HomeMMBIZ NewsKBZ Bank to Launch Online Banking Services

KBZ Bank to Launch Online Banking Services

Myanmar’s largest private bank, Kanbawza Bank, will launch online and mobile banking services soon, the bank said.

US-based information security company, RSA, will provide protection to its customers from online fraud and cyber threats, it said. RSA is the security division of EMC, which is an American multinational corporation.

The bank started with an initial capital of K477 million ( about $500,000) in 1999 and has expanded its capital to K113 billion ($117 million) in 2014, according to the bank’s financial statement.

Early this year, another private bank, the Cooperatives Bank (CB), has introduced mobile banking system services in the country on a trial basis.

There are more than 20 private banks and three state-owned banks in Myanmar.

The Central Bank of Myanmar recently announced that it would grant foreign banks to operate banking business in the country by September and at least five to 10 foreign banks will be given permission.

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