back Back

Mastercard announces deepening commitment to Myanmar

By Edil Corneille

August 25, 2020

  • Mastercard
  • Myanmar
Share

Mastercard, FinTech, Payments, API, Today, Mastercard announced that it is deepening its commitment to Myanmar by establishing a local office presence in Yangon and appointing a country business development manager. The global payments company aims to support the advancement of the country’s digital payments ecosystem and its efforts to build a futuristic and inclusive cashless society. The establishment of the local office is said to underscore Mastercard’s long-term commitment to advancing Myanmar’s national digital agenda and reflects the company’s continued confidence in the market.

“With its futuristic vision to enable sophisticated capabilities like real-time payments for its citizens and businesses, Myanmar is at a truly pivotal stage in its economic evolution. Mastercard has a long and established history in partnering with hundreds of nations around the world on growing and scaling their payments ecosystems. Mastercard’s ambition for Myanmar is no different – the organization is focused on bringing its global best practices, coupled with a deeply rooted local presence and understanding of the domestic environment, to bear, to help the country secure a digital future defined by efficiency, agility, and security,” said Safdar Khan, Division President, Southeast Asia Emerging Markets, Mastercard.

“As Myanmar continues its digital transformation, it is also necessary to empower its people with the skill sets and knowledge they need to participate actively in the digital economy. Mastercard will bring to Myanmar decades of experience in technology skilling that will enable the country to accelerate human capital development. Furthermore, as part of the organization’s commitment to grow the local talent pool, Mastercard is well on its way to assembling a local team which will lead the local efforts and facilitate Mastercard’s objective for sustainable, domestically relevant, long-term success,” he added.

Mastercard has been working for nearly a decade, with government and key stakeholders in Myanmar, to digitalize its payments environment, achieving a number of critical firsts and milestones, including that of being the first international payments network to issue a license to a local bank (Co-Operative Bank Limited), paving the way for Mastercard cards to be issued and accepted in the country.

Furthermore, Mastercard has reduced the month-long national SME registration process to one day by launching the MSME Webportal, an e-government web portal, in partnership with CB Bank and the Myanmar government. The company stated that it issued Myanmar’s first credit card designed exclusively for women, MAB Lady’s, in partnership with Myanmar Apex Bank. Another partnership with Yoma Bank ensured the digitalization and tailoring of products and solutions for the bank’s customers, including SMEs. Moreover, exclusive offers for all Mastercard cardholders have been curated until 2021 in celebration of Mastercard’s 8th year in Myanmar.

ALSO, READ: Mastercard partners with Goals101.ai to make banking more personalized

Previous Article

August 25, 2020

5 recent banking bot announcements in Asia

Read More
Next Article

August 25, 2020

Zuora announces partnership expansion & new product integration with GoCardless

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

Mastercard

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Confida and illimity create new capillary proximity network, Pehi

Read More

May 17, 2024

Niyogin acquires ‘Superscan’ from Orbo.ai to propel AI-led neo-banking

Read More

May 17, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023