Co-operative Bank is currently testing its new mobile banking service pending approval, according to deputy general manager Oo Thein Myint.
They will be the first bank to offer mobile banking services in Myanmar.
“Our bank is testing the mobile banking system internally. We are ready to offer our services to the people. We have applied for the approval of the Central Bank and they like our mobile banking system. Once the Central Bank gives the approval, we will launch the mobile banking services,” said Oo Thein Myint.
The bank is planning to enable clients to make money transfer between Ks 1 (US$ 0.001) and Ks 5 million (US$ 5000) using their mobile phones. Users will first need to open a savings account with the bank and install the bank’s mobile application into their phones, the deputy general manager explained.
The system will operate 24 hours a day. Users can remit the money or check the balance of their account any time on their phone. Money transfers will be free of charge within the same town, but if money is transferred to a different town, remittance fees will be charged at the bank’s usual rates. In areas where the bank does not have a branch, mobile agents will be assigned, Oo Thein Myint added.
Co-operative Bank is a leading public bank in Myanmar that has opened more than 60 branches across the country so far. It offers a wide range of retail and commercial banking services to its clients.
Source: ELEVEN Myanmar