Cards to Adopt EMV to Meet ASEAN Standard

​​ The Central Bank of Myanmar has required local banks to upgrade the card payment technology, as a step toward integrating the payment system with the ASEAN region. Daw Than Than Swe, the director general of the Central Bank, told the Myanmar Times that all the payment cards issued by local banks will have to […]

CB Bank Issues Myanmar’s First Visa, MasterCard Credit Cards for Domestic Use

​​ A week after the Central Bank of Myanmar (CBM) lifted restrictions on the use of credit and debit cards issued by foreign companies for domestic use, CB Bank, one of Visa’s four local partner banks, has begun issuing Visa and MasterCard credit cards for use within Myanmar. CB Bank is the first of Visa’s […]

ICB Bank to Double the Size of its ATM Network in 2017

​​ RANGOON — The locally-owned Co-Operative Bank Limited (CB Bank) plans to double its network of ATM machines in 2017, it announced on Friday. CB Bank will purchase both ATM machines and customer self-service machines from the company Diebold Nixdorf, which operates in North Canton, Ohio, United States and in Paderborn, Germany. Diebold Nixdorf has […]

Central Bank Plans Level Playing Field for Foreign Payment Firms

​​ CB Bank and KBZ have both partnered with Visa following the Central Bank’s decision to allow foreign payment firms to operate independently in Myanmar. But the Central Bank has clarified that this is a select response to requests from four specific firms, not an official shift in policy. Visa and KBZ issued a joint […]

Visa welcomes opening of Myanmar’s domestic payments industry

Visa, the leading global payments technology company, has welcomed today’s announcement from the Central Bank of Myanmar to remove restrictions on the participation of international payments companies in Myanmar’s domestic payments industry, according to a statement on 11 January. According to Arturo Planell, Country Manager Visa Myanmar, opening up the domestic payments industry will bring […]

Visa and KBZ to Produce Kyat-Denominated Credit Cards

RANGOON — Burma’s KBZ bank and international payment provider Visa announced on Thursday that they would jointly issue new payment cards, after receiving the green light to do so from the Central Bank of Myanmar the day before. The Central Bank announced on Wednesday that international payment providers could now offer products and services in […]

4 ways to boost e-commerce in Myanmar

e-Commerce industry growth will need banks and telcos to reduce service fees, provide better APIs, and simplify procedures to eliminate the hassle of payments Since 2012, foreign investors have been on a gold rush in Myanmar. GDP has climbed up steadily from US$58.68 billion in 2013, to US$64.33 billion in 2014, then US$64.87 billion in 2015. In July 2016, the new […]

Plastic chips away at cash’s dominance in Myanmar

YANGON — Credit cards are gaining traction in Myanmar, where cash has long been king, with foreign players such as China UnionPay and Japan’s JCB lured by rising consumer incomes and an increasingly robust financial infrastructure. JCB, in conjunction with Myanmar Payment Union and Ayeyarwady Bank, also known as Aya Bank, debuted a credit card Tuesday […]

Myanmar Payment Union to Upgrade ATM Card System

RANGOON — The Myanmar Payment Union (MPU) signed with Vietnamese telecom multinational FPT and the National Payment Corporation of Vietnam (NAPAS) on Sunday to initiate a financial switching system, Zaw Lin Htut, chief executive officer of the MPU, told The Irrawaddy. As MPU’s partners, FPT and NAPAS will—starting this year—help facilitate a system upgrade for ATM […]

Vietnamese firm FPT to help build payment system for Myanmar

YANGON – FPT Corp has been selected as the main investor of Myanmar’s national financial switching system. Under the memorandum of understanding signed between the group and the Myanmar Payment Union (MPU) on July 31, FPT Information System (FPT IS) – a member of the FPT Corporation – will start developing the financial switching system […]