Co-operative Bank Executive Chairman and Chief Executive Officer U Kyaw Lynn displays cash withdrawn from an GRGBanking ATM at the bank’s headquarters in Yangon Thursday, November 15, 2012.
November 15, Co-operative Bank Ltd (CB Bank) announced their ATMs are able to accept international payments cards, including MasterCard, Maestro and Cirrus card. The first transaction was made using a MasterCard card at the headquarters of CB Bank in Yangon. MasterCard Worldwide become the first international payments network to issue a license to a Myanmar bank, being followed by VISA. This MasterCard connection was done by GRGBanking and its local partner MIT using GRGBanking’s payment switching solution called “FEEL Switch”.
That transaction and other ones are based on Myanmar Payment Union (MPU), the first national financial switching system of the country. The MPU interconnects all ATM & POS systems in particular of Myanmar’s banks and all payment card systems in general. MPU is Myanmar's only official national financial switching network, working with banks in Myanmar to develop and launch card-based services that enable cardholders to initiate transactions at anytime, anywhere in Myanmar and in the world.
"MPU cards will be available in Nay Pyi Daw, Yangon and Mandalay firstly and later in other cities. (We are) so pleased to learn that MPU will continue its efforts to make international credit cards such as Visa, Master, American Express, CUP and JCB usable in Myanmar," said U Win Shein, Union Minister for Ministry of Finance and Revenue during the opening ceremony of the Myanmar Payment Union office and National Switch (Data Center) on September 14 this year. The ceremony also marks the completion of Phase I of MPU project.
MPU will have a great positive impact on the tourism industry of Myanmar, especially in 2013 and 2014 when Myanmar will hold SEA Games and ASEAN Summit. Tourists and business travelers with an international card will now be able to withdraw money, in the local currency ‘kyat’, for the first time at 36 CB Bank ATMs around Myanmar, including Yangon International Airport.
It was “a significant milestone for the Banking History” in Myanmar, according to the press release of CB Bank. Myanmar’s first ATM was installed by CB Bank in November 2011 after 8 years since 2003. The machine is produced by GRGBanking. The model of the machine is H22NL, a new generation versatile cash dispenser in a compact cost-effective footprint.
“This proves our technology capability and industry experience, and we are confident to bring continuous value to our customer in Myanmar and around the world especially in the developing countries”, said Adam Lee, General Manager of GRG Banking Equipment (HK) Co., Ltd.
“This again marks another very significant milestone for Myanmar’s banking history. We share the joy and feel much honored with MIT. We will continue to work in this project with our utmost effort and commitment as we have been in the last 2 years” said GRG Regional Sales Director of Asia Pacific Gary Soon.
About MasterCard Worldwide
MasterCard (NYSE: MA) is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.
About CB Bank
CB Bank was first set up as a private, non-public bank in 1992 and was reformed as a public company in 2004 to provide more financial services to the public. CB Bank offers a comprehensive range of innovative banking services and financial solutions in consumer banking, business banking, investment banking, global treasury and investment management, among others. In addition the CB Group has diverse subsidiaries that are involved insurance, financial futures, regional stock broking trustee nominee and custodian services property development and hotel management. CB Bank is one of the most established commercial banks in Myanmar, with the largest ATM network in the country.
GRGBanking is a leading provider of currency recognition and cash processing solutions in the global market with great potential and rapid development. GRG specialize in the development/ manufacturing of Automatic Teller Machine (ATM) for financial institutions and retailers, Automatic Fare Collection (AFC) devices for railway or underground systems, as well as other currency recognition and cash processing equipment, modules and systems for over 20 years. Besides, GRG various Multi-Channel Software Solutions and Services cover the needs of the financial industry, retail, transportation, payment, self-service, cash automation, cash management outsourcing and managed services, customized for different customers around the world.
MIT was founded in 1997 with the objective of promoting ICT industry in Myanmar. Since then, MIT has become a leading software house in Myanmar by providing reliable strategic ICT solutions through highly innovative state-of-the-art technologies for banking, retail, trading, hospitality, manufacturing, healthcare industries as well as government sectors.