Central Bank proposes mobile banking to President’s Office

The Central Bank of Myanmar has submitted recommendations for a mobile banking system to the President’s office according to bank officials.

The Central Bank desires to launch the system before the Southeast Asian Games to be held in Myanmar at the end of this year.

"We arranged the plans for a long time to use this system. We have already reported to the President’s office as a final stage. As soon as they allow permission, we are going to launch the Mobile Banking system. Private banks will also join us to carry out the system. We are going to do step by step to use the system," said Aung Kyaw Thant, Deputy Director-General of the Central Bank.

The Union Attorney General gave his remarks on a draft of Mobile Banking system on August 14.

The Commercial Committee gave its suggestions to Central Bank, which the bank is going to report to the president after discussing them with the Ministry of Home Affairs, Ministry of Finance and other respective ministries.

The Central Bank has appealed remarks on mobile banking instructions to the Ministry of Home Affairs, Ministry of Finance and Ministry of Communications and Information Technology on October 3.

A coordination meeting on concerning the remarks was held on October 22 between the Central Bank and those three ministries.

The Central Bank is going to report its clarifications and meeting minutes to the President’s office.

The private banks such as Cooperative Bank, First Private Bank, Inwa Bank, Myawaddy Bank, Ayeyawaddy Bank, Rural Development Bank and Myanmar Citizen Bank have already submitted proposals to the Central Bank to use the Mobile Banking system.

source: Eleven Myanmar
http://www.elevenmyanmar.com/business/3915-central-bank-proposes-mobile-banking-to-president-s-office