AYA Bank, MPU, JCB Introduce First Corporate Credit Card in Myanmar

Yangon and Tokyo, Nov 14, 2017 – (ACN Newswire) – Ayeyarwady Bank (AYA Bank), a major commercial bank in the Republic of the Union of Myanmar, Myanmar Payment Union (MPU), and JCB International Co. Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., today announced that AYA Bank has launched the AYA Universal Corporate MPU-JCB Co-Branded Card in Myanmar. This is the first corporate credit card targeted for business payment use ever issued in the country.

The AYA Universal Corporate MPU-JCB Co-Branded Card has 2 different products: Universal Corporate Platinum Credit Card and Universal Corporate Gold Credit Card. All the cardmembers can enjoy the same JCB privileges as personal credit cardmembers, such as JCB Plaza and special offers at selected merchants all over the world. Universal Corporate Platinum Credit Card cardmembers can also use exclusive JCB Platinum services, such as JCB Platinum Airport Lounge service, JCB Platinum Concierge Desk, and Special JCB Platinum Hotel Services.

U Zaw Zaw, Founder and Chairman of AYA Bank commented, “The Myanmar economy is growing fast and we have commercial cooperation with neighboring countries which means companies need to send their employees on business trips and need to use other international services. I believe that AYA Universal Corporate MPU-JCB Co-Branded Card will be welcomed by companies here. AYA is honored that JCB will be our first international brand corporate product, and we know this card will bring convenience and reliable payment experience to Myanmar ‎enterprises.”

Kimihisa Imada, President and COO of JCB International said, “Corporate card is a popular product welcomed in Japan, and it can be used for the payment of business-related expenses, most often travel-related. Without a corporate card, sometimes employees need to take money out of their personal account to pay for company expenses. With the AYA Universal Corporate MPU-JCB Co-Branded Card, employees don’t need to pay themselves. Also, for employees who go on business trips can enjoy JCB privileges which make traveling smoother and safer.” He added, “I am very pleased JCB will be the first international brand on a corporate product in Myanmar. AYA Universal Corporate MPU-JCB Co-Branded Card is a new product based on the needs of Myanmar enterprises. I am confident that the issuance of AYA Universal Corporate MPU-JCB Co-Branded Card can satisfy our customers and will allow both AYA Bank and JCB to continue growing business.”

About AYA Bank

AYA Bank received its banking license from the Central Bank of Myanmar on 2 July 2010 and began operations on 11 August 2010. The bank is authorised to operate as an investment or development bank for the domestic market and the approved banking activities include borrowing or raising of money, lending or advancing of money either secured or unsecured, receiving securities or valuables for safe custody, collecting and transmitting money and securities, and provides international banking services including international remittance, payment and trade services. AYA Bank subscribes to global standards in governance, risk and compliance in its management and operations. The bank has engaged talents with both domestic and international exposures and has invested significantly in training and technology as a way to ensure long term sustainable growth for the bank and for the community it serves.

Since its inception, the bank has grown steadily, with the number of branches increased progressively to 232 branches at the end of October 2017 and customer deposits grew healthily to Kyats 3.95 Trillion as at end April 2017, signifying increased confidence among the public in the bank.

For the years ahead, the bank will continue to extend its branch network throughout Myanmar. It will continue to focus on building relationships with customers, providing excellent customer service, and leveraging technology as the enabler to enhance its customer base. At the same time, the bank aims to strengthen its governance, risk and compliance structure as a measure to ensure balance and sustain growth.

About Myanmar Payment Union (MPU)

Myanmar Payment Union (MPU) was established in 2011 under the guidance of the Ministry of Finance and the Central Bank of Myanmar. MPU started operating as National Payment Switch in late 2012 with the issuance of debit cards. In late 2015, MPU credit card was issued by our member banks and the first co-brand debit card was issued in Feb 2016 and soon followed by co-brand credit cards. In April 2015, MPU launched MPU e-commerce service in partnership with its technical service provider 2C2P. MPU is the only official national payment switching network to be recognized by the central bank of Myanmar, and currently 23 members of 28 local financial institutions have been connected to MPU.

About JCB

JCB is a major global payments brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 30 million merchants. JCB Cards are now issued in 23 countries and territories, with more than 100 million cardmembers. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide.


Source: The Payments Journal

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