Three major Japanese lenders are reportedly vying to obtain banking licenses in Myanmar for opening branches in the country as the government permitted a limited number of foreign banks to operate in the country.

Myanmar is opening its economy for foreign investments. So far, three major lenders, including Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking and Mizuho Bank have submitted their applications to the Myanmar government for banking licenses in August this year, as reported by The Japan Times.

Apart from Japanese banks, other global financial services organizations from China, Singapore and other countries are also seeking licenses.

Myanmar is emerging as "an extremely promising market" in Asia, a senior executive of a major Japanese bank told the publication.

Reports emerged that approximately 25 banks have already applied for licenses. The government will grant license to up to 10 banks by the end of September.

Japanese banks have been offering services in collaboration with local banks in the country.