HomeMMBIZ NewsMyanmar Central Bank to Grant Mobile Banking Licences

Myanmar Central Bank to Grant Mobile Banking Licences

The Myanmar Central Bank will grant mobile banking licences to Myanmar Oriental Bank and Cooperative Bank this month, in an attempt to give rural populations better access to banking services.

Mobile bank services allow Myanmar customers to access banking services without having to go to local branches.

The Innwa Bank and Myawady Bank have already implemented mobile bank services under the provision of Myanmar Economic Cooperation – one of two major conglomerates and holding companies operated by the Burmese military.

Senior manager of Myanmar Oriental Bank, U Myint Zaw, said their organisation has applied for a permit from the Central Bank and is waiting for their request to be processed.

“Through mobile banking we can provide services to the rural areas, people can transfer and withdraw moneywithout having to go to the bank,” he said.

The Cooperative Bank is also experimenting with mobile banking options to improve the quality of its service.

Its new banking options could include moneytransfers, balance checking and an application to help customers find the locations of ATMs and branches.

Cooperative Bank said they have started implementing technologies that will help their mobile services improve the experience of customer transactions.

“Once the Central Bank grants the mobile banking licence, Cooperative Bank will implement the money transfer service,” said U Pe Myint, managing director of the bank.

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