AYA Bank to take a digital turn: Zaw Zaw

AYA Bank is going to focus on internet and electronic banking, and is planning to extend its cashless payment network, according to the bank’s chair U Zaw Zaw.

The bank introduced internet banking and other IT services last year, and has since added international financial reporting systems for more effective auditing, he said.

“We want to be more innovative,” he said during a press conference on August 3. “We are looking at how we can contribute to the economy. We also hope to help middle-class people to go cashless by offering more channels such as i-banking.”

“People don’t need to come to the bank all the time anymore. Banks are giving services and customers can use IT,” said U Zaw Zaw at the press conference.

“We previously left behind the international banking system, and now we are trying catch back up.”

U Zaw Zaw, who is also head of the large Max Myanmar conglomerate, said one of the bank’s aims is to add sophisticated services and talented people to build up the domestic banking sector.

He added that AYA has added the improved reporting system in an effort to be more transparent and better follow the Central Bank of Myanmar’s regulations.

AYA, like most of the country’s large private banks, is still actively adding branches around the country, even as it looks to expand its digital offerings.

The bank also signed an agreement with Japan’s Mizuho Bank on August 3 to improve foreign banking services.

“We will need to learn from them how we can get into the international market together, as well as support international investors,” he said. AYA Bank has opened over 100 branches, with only a handful of banks in the country having more.

Source: Myanmar Times

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