New York and Frankfurt-listed Diebold Nixdorf, an international financial services and technology company, opened its first Myanmar office in Yangon on February 3 to establish its direct presence in the country. The company is hoping to launch its financial retail services in Myanmar.
“Diebold Nixdorf will expand payment services for shopping malls and retail shops, in addition to banks,” said Piers Leach, country manager for Myanmar.
Currently, Diebold Nixdorf provides local banks with services in retail banking technologies, ATMs, and software support.
Local partners include Central Bank, United Amara Bank, Yoma Bank, Tun Commercial Bank and more. Its local partners together take 70 percent of Myanmar’s market share in terms of commercial banking customers.
“We can expand payment services by using cards as well as mobile phones. There is a lot of potential for growth of all kinds of technologies in Myanmar,” said Leach.
Partnering CB Bank, Diebold Nixdorf is also planning to expand automated teller machine (ATM) networks in Myanmar. As of 2015, the total number of ATMs in the country was estimated to be 1780.
Myanmar possesses huge growth potential in the banking sector as its financial services expand beyond the commercial capital to rural regions where it was estimated that more than 95 percent of the population remained unbanked. The tech firm will be targeting this vast untapped market.
Source: Myanmar Times
