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November 19, 2019

Myanmar banks connect to worldwide card network

Officials from JCBI, MPU and the Central Bank of Myanmar at signing ceremony of master licence agreement for MPU-JCB co-branded card issuing in Myanmar.
Officials from JCBI, MPU and the Central Bank of Myanmar at signing ceremony of master licence agreement for MPU-JCB co-branded card issuing in Myanmar.

Myanmar bank customers will soon be able to use debit card services worldwide following an agreement between the Myanmar Payment Union and major Japanese credit card company JCB.
MPU/JCB co-branded debit cards will be issued from this year, MPU CEO U Zaw Lin Htut said Wednesday at the signing of the master license agreement between the partner companies.
Under the agreement, MPU member banks will issue the co-branded cards linking to their customers’ savings accounts. The cards will be accepted through the JCB international network, which includes some 27 million merchants in 190 countries and territories.
“With the strong leadership of MPU in the financial industry, JCBI promises to share its experiences and knowledge of the payment business to contribute to the healthy development of Myanmar’s payment industry,” said Mr. Kimihisa Imada, Deputy President of JCB International Co.
JCB launched its card business in Japan 1961 and began expanding worldwide in 1981. CEO U Zaw Lin Htut of MPU said the new cards using JCB’s chip technology will be released in three to six months.
“MPU card users who want to replace their cards with the new ones have to apply at their respective MPU member banks,” he added. Established in 2011, the MPU, the only electronic payment network in Myanmar, includes 21 banks and has about 1 million users.  In his speech at the ceremony, Chairman U Mya Than of MPU said, “We hope that our partnership will introduce more attractive services and more customers will prefer using MPU-JCB co-branded cards not only domestically but also all over the world with JCB’s acceptance network.”

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