Automated Teller Machines have been introduced by private banks in Myanmar making it convenient, simple and easy for the people as compared to when they carry their cash in suitcases to the banks. People are so grateful that this has come to be part of the progress now enjoying by the people. With all the appreciation and pleasure that this ATM brings, they hope to see many of these kinds, said news report from Reuters.
The Central Bank is on the process of initiating new ATM network all over the country within two months time. It also coordinated with the MasterCard International’s Cirrus (MA.N) and Visa International’s Plus (V.N) to bring into the country international banking within six months to one year as part of the far reaching reforms in Burma.
According to Maung Maung Win, one of Myanmar’s Central bank Deputy Governors said that they prefer the payment system to be in cash most especially those in big companies and likewise in government departments.
One of the new departments in Central Bank the Myanmar Payment Union will be coming up with a new debit-credit network which will permit other banks to share ATM machines and provide other valuable services, the report said.
From among the lists of Banks which are enthusiastic to penetrate the banking trade and industry of Burma are Japanese banks including Bank of Tokyo Mitsubishi UFJ Ltd and Sumitomo Corp (8053.T), followed by Singapore’s United Overseas Bank Ltd (UOBH.SI), DBS Group Holdings Ltd (DBSM.SI) and Oversea-Chinese Banking Corp Ltd (OCBC.SI), and then Malaysia’s CIMB Group Holdings Bhd (CIMB.KL). Banks from Vietnam, China and the United States also showed strong interest, he added.
Foreign banks will certainly be permitted to open joint business venture or act as subsidiaries by early next year but not exceeding year 2015 in anticipation of the new guidelines of foreign direct investment laws and what will be the outcome of discussions at the Finance Ministry Department.
Zaw Zaw’s Max who is a famous multinational magnate and owner of the Irrawady Bank of Burma is just 2 years in banking management and is successful is also planning to put up 45 branches along with 1,500 staff next year from about 20 branches and 970 staff now.
With the convenience of the ATM, even bill payments can be paid online as well as domestic remittances can be done thru ATM. With all these turn out of events in Burma, more people would enjoy every bit of reforms the government is implementing, one instance is the introduction of ATM, the report said.