"...The financial sector in Myanmar is small and underdeveloped. It is dominated by four state- owned banks and 19 private banks. Foreign banks currently are not allowed to operate in Myanmar, though 17 foreign banks have already established local representative offices in-country. Overall, the banking sector is severely constrained in its outreach to the unbanked, with some industry estimates and recent research suggesting that less than 20 percent of the population has access to formal financial services. The demand for microfinance 1 is high. However, few institutions provide microcredit, and unmet demand is estimated by industry experts at close to US$ 1 billion (UNCDF 2012). Demand for formal savings is difficult to estimate and may depend on regions. Past crises in the banking and cooperative sectors have eroded public trust in formal savings products. Use of informal providers of credit and transfer services in both urban and rural areas is widespread despite the additional risks and expense (10–20 percent per month) (LIFT 2012). 2 Two clear priority markets are rural finance, with 54 percent of the population involved in agriculture, and international remittances, with over three million people from Myanmar working abroad (Ministry of Labour 2012)..."