Unreliable networks stem cash flow at Myanmar’s ATMs

Myanmar, one of the final frontiers for the international financial system, now boasts over 2,000 automatic teller machines (ATM) and credit card services provided by global brands such as MasterCard and Visa. Yet in a country where electricity is provided in fits and spurts, and internet connection is difficult to guarantee, online banking and ATM […]

Ayeyarwady Bank announces Ks 1 trillion in deposits

The Ayeyarwady Bank has recorded public deposits amounting to Ks 1 trillion (US$1 billion) since its founding in 2010, according to bank statements. The bank began business three years ago with the opening of its headquarters in Nay Pyi Taw on August 11, 2010. Apart from normal banking procedures, it has become a member of […]

Central Bank VP paints picture of hi-tech Myanmar

Satt Aung, the vice-president of the Central Bank of Myanmar, has painted a rosy picture of the not-too-distant future in a modern Myanmar where mobile banking and electronic transactions will be the norm for shopping, making payments and even paying for taxis. Addressing the Union Parliament on Wednesday on the subject of foreign bank operations […]

Visa focus on Myanmar as Thailand slow down

Visa International (Thailand) estimates single-digit percentage growth in spending through its cards here this year compared with double-digit growth over the past few years, said Somboon Krobteeranon, country manager for Thailand and Myanmar. Visa card spending in other Asean countries in 2014 is expected to expand at a double-digit pace, he said. Southeast Asia’s second-largest […]

Shadow of Decade-old Bank Crisis Looms over Credit Card Plans

In a world where modern banking services are almost universal, few things shout “economic backwater” quite like the absence of ATMs and credit cards. These days, even Myanmar—which was for decades one of the world’s most economically isolated countries—has a handful of ATMs in major urban centers, providing the sort of convenience that most of […]