KBZ to provide 24-hour service for trade-related payments via MPU

Kanbawza Bank has prepared to offer its around-the-clock service for trade-related payments through Myanmar Payment Union-MPU system, said U Aung Kyaw Myo, Deputy CEO of the KBZ Bank.

The announcement for the payment system change came at the workshop on trade transaction payments with Myanmar Payment Union (MPU) system and expanding the fully online licensing system for export and import products held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office in Yangon recently.

“Today is the time when we all are making efforts for development of import and export industry. Financial sector plays an important role in the drive for the trade sector. KBZ Bank has prepared to provide the 24-hour trade-related payment service to traders with the use of the Myanmar Payment Union system,” said U Aung Kyaw Myo.

The first stage will be introduced at Nay Pyi Taw headquarters, Yangon export and import office, Muse 105 trade zone and Myawaddy Trade Zone with the digital banking system.Customers can make payments via a point-of-sales (POS) system of Kanbawza Bank at the offices and by an e-ecommerce system via the internet website of the Ministry of Commerce for the 24-hour service.

The MPU system change has been under preparation to be introduced at the remaining border trade zones.Thanks to the system change, customers can make payment with the use of an ATM card. Meanwhile, the cost for transaction is reduced from 500 kyats to 200 kyats for one time. The workshop was also attended by Director-General Daw Than Than Swe of the Central Bank of Myanmar, U Yan Naing Tun, Director-General of the Trade Department, MPU’s CEO U Zaw Lin Htut, and invited traders.

Source: Global New Light of Myanmar