Myanmar Payment Union signs MoU with JCBI
Date: Nov 27, 2012
Categories: Retail Banking, Transaction Banking
Keywords: Myanmar Payment Union, JCBI
Tokyo, November 26th 2012 – JCB International (JCBI), the international operations subsidiary of JCB, the only global payment brand based in Japan, and Myanmar Payment Union (MPU), the national payment network of the Republic of the Union of Myanmar (Myanmar), have signed a memorandum of understanding (MOU) for building JCB card acceptance network and for issuance of JCB cards in Myanmar through the member banks of MPU.
Myanmar with a population of 62 million is a country with increasing attractiveness as a new investment destination. As Myanmar will host the Southeast Asian Games in December 2013, followed by the Association of Southeast Asian Nations in 2014 to be chaired by Myanmar, there is growing demand for acceptance of payment cards from business visitors and tourists coming to Myanmar. At the same time, JCB anticipates the increasing need for local issuance of credit cards to Myanmar residents due to the rapid economic growth and the rise in national income. MPU was established by the Central Bank of Myanmar with 17 local banks to promote the acceptance and issuance of payment cards in the country. With this MOU with MPU, JCBI aims to expand JCB card acceptance early in 2013 and to launch JCB card issuing program in the near future.
Re-disseminated by The Asian Banker