Quarterly Business Magazine

Ayeyarwady Bank Provides the First Online Banking Service in Myanmar

Posted :
Sunday, June 29, 2014

Yangon – The first internet banking service in Myanmar will be available anywhere with access to the internet.

On June 17th, Ayeyarwady Bank received authorization from the Central Bank, and its internet banking service thus became official. Before then, only employees and a few customers of the bank had access to the service, Ms. May Myat Thu, General Manager at Ayeyarwady Bank said.

This online banking service will be available 24 hours a day and can be applied easily at any branch of Ayeyarwady Bank.

“You need to have an Ayeyarwady Bank account first. Then, you need to fill out the iBanking application form, but you won’t be given an online account right away. We will send you the account number and the password in an email. The application will cost 6,000 Kyats for single user. Adding another user will need to create another account, so it’ll cost 11,000 Kyats in total,” said May Myat Thu.

“Our customers can access our banking services anywhere in the world as long as they have internet access,” said U Zaw Zaw, the owner of the bank.

Many business owners state that a banking system that can keep up with the international standards will promote commerce and expedite the country’s economic development.

“This has to be true online banking though. Simply announcing that the internet banking has become available does not mean much. The service must be easy to use as well,” said Dr. Soe Tun from Farmer Auto Car Showroom.

If online banking services can be implemented successfully, it will save a lot of time and cost, a business owner from an industrial zone commented.

“Currently, if I need to transfer money at a bank, I need to stand in line and wait. It is both time-consuming and tiring. The only one thing I worry about internet banking is the bad internet connection,” said the above person.

Ayeyarwady Bank was established in 2010 and has 71 branches across the country. By the end of May this year, the total deposits in the bank surpassed 1 billion Kyats, according to statements from the bank.

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