Central Bank awaits approval for mobile banking system

YANGON—State-owned and private banks will be ready to start operating mobile banking systems once the Central Bank receives the green light from the President’s Office, according to the Central Bank of Myanmar.

“We have been preparing to use this system for a long time now. As the last stage, we have submitted (a proposal) to the President’s Office,” said Aung Kyaw Thant, deputy director-general of the Central Bank. “We will start operating the system as soon as we receive permission from the President’s Office.”

The Central Bank received feedback on the mobile banking bill from the Union Attorney General on August 14. The bill was submitted to the government on August 30. On September 9, the Economic Committee instructed the Central Bank to seek permission from President Thein Sein after negotiating with the ministries of Home Affairs, Finance, and other concerned ministries.

On October 22, the Central Bank held a workshop with the Home Affairs, Finance, and Communications and Information Technology ministries, and then submitted key points of the discussion to the President’s Office.

The First Private Bank, Co-operative Bank, Innwa Bank, Myawaddy Bank, Ayeyarwaddy Bank, Myanmar Agriculture and Rural Development Bank, and Myanmar Citizens Bank have applied for permission to operate mobile banking systems.

source: Eleven Myanmar

http://www.elevenmyanmar.com/business/4252-central-bank-awaits-approval-for-mobile-banking-system