On 3 February 2015, Singapore and Myanmar announced two initiatives to boost economic cooperation between the two countries: (i) revive a joint ministerial working committee (JMWC); and (ii) the Monetary Authority of Singapore and the Central Bank of Myanmar (CBM) will enter into a memorandum of understanding (MOU) to strengthen bilateral cooperation in the area of banking and finance. The JMWC, which was originally established in 1995 but lapsed in 2001, will again be active in promoting areas of trade and investment, finance and law and human capital training and investment. The MOU follows the award by the CBM of licences to nine foreign banks (including two Singapore banks, OCBC and UOB) in October 2014, and will improve cooperation between the two countries in banking supervision and helping Myanmar build its capacity for the financial sector.