Khin Maung Aye
Birth: 12 January 1964
Source of wealth: CB Bank, Kaung Myanmar Aung (KMA) Group
Address: No.1, Mingalardon Garden City, Highway No.3, Mingalardon Tsp, YANGON
Business: Banking, Insurance, Real Estate Developer, Construction, Forestry, Agribusiness, Restaurants, Hotels, Travels and Tourism, Furniture Agents, Health Care Service, Airline Service
Khin Maung Aye operated the Co-operative Bank (CB Bank), one of the pivotal banks in the private sector of Myanmar’s Banking Industry. He is also a chairman of Kaung Myanmar Aung (KMA) Group of Companies, comprising 14 enterprises.
“At this time of opening up of the banking sector, as chairman of Myanmar Bank association, I tried to negotiate between banks for unity for one year… but I haven’t succeeded. It may be my sole failure.”
Khin Maung Aye studied at the University of Yangon, graduating in 1985 with an MSc (Mathematics). In 1991, he founded his first company, Kaytumadi. Kaytumadi is one of the biggest exporters of pulses and beans in Myanmar and has developed with extensive business presence in multiple industries, ranging from construction and agriculture to finance.
Closely related to the outgoing President Thein Sein, Khin Maung Aye is among the persons providing enormous support for the co-operative development and micro-finance schemes in Myanmar. Since 1992, he joined the Co-operative Bank (CB Bank), which later became an instrumental part of the Myanmar Banking Industry.
In 1992, Khin Maung Aye became the chairperson of two companies, the General Trading Co-operative Syndicate Limited and Htet Arkar Kyaw Farming. Between 1996 and 2002, he served as vice Chairman of the Union of Agricultural Co-operative Limited.
In 1997, Khin Maung Aye joined Co-operative Bank (CB Bank) as the vice chair and was later elected as the Bank’s chair. In 2004, he was elected unanimously by the shareholders to become the bank’s CEO. Today, CB Bank has more than 193 branches in Myanmar and its motto is “Let Win-Win Together.” On 1 November 2011, the bank became the first to launch ATMs in Myanmar and dubbed their service, EASI Banking. Today, the company has a large ATM network (over 250) throughout Myanmar and more than 75 Foreign Exchange Counters.
In 2002, Khin Maung Aye was appointed as the vice chair of the Co-operative Society (CCS), to leads its 11,212 members. In 2006, Co-operative representatives nationwide supported him to become Central Co-operative Society chair.
In 2005, Khin Maung Aye was appointed as the Myanmar Bank Association (MBA)’s General Secretary. MBA comprises 28 private banks and four state-owned banks.
In 2005, Khin Maung Aye founded and served as the chair of Kaung Myanmar Aung (KMA) Group of Companies that comprised 14 enterprises in a variety of sectors, including gold mining, hotels and tourism, timber production, agriculture, real estate, car sales, electronics and IT accessories. The company also runs the private Parami Hospital, gas stations and airlines. KMA Group opened its shipping office in Singapore on November 2007. Its Korea office was opened in Seoul in 2011 for trading and other business. KMA Travel and Tours was set up in 2011 and KMA Real Estate started in 2005.
Kaung Myanmar Aung Forestry Enterprise (KMAFE) was formed on January of 2010. KMA Agriculture was established in 2007 and operates “Pya Sa Khan” rubber plantation in Kayin State and “Yemon” rice farm in Yangon’s Hlegu. “Shwe Pyi” resort in Bago township is very popular place for its restaurant.
KMA Hotels is strategic subsidiary of KMA Group of Companies. It started its business on October of 2007. The Royal Kaytumadi Hotel is the first five star hotel of Khin Maung Aye’s group, opened in April 2008 at Bago’s Taunggoo. KMA has also opened Royal Naypyitaw Hotel, Bagan Hotel, Inle Paradise Resort, Shwe Thandaung Resort , Bago Shwe Pyi Taw and the 155 Miles Travelers’ Inn.
In 2015, Kaytumadi bought over 1,000 acres of land in Bago Region where it plans to open an industrial zone. The land is near to the 150 miles point on the highway from Yangon to Naypyitaw, in Taungoo. The project will cost between K20 billion and K50 billion. Khin Maung Aye has invited investors from China, Japan, South Korea, Singapore and Taiwan.
KMA’s other ventures include a K58.5 billion investment in Theinbyu container jetty. The company was permitted to give out loans under an arrangement with the Cooperatives Ministry. KMA has borrowed US$300 million from the China-based Export and Import Bank.
In March 2016, Myanmar’s Port Authority awarded Kaung Myanmar Aung shipping company a 20-acre wharf project in Yangon’s central port area. The project was later halted by the Lower House of Parliament due to concerns about lack of transparency.
Currently, Khin Maung Aye serves as the Patron of the Parami Hospital (founded 2010) and as vice chairman of both the National Rice Manufacturers Committee and Myanmar Hotel Association. He also serves as the vice chair of the Buddhist Association of Promotion Theravada Buddhism in Myanmar’s Border Regions. He sits on the Myanmar’s National Economic and Social Advisory Council and in 2016, was elected as the Chairman of MBA. As in 2017, he continues to serve as the chair of the Banking Network Committee in MBA.