CNI News

24 July 2023

The National Unity Government would start opening its Spring Development Bank on 22nd July, said U Tin Tun Naing, NUG's Minister of Planning, Finance, and Investment at the press conference held on 20th July.

The State Administration Council had been making threats about people's bank accounts and NUG's Ministry of Planning, Finance and Investment was responsible for protecting the people's financial security and privacy, so MOPFI started thinking about establishing the Spring Development Bank, he said.

" In fact, we have established the Spring Development Bank, under the coverage of the three periods _ revolutionary period, transitional period and reconstruction period for the federal system in the future.So, we established the SDB," he said.

For the security of users, registration cards and other pieces of information were not requested, he added.

If a bank was opened, it should have loans, deposits and withdrawals. He wanted the people to do a right and accurate business, said U Thet Zaw, an economic analyst to CNI News.

U Tin Tun Naing

" A bank has its location and its address. And it must give an exact answer that it is under which bank and under which country. You can open an account. You can open an account called Spring Development Bank account at a foreign bank without representing a normal bank, I think. If you want to perform without any strong evidence, as you like. I want you to do it in a concrete way. I want you to do the right and accurate business. I want to leave a message that I don't want the people to be cheated." he said.

NUD's Ministry of Planning, Finance and Investment published NUG Pay, a mobile wallet platform on 26th June, 2022 and now established the Spring Development Bank,

Myanmar’s First Crypto Bank.