmars-allows-foreign-financial-institutions-to-operate-in-myanmar/">Other</a>]