MasterCard and China UnionPay cards can be used for local cash withdrawals at the Automated Teller Machines (ATMs) of the locally owned Ayeyarwady Bank throughout Myanmar as of Tuesday this week, company sources say.
“We are very pleased to announce that Ayeyarwady Bank is ready to accept MasterCard and China UnionPay cards for ATM local cash withdrawals. We are proud to make this announcement now, in time to support the SEA Games and assist travelers coming to Myanmar to celebrate the Games,” said Phyo Aung, managing director of the bank.
“Our team has worked tirelessly to ensure that the ATM acceptance is smooth and compliant with MasterCard and China UnionPay’s rigorous requirements.”
This move is a significant milestone for Ayeyarwady Bank as it joins a globally recognised payment community.
By partnering with MasterCard and China UnionPay, Ayeyarwady Bank shows its commitment to continue working towards driving financial inclusion and reducing the usage of cash by expanding the number of points where safe and convenient local currency cash withdrawals can be made in Myanmar, the bank said in a statement.
The bank owned by Zaw Zaw, a so-called crony business tycoon in Myanmar, is a full investment and development banking business that commenced operations on August 11, 2010 with the opening of its Nay Pyi Taw head office.
As of October this year, Ayeyarwady Bank has 52 branches countrywide and operates 73 ATMs across the country. The bank has seen a growth in the number of non-bank customer deposits, reaching more than Ks 600 billion as of October this year.
Source: ELEVEN Myanmar