British companies to help boost Burma's financial sector Lord Green, UK minister for trade and investment, said: "Financial services is a sector in which the UK is a world leader and I am confident that British business can play an important role in supporting President Thein Sein and his government in achieving the economic reform they are striving for." Along with Standard Chartered, the UK financial services sector will be represented by Allen & Overy, Prudential and other key financial institutions. A spokesman for UKTI added: "This will improve the business environment for British companies looking to operate in the sector and the myriad other companies dependent on their services." Burma's current banking system is massively outdated and it could take up to seven years to bring it in line with developed nations. It is hoped more British banks will be invited to consult on Burma's financial services sector, bringing opportunities for finance-savvy expats. Anton Corro, country manager of Thailand and Myanmar for MasterCard, said: "Since the easing of sanctions things have been moving fast. The government has passed foreign investment laws and is bringing in new banking reform laws. But Myanmar has been isolated for more than four decades and a lot of its systems are obsolete. While significant investment is expected, change will not happen overnight. Foreign banks will be able to set up joint ventures with Burmese banks by 2015. About 18 Western banks have already set up representative offices in the former British colony, including Standard Chartered which was granted a licence in January. Burma is also looking to lure foreign investors by reforming its legal and regulatory framework, and has plans to open up its stock exchange within the next two years.