Chairman of Myanmar’s Securities Exchange Commission (SECM) for Yangon Stock Exchange (YSX) Dr. Maung Maung Thein submitted a resignation letter to Ministry of Planning and Finance on Thursday, he told Xinhua on Friday.

Dr. Thein who was former deputy minister of finance with the previous government is also chairman of Insurance Business Supervisory Board (IBSB).

Thein said he asked to resign from both duties.

“I think I have served my both duties to establish Yangon Stock Exchange and encourage the private companies to enter the country’s insurance market which was driven only by state-owned Myanmar Insurance since 1963,” he said.

“Now you can see these markets are implemented although they are not very developed. So it’s time to transfer duty to others. I think they would serve well.”

Thein was the assistant general manager of government-owned Myanmar Insurance before he was appointed as deputy minister. And then he formed IBSB as a chairman and reestablished the country’s insurance market in 2012.

At present, there are 12 private insurances in the market. In 2013, he tried to implement Myanmar’s very first YSX. It was opened with six listed companies, two securities companies and one fund settlement bank in December 2015 although it was not ready for trading.

In later March, securities trading was started with one listed company and five securities companies.