The applicants are from Taiwan, South Korea, Vietnam, Cambodia, India and Mauritius.

The official, who asked for anonymity, said Taiwan led with seven applicants including CTBC Bank, Mega International Commercial Bank, Taiwan Business Bank, Taiwan Cooperative Bank and Taiwan Shin Kong Commercial Bank.

The rest are from South Korea with two and one each from the remaining countries.

Failing in the first round in 2014, the Bank for Investment and Development of Vietnam (BIDV), Cambodia’s Cathay United Bank, the State Bank of India, the State Bank of Mauritius, and Taiwan’s E.SUN Commercial Bank and First Commercial Bank made the second attempt.

The CBM closed applications on Monday and the winners will be announced next month. All will have to open local branches within a year. “Eight banks from the previous round applied for the licence in this round,” the official said.

Than Lwin, senior consultant to KBZ Bank and former deputy governor of the CBM, welcomed the applications, expecting more foreign banks’ entry to lead to technology and knowledge-sharing.

Pe Myint, former managing director of CB Bank, doubted what the foreign banks would gain in entering the small market.

“We have not seen many active activities by the first nine foreign banks [awarded licences in 2014], as they are allowed to open only one branch and serve only foreign companies.

“As many foreign companies are still in the wait-and-see mood, we have not yet received many foreign direct investments as expected. “So it will result in more foreign branch offices here with a few activities because there are only a few corporate customers,” he said.

All nine winners in the first round have opened branches in Yangon – Thailand’s Bangkok Bank, Australia’s ANZ, Industrial and Commercial Bank of China, Malaysia’s Maybank, Singapore’s Oversea-Chinese Banking Corporation and United Overseas Bank, and Japan’s Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation.