Which foreign banks will be allowed to operate in Myanmar will be selected in September, though their licences will initially contain significant restrictions, Central Bank of Myanmar deputy governor U Set Aung confirmed in parliament on June 25.

From The Myanmar Times, by Ei Ei Toe Lwin and Htoo Thant

The Central Bank of Myanmar seen in Nay Pyi Taw. Photo: MT Staff

Requests for interest were sent to the foreign banks’ local representative offices in May, starting the process to licensing them for operations. However, the introduction of international institutions has drawn some opposition from local banks who are concerned about being out-competed.

Licences will be awarded by an assessment team consisting of officials from the Central Bank of Myanmar (CBM), the Ministry of Finance and Revenue and the Attorney General Office, with support from the World Bank, International Monetary Fund and German consultancy firm Roland Berger.

Between five and 10 foreign banks could be selected, said U Set Aung.

Read the full article on The Myanmar Times here: Foreign Banks to be picked in September

NAY PYI DAW, 1 July 2014: Myanmar’s central bank has said it plans to grant licenses to foreign banks by September as it seeks to boost the flow of money to local businesses in the once tightly controlled economy.

From TTR Weekly

The nation’s reformist regime wants to modernise the country’s antiquated banking sector, which was left in tatters by decades of military rule and economic mismanagement.

Foreign banks hunting new markets have been hungrily eying the nation’s already rapidly growing financial sector.

More here: Myanmar Opens to Foreign Banks

I would guess that means that traveller's checks and credit cards will be accepted.

Credit cards are already being accepted (Visa, Mastercard) and slowly becoming more easy to use in the past 2 years. Withdrawals can be made from local ATM's now too which has helped greatly.

Traveller's Checks - no idea. Haven't seen one in many years. Travellers checks are have been essentially useless in Myanmar up to now.

I will say that there is alot of cash in Burma. Everything is paid in cash in Burma...so there are plenty of people looking for a reliable bank to deposit cash.

Honestly though, if I was a bank, I would be cautious in Burma. Military still has a significant say in national politics. Its a nation changing, but not quite there yet.

Hmmm, clicking the link yields much more information.

Foreign banks will also face several restrictions, he said. They will initially not be allowed to open branches, operate retail banking, or offer direct banking services to local firms.

If local firms need to borrow money from foreign lenders, they will need to route through local banks.

This part has me a bit confused. What is the point of the banks moving into Myanmar then? I'm not a banking expert.

Nobody?

From Googling and reading different articles, I haven't discovered much. It is confusing to me since I don't really know how banks operate. I don't understand what services they could offer that would generate a profit for them. It almost sounds like perhaps the companies want to be in the initial 10 in the hope that in the future, they will be allowed to do more retail acitivities.

This article had some good information : http://www.radioaustralia.net.au/international/radio/program/asia-pacific/myanmar-advised-to-exercise-caution-in-opening-up-banking-sector/1335242