Deputy Director of Yangon Region Directorate of Consumers’ Affairs, Min Thein, said that his department received more complaints on failures of ATM machines with dispensing lesser amount though the full amount is debited from the customer’s account. Directorate of Consumers’ Affairs reportedly received over 20 complaints on inconveniences in withdrawing money from ATM machines. “The […]
With 70% Unbanked Population, Myanmar Bets on Fintech to Improve Financial Inclusion
November 25, 2019 by
Despite the Myanmar government’s push to expand access to financial services, the country still trails far behind the rest of Asia in rates of participation in formal financial services, financial literacy, savings rates and the use of digital financial services, according to a new report by social enterprise ONOW Myanmar. But fintech and mobile technology […]
Myanmar’s burgeoning financial sector attracts foreign suppliers
February 23, 2017 by
Foreign companies are rushing in to beef up Myanmar’s financial infrastructure, vying to win orders for ATMs and financial software from commercial banks that are rapidly growing under a civilian government. This month, Diebold Nixdorf, the world’s top ATM supplier, will open its first sales office in Myanmar. It is to be staffed with its […]
Banks in Myanmar will adopt UnionPay Chip Card standard
February 9, 2017 by
The Myanmar Payment Union (MPU) and UnionPay International (UPI) have collaborated to implement a common UnionPay chip card standard in the country. The UnionPay chip card standard complies with the global EMV chip card standard, and will be adopted by all banks operating in Myanmar. The UnionPay chip card standard emerged as the standard of […]
Myanmar Payment Union to Upgrade ATM Card System
August 8, 2016 by
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
August 8, 2016 by
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 […]
Official kyat rate strengthens for first time this year
August 4, 2015 by
The Central Bank of Myanmar has strengthened the official kyat-US dollar exchange rate for the first time this year, after the local currency had steadily lost value in 2015. Money changers said their rates were close to the Central Bank’s, in contrast to most of the year when there were some gaps as high as […]
Visa Opens Myanmar Office Banking on High Growth
April 21, 2015 by
American payment giant Visa Inc has opened an office in Yangon in a bid to expand its growing footprint in Myanmar’s nascent electronic payments market. Visa said since entering the country in October 2012 it has seen “considerable growth” in the uptake of electronic payments. Last year, transaction volume, payment volume and card numbers have […]
KBZ to Upgrade ATMs after Security Breach
January 6, 2015 by
Kanbawza (KBZ) Bank will upgrade the security systems of its ATM machines after K20 million was stolen from ATMs in Yangon in late November, according to an official from the bank. The new “3D security system” will be installed soon and new security staff will be hired to heighten the security of ATMs while security […]
China UnionPay International card to be introduced in Myanmar next month
August 27, 2014 by
YANGON, Aug. 22 (Xinhua) — China UnionPay International (UPI), in cooperation with Myanmar’s Cooperative Bank (CB), will introduce EASi Travel UnionPay card for the first time in Myanmar starting on Sept. 1 to facilitate Myanmar citizens in domestic and international payment, a bank official said here Friday. The EASi TRAVEL UnionPay Card issued in Myanmar […]
