First Private Bank will introduce a mobile phone banking service to the public early this year, Dr Sein Maung from First Private Bank told Myanmar Business Today.
The service will be introduced in Yangon and currently the bank is preparing the hardware, software and data centre for the phone banking service. The bank will introduce the service once they get the green light from the Central Bank.
“We will introduce this system for payments first. People will be able pay bills and withdraw money through independent agents without connecting to the bank. For the transfer rate, we will submit our plans to the Central Bank,” said Dr Sein Maung.
The bank aims to implement the service primarily in rural areas. The mobile banking service will include payment and money transfer services. The program is jointly developed with Frontier Technology Partners.
First Private Bank received the banking licence from Central Bank on 30 June last year.