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Co-Operative Bank (CB Bank), a major commercial bank in Myanmar, Myanmar Payment Union Public Co. Ltd (MPU), and JCB International Co. Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., have announced that CB Bank will start issuing JCB debit cards in December 2016.
The CB MPU-JCB Co-Brand Card combines the MPU brand and JCB brand. Card members can use MPU's nation-wide merchant network in Myanmar and JCB's international merchant network with over 31 million locations globally.
The card offers three different card types, Platinum debit card, Gold debit card, Standard debit card. All the card members can enjoy JCB privileges such as JCB Plaza, staffed service counters for JCB card members located around the world. Also cash back and discounts at selected CB merchants will be offered to Platinum and Gold CB MPU-JCB Co-Brand Card members. JCB offers Platinum card members exclusive JCB Platinum services, such as JCB Platinum airport lounge service, JCB Platinum Concierge Desk, and Special JCB Platinum Hotel Services.
Kimihisa Imada, Deputy President of JCB International said, "I am delighted to have a partnership with CB Bank as the second JCB card issuer in Myanmar. JCBI entered into the market in 2012, and we have been committed to providing support to the expansion of the Myanmar payment market in cooperation with MPU. I am confident that the issuance of CB MPU/JCB Co-badged Card will grow the market even further and will contribute to the financial inclusion."
U Kyaw Lynn, Executive Vice Chairman & CEO of CB Bank commented, "On behalf of Co-operative bank, I am very pleased to announce that we are issuing CB-JCB debit card. This partnership between CB and JCB will strengthen ties between our business and our countries. Our customers here in Myanmar can enjoy all the benefits developed by CB and JCB when using in Myanmar and using in overseas countries."
Established since 1992, CB Bank is one of the earliest and largest private sector banks in Myanmar, employing about 7000 employees. CB Bank has business lines in retail banking, corporate banking and SME banking.
The Myanmar Payment Union (MPU) was established in 2011 under the guidance of the Ministry of Finance and the Central Bank of Myanmar. MPU started operating as National Payment Switch in late 2012 with the issuance of debit cards. Currently, 23 members of 28 local financial institutions have been connected to MPU.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)