Bank licensed by TNLA set to begin operations in June

The Mountain Bank, a private commercial bank licensed by the Ta’ang National Liberation Army (TNLA), is expected to begin operations in mid-June with branches in Namkham, Namtu, and Namhsan townships in northern Shan State, according to bank officials. The bank will launch with initial capital equivalent to about US$500,000, or roughly 2.1 billion kyat at current market rates, a bank official told Myanmar Now. The official said the institution aims to provide financial services to residents in areas where banking access has been disrupted by conflict and instability. “The main objective is to create a safe, secure, and convenient financial environment for local people who have difficulty accessing financial services,” the official said. The Mountain Bank plans to conduct transactions in kyat and initially offer deposit, withdrawal, and money transfer services. The bank later intends to expand into savings accounts, payroll services, loans, ATM access, and digital payment systems. The bank has opened in a building previously occupied by KBZ Bank in Namkham, one of several towns captured by the TNLA during Operation 1027, a major offensive launched in late 2023 against Myanmar’s military junta. Residents, however, expressed uncertainty about the new institution. A local transport operator in Namkham said the bank has not clearly explained how it will operate or what financial guarantees it can provide. “They haven’t widely explained to the public how that bank is going to operate and with what currency,” the resident said. “So, the people lack trust.” Economic analysts also questioned the long-term stability of a bank operating under the authority of an armed group rather than Myanmar’s central banking system. “If this bank collapses, there is no one to prop it up,” one analyst said, noting that the TNLA does not control a formally recognised independent territory and faces continued military pressure from the junta. The analyst added that ethnic armed groups operating along Myanmar’s borders have traditionally relied on informal money transfer systems or neighbouring countries’ currencies rather than establishing independent banking systems. Myanmar’s military-controlled Central Bank, which regulates licensed banks and financial institutions nationwide, warned on May 19 against conducting business with unlicensed entities, including digital banks promoted on social media. The central bank said operating a bank without official authorisation is prohibited and violators could face legal action. The TNLA has not publicly responded to questions about the licensing process or regulatory oversight for The Mountain Bank. The launch comes amid shifting territorial control in northern Shan State following Operation 1027. The TNLA initially captured multiple towns, including Namkham, Namtu, Kyaukme and Hsipaw, but later lost some areas after military offensives and Chinese-mediated negotiations. Recent local media reports said junta officials, with mediation from China, have demanded the return of several TNLA-controlled towns, including Namkham and Namtu. Representatives from the TNLA, the junta, and China reportedly met in Kunming earlier this month for talks, though details of the discussions were not disclosed. Locals said the TNLA has recently reinforced troop positions in its remaining strongholds. The TNLA currently maintains control of Namkham, Namtu, Monglon, Mongngawt, Namhsan and Mantong, according to local reports.

Bank licensed by TNLA set to begin operations in June

The move comes as the ethnic Ta’ang armed group continues to face pressure over control of captured territory

Subscribe for full access

Sent to die: Myanmar’s conscripts caught between a junta’s war and a nation’s collapse

Magway emerges as key front in junta’s strategy to claw back control of western Myanmar

Beyond the iron bars: Into a broader world of confinement

Burned, beaten, and hunted: Myanmar worker survives alleged torture in Thailand

Subscribe for full access

Related Articles

Resistance forces pushed back as Myanmar military advances south of Indaw

Myanmar military seeks to reopen Chin State airport after retaking Falam, raising resistance concerns

Myanmar junta expands crackdown to Aung San statues in bid to erase opposition symbols

Rohingya civilians injured, POWs killed by Myanmar junta airstrikes near Bangladesh border