In October 2014, Myanmar granted 9 licences to foreign banks in a first round of liberalisation of its banking sector. Foreign-owned banks were granted permission to open a branch and conduct onshore wholesale banking business only. The license includes permission to grant loans and take deposits from both foreign corporations and domestic banks in international currency and Myanmar Kyats. The licenses do not provide these banks with permission to conduct retail banking services [reserved to domestic banks]. The foreign-owned banks are allowed to open a single branch and are only allowed to offer foreign currency–denominated loans to foreign companies; any Burmese kyat–denominated loans to local companies were only allowed in partnership with local banks [not clear if through sindicated loans or joint-ventures agreements; for the purposes of the OECD FDIRRI, it is assumed that JVs were possible]. In 2016, the same rules applied for the issuance of new license to foreign-owned banks. In 2018 (see below), the CBM issued notification 6/2018, which allowed foreign-owned banks in Myanmar to provide any banking and financing to local entities, just like local banks. Previously, foreign-owned banks were only able to provide export financing as well as wholesale banking to foreign entities, foreign joint ventures and financial institutions. CBM Order No 1/2019 further confirmed [clarified] that foreign banks and financial institutions were allowed to invest in local private banks at up to 35% of the equity interest of such banks in line with the specifications of a “Myanmar Company” under the new Myanmar Companies Law (2017).  As such, the only activity that remains restricted for foreign banks [with foreign shareholding above 35%] in Myanmar is provision of retail banking services to individual Myanmar citizens.
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"CENTRAL BANK OF MYANMAR ALLOWS FOREIGN BANKS TO PROVIDE SERVICES TO LOCAL BUSINESSES [...]
Recently, the Central Bank of Myanmar has issued Instruction No. 6/2018 allowing foreign bank branches to provide financing and other banking services to local businesses. While “other banking services” is not clearly defined in the notification, it is still a welcome step forward which will give local business access to a larger pool of resources at the same time stimulating Myanmar’s financial market.
Formerly, even though foreign bank branches were allowed to provide full banking services to foreign investors and joint-ventures, they are only allowed to undertake export financing and its related banking services in favor of local companies. With the Instruction no. 6/2018, the only activity that is still being restricted for foreign bank branches in Myanmar is provision of retail banking services to individual Myanmar citizens. As of today, there are 13 foreign bank branches operating in Myanmar since the government tarted to issue foreign bank licenses in 2015." (Kelvin Chia Yangon (2018), "Kelvin Chia Newsletter", Issue No. 44, November 2018)
"In May 2014 the Central Bank of Myanmar initiated a process to open the domestic banking market to foreign banks. Upon successful completion of a stringent licensing process, 9 reputable financial institutions were granted permission to open a branch and conduct onshore wholesale banking business. The Central Bank is pleased to have welcomed these reputable institutions into the country and is thankful for their initial contribution to the Myanmar economy as well as their support to deepen economic ties with corporations and investors from their respective countries. Encouraged by this success, the Central Bank of Myanmar will initiate a second round of foreign bank licensing early 2016 aiming at welcoming new foreign banks from additional neighboring and important trading partner economies. [...] The License to be granted will be a License to provide onshore wholesale banking through a branch. The Central Bank of Myanmar will apply the same stringent selection process and standards as during the first round of licensing [...]" (Central Bank of Myanmar (2015), "Announcement: New Foreign Bank Licensing in the Republic of the Union of Myanmar planned for 2016", 14th December 2015)
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"PART I - COMMENCEMENT AND DEFINITIONS
Division 1 - Name, commencement and definitions 
1. Citation and commencement of this Law and definitions
(a) This Law shall be called the Myanmar Companies Law.
(b) This Law commences on the date of notification determined by the President of the Union.
(c) In this Law, unless the context otherwise implies: [...]
(xiv) “foreign company” means a company incorporated in the Union in which an overseas corporation or other foreign person (or combination of them) owns or controls, directly or indirectly, an ownership interest of more than thirty-five per cent; [...]" (Myanmar Companies Law (PyidaungsuHluttaw Law No.29, 6th December 2017))
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"1. The Central Bank of Myanmar, when issuing branch licenses to foreign bank branches, foreign companies/enterprises; domestic/foreign financial instititions; allowed wholesale banking for local companies/enterprises in cooperation with local financial institutions.
2. In addition, 2017 with Directive No. 9/2017 dated December 8, export financing and related banking services for export financing were allowed.
3. Now, in order to increase access to finance for local businesses, the Central Bank of Myanmar has instructed foreign bank branches to provide any financing and other banking services to local corporations just like local banks.[...]" (Central Bank of Myanmar, Notification 6/2018 [text not available in English] [google translation])
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"1. Local private banks can accept upt to 35% equity investment from foreign banks or financial institutions, and if they want to do so, they must submit to the Central Bank of Myanmar.
2. In presenting that, the mutually agreed venture investment ratio (equity investment ratio); it is to present the terms &conditions along with a copy of the agreement along with other necessary documents.
3. If domestic private banks want to conduct equity investment with foreign bank branches or subsidiaries that have the right to conduct banking operations in the country, they must comply with the provisions of Section 61 of the Financial Institutions Law.[...]" (Central Bank of Myanmar, Order No 1/2019, January 29 [text not available in English] [google translation])
Central Bank of Myanmar (2015), "Announcement: New Foreign Bank Licensing in the Republic of the Union of Myanmar planned for 2016", 14th December 2015.
Myanmar Companies Law (PyidaungsuHluttaw Law No.29, 6th December 2017)
Central Bank of Myanmar, Notification 6/2018 
Central Bank of Myanmar, Order No 1/2019, January 29
[<a href="http://www.vdb-loi.com/wp-content/uploads/2015/12/Bank-License-CBM.pdf">Announcement</a>],[<a href="https://dica.gov.mm/sites/dica.gov.mm/files/document-files/final_mcl_english_version_6_dec_president_signed_version_cl_0.pdf">Law</a>],[<a href="https://www.cbm.gov.mm/sites/default/files/directive_on_extension_banking_services_for_local_corporate_for_website_5-11-2018_-5_0.pdf">Notification</a>],[<a href="https://www.cbm.gov.mm/sites/default/files/ahmarsar_no1-2019equity_investment.pdf">Notification</a>],[<a href="http://kcyangon.com/wp-content/uploads/2018/11/Issue-No.-44-Competition-Commission-New-Ministry-CBM-and-Foreign-Bank-Branches.pdf">Other</a>]