Local private bank Cooperative Bank (CB) has launched its mobile banking service in the country, its top official said.
“Banking transactions such as remittance, payment and issuing cheques can be done with mobile phone,” U Kyaw Lin, executive vice chairman of CB Bank, said.
He said although internet connection in Myanmar is not good, the mobile banking service will not be affected by it. “We have tested this, and it works,” U Kyaw Lin said.
To provide its mobile banking services the bank is using Temenos banking software, which claims higher security and protection from hackers.
The interface will also provide service map for the closest ATM machines and money changers to the customer. They will be able to check account balance, know currency exchange rates and pay bills through the system, the bank said.
Money transfer and remittance to CB Bank’s Easi Travel Master Card and MPU card will also be possible through this service, CB Bank said.
CB Bank mobile banking service will be accessible via internet, SMS or USSD, the bank said.
The bank said it will open agent offices all over Myanmar to make sure that remittance charges are the same.