The junta in Myanmar relies on banks in ASEAN countries to facilitate transactions for the procurement of arms, dual use goods, technology and aviation fuel, which enable its ongoing war crimes and crimes against humanity. International banks, many of which have continued to provide nostro accounts for junta-controlled banks, sustain these international crimes. Some banks also finance military companies and provide services to cronies that provide funds and arms to the junta.

Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), Vietnam

HDBank is a major Vietnamese bank that has opened a representative office in Myanmar. HD Bank provides loans to Mytel, financing MEC's telecoms network that funds the military and boosts its surveillance capabilities. The bank signed a comprehensive cooperation agreement with Mytel in 2019 for “providing credit and other services”.

The loans and financial services provided by HDBank to Mytel are significant as Mytel is directly complicit in the Myanmar military’s international crimes.

Also see Justice For Myanmar December 2020 report: Nodes of corruption, lines of abuse. ‍

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam

BIDV is a major Vietnamese bank that finances Mytel—including through their direct operations in Myanmar and has signed a comprehensive partnership agreement with Viettel to offer credit and financial services, including for Mytel.

Records released by Distributed Denial of Secrets show at least 18 transactions between BIDV and Mytel following the Myanmar military’s coup attempt, including payments to MEC and its subsidiaries.

The loans and financial services provided by BIDV to Mytel are significant as Mytel directly supports the Myanmar military’s international crimes.

Oversea-Chinese Banking Corporation (OCBC), Singapore

Oversea-Chinese Banking Corporation Limited (OCBC) is a major, publicly listed Singapore bank with a branch in Myanmar. According to the UN Special Rapporteur on Myanmar's June 2024 report, OCBC holds nostro accounts for state banks illegally under junta control, namely the Canadian sanctioned Myanma Economic Bank (MEB), and the US, Canadian and Australian sanctioned Myanma Foreign Trade Bank (MFTB) and Myanma Investment and Commercial Bank (MICB). The junta uses those banks to facilitate military procurement.

OCBC has also provided services to Myanmar cronies and arms brokers, including Star Sapphire Group of Companies and Htoo Group, according to Justice For Myanmar sources.

DBS Bank, Singapore

DBS Bank Limited (DBS) is a publicly listed Singapore bank that was originally founded by the Singapore government and is partially state-owned. The bank has a representative office in Myanmar.

According to the UN Special Rapporteur on Myanmar, DBS Bank has continued to hold nostro accounts for state banks illegally under junta control, namely MEB, MFTB and MICB. The junta uses those banks to facilitate military procurement.

Malayan Banking Berhad (Maybank), Malaysia

Malayan Banking Berhad (Maybank) is a major Malaysian bank with a branch office in Myanmar. According to the UN Special Rapporteur on Myanmar's June 2024 report, Maybank has continued to hold nostro accounts for MFTB and MICB. The junta uses those banks to facilitate military procurement.

The Special Rapporteur found that the junta was using Malaysian banks for military procurement and that the amount had decreased from over US$5 million in the 2022 financial year to under US$1 million in the 2023 financial year.

Maybank’s apparent lack of action contrasts with CIMB, which confirmed to the UN Special Rapporteur that it had stopped providing accounts for junta controlled banks in early 2023.

Krungthai Bank, Thailand

Krungthai Bank Public Company Limited (KTB) is a Thai publicly listed bank with a representative office in Myanmar. According to the UN Special Rapporteur on Myanmar's June 2024 report, KTB has continued to hold nostro accounts for state banks illegally under junta control, namely MFTB and MEB. The junta uses those banks to facilitate military procurement.

The UN Special Rapporteur reported that KTB was involved in transactions for the shipment of aviation fuel to the Myanmar junta, which is essential to sustain the junta’s widespread campaign of airstrikes, which indiscriminately target civilians.

Siam Commercial Bank, Thailand

Siam Commercial Bank Public Company Limited (SCB) is a major Thai bank with a representative office in Myanmar. According to the UN Special Rapporteur on Myanmar's June 2024 report, SCB has continued to hold nostro accounts for state banks illegally under junta control, namely MFTB and MICB. The junta uses those banks to facilitate military procurement.

While the Singapore government and its banks have taken steps to prevent transactions related to Myanmar military procurement, the junta has increasingly turned to Thailand to sustain its terror campaign. The Special Rapporteur reported that SCB played a crucial role in the shift, with transactions related to Myanmar military procurement increasing from over US$5 million in the 2022 financial year to over US$100 million in the 2023 financial year.

In a statement published in June 2024, SCB responded that “these transactions are not connected to the arms trade as reported in the news, and total value has not significantly increased compared to last year. The bank performs due diligence to verify accuracy and reports these transactions to relevant authorities before processing”.

SCB’s apparent lack of action contrasts with Kasikorn Bank, which confirmed to the Special Rapporteur that it had terminated its relationship with junta-controlled banks following sanctions.

In July 2024, Thai banks told a parliamentary committee that they lacked capacity to investigate transactions related to Myanmar military procurement. The same month, Thai authorities announced that they will establish a task force to investigate transactions related to Myanmar military procurement and review measures to enhance the due diligence of Thai banks.

This news story is an excerpt from a longer investigation published by Justice for Myanmar on 24th May 2025. View the original here.