May 12, 2014

Myanmar to adopt Mobile Banking System

Most local banks are not capable of providing mobile banking services although Myanmar Cenral Bank has authorized for such services.

“At present, there are only a few banks proposed to offer the service. Some application forms need to be reapplied in order to complete data requirements. Mobile banking is not a new banking procedure. It is just an additional service,” said an official of Myanmar Central Bank.

At this juncture, First Private Bank, Cooperative Bank, Innwa Bank, Myawady Bank, Ayeyawady Bank, Rural Development Bank, Myanmar Citizens Bank and some other banks have applied to activate the mobile banking services.

The services will be processed through the network of Myanmar Post and Telecommunication. Myanmar is expected to raise the convenience of banking customers after the opening of the mobile banking services.

Source: Eleven Weekly Media