UOB Bank, a Singaporean bank, has announced that it will close all Myanmar bank accounts. This significantly limits the access of the military coup council to the global financial system.
UOB Bank, Myanmar’s generals, Big corporations, In addition to the wealthy, it is a bank used by international organizations and foreign investors, especially those doing business in Myanmar from Singapore. It is believed that UOB Bank did this because the United States pressured Singapore to cut off the foreign banking system and financial services for the Myanmar Military Council. US State Department Counselor Darren Cho Lat said in April that the Monetary Authority of Singapore I met with some important Singaporean banks. Singapore was involved in exporting military weapons and related materials to the Myanmar military, according to a May report by Thomas Andrews, who presented the UN human rights report on Myanmar. After that, UOB Bank started to tighten the Myanmar bank accounts like this. UOB also warned MAI Airlines, a business linked to the military coup d’état, that it would freeze its bank accounts by the middle of this month.
This decision of UOB Bank will have a big impact.