Monday, July 30, 2012

International banking cards in Burma by 2013

Monday, 30 July 2012 14:15 Mizzima News

Three international banking cards will be introduced in Burma by the start of 2013, domestic media reported on Monday.

The three international bank cards are VISA, CUP (China Union Pay) and Japan Credit Bureau (JCB), said 7-Day News.

An international banking care Photo: Photo: Flickr / MoneyBlogNewz

ATMs of private banks operating under the Myanmar Payment Union (MPU) system will accept the three international banking cards, allowing the withdrawal of cash from an automatic teller machine (ATM) of any MPU member bank under the system, it said.

Meanwhile, on July 9, 11 private banks including Kanbawza Bank, Cooperative Bank, Myanmar Industrial Development Bank, Myawaddy Bank, Inwa Bank, Myanmar Oriental Bank, Asian Green Development Bank, Ayeyawaddy Bank, Myanmar Pioneer Bank, United Amara Bank and Tun Foundation Bank started offering foreign currency accounts in US dollars, Euros and Singapore dollars as well as FECs (Burmese foreign exchange certificate).

The banks also were permitted in November 2011 to trade three foreign hard currencies – US dollar, Euro and Singapore dollar.

There are a total of 19 private banks and three state-owned banks in Myanmar.

The state-owned banks are Myanmar Economic Bank (MEB), Myanma Foreign Trade Bank (MFTB) and Myanma Investment Commercial Bank ( MICB).

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