Thursday, 24 July 2014

Myanmar major private bank to launch online banking services soon

YANGON, July 18 (Xinhua) -- A Myanmar major private bank, the Kanbawza Bank, will launch online and mobile banking services soon and a U.S.-based information security company, RSA, will provide protection to its customers from online fraud and cyber threats, according to the bank on Friday.

RSA is the security division of EMC, which is an American multinational corporation.

With more than 200 branches across the country, the Kanbawza Bank has been granted an authorised dealers license by the Central Bank of Myanmar in 2011 to operate foreign banking business.

The bank started with an initial capital of 477 million Kyats ( nearly 500,000 U.S. dollars) in 1999 and has expanded its capital to 113 billion Kyats (117 million U.S. dollars) in 2014, the bank disclosed.

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

The mobile banking system enables easy access for those who are unable to visit bank or are away from home.

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

Meanwhile, the Central Bank of Myanmar recently announced that it would grant foreign banks to operate banking business in the country by September for the first time as part of its efforts to promote its banking sector and at least five to 10 out of over 40 foreign banks, which have already had representative offices in the country, will be selected for permission.

source: Global Post

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