Jul 29, 2012

International bank cards to be introduced in Myanmar by 2013

Three international bank cards -- VISA, CUP (China Union Pay) and Japan Credit Bureau (JCB) will be introduced in Myanmar by 2013 to facilitate tourists visiting in the country, local media reported Sunday.
Private banks operating under the Myanmar Payment Union (MPU) system will render services with the three kinds of international banking cards, the 7-day News said.
One can draw cash from automatic teller machine (ATM) of any MPU member bank under the system, it said.
Reciprocally, Myanmar cards are expected to be introduced internationally by 2014. "We are planning to use MPU system across country and in ASEAN member countries for the 2013 Southeast Asian (SEA)Games as a follow-up program," according to an official of Myanmar Central Bank.
Meanwhile, MPU is a follow-up program of Automatic Teller Machine (ATM) card which was introduced in late 2011.
On July 9, 11 private banks, namely Kanbawza Bank, Cooperative Bank, Myanmar Industrial Development Bank, Myawaddy Bank, Inwa Bank, Myanmar Oriental Bank, Asian Green Development Bank, Ayeyawaddy Bank, Myanmar Pioneer Bank, United Amara Bank and Tun Foundation Bank, started services on opening of foreign currency accounts in U.S dollar, Euro and Singapore dollar as well as FEC (foreign exchange certificate).
These banks were granted in November 2011 to trade three foreign hard currencies -- US dollar, Euro and Singapore dollar.
There is a total of 19 private banks and three state-owned banks in Myanmar.
The latter banks are Myanmar Economic Bank (MEB), Myanma Foreign Trade Bank (MFTB) and Myanma Investment Commercial Bank ( MICB).

Source: Xinhua