KBZ Bank has hooked up 200 of its branches to satellite technology to speed up transactions and help the company with its e-commerce push.
Its subsidiary KBZ Gateway has installed Very Small Aperture Terminal (VSAT) technology, which enables communication via satellite, at its branches across the nation.
KBZ, the country’s largest lender, recently reaffirmed its commitment to ‘brick and mortar’ branches, saying a physical presence was key to establishing trust among the un-banked population.
The proliferation of VSAT technology at bank branches, particularly in the country’s remote rural areas, enables the high-speed transfer of data via satellite dish necessary for e-commerce, credit card use and high speed broadband, the company says.
“VSAT has brought high-speed connectivity and advanced telecommunication infrastructure to KBZ’s banking sector in order to provide better service for the customers.” said Stephane Lamoureux, chief executive officer of KBZ Gateway.
KBZ Gateway hopes Investing in VSAT infrastructure will help branches become more efficient and cost-effective.
VSAT technology, which uses a small dish directed at a satellite, enables data to be received and sent remotely via a control centre known as a ground station. More businesses in Myanmar are utilising VSAT technology preceding the rollout of fixed line broadband.
KBZ Gateway also offers its VSAT services for small and medium enterprise (SME) customers, like telco operators and internet service providers, and government institutions.
“We also have plans to upgrade our banking infrastructure in order to provide more accurate, faster customer service,” said U Aung Kyaw Myo, senior managing director of KBZ bank.
KBZ Gateway last year unveiled a ground station in Bago region. It will link all of KBZ Group’s sites countrywide and allow the company to offer satellite broadband to other businesses including internet service providers.
Source: Myanmar Business Today
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