Myanmar's best digital bank 2018: CB Bank
Digital banking is a work in progress in Myanmar. Some banks are better at it than others; only a few have given hard thought to their online strategy. CB Bank is by some distance the leader in this field. It was the first Myanmar lender to introduce cash deposit machines, contactless payment services, CRM machines and mobile banking. More than 500,000 of its customers now bank with it on the move.
It is also a fintech pioneer, tying up a deal in September 2017 with Qatari telecoms operator Ooredoo Myanmar to roll out M-Pitesan, a popular mobile wallet. CB Bank now boasts 1,100 Easi mobile agents scattered around the country, including 136 based at post offices, who act as trusted financial intermediaries, dispensing and collecting cash or electronic payments for CB Bank’s retail and small-business customers.
“This is a great illustration of how to increase financial inclusion”, Liew Chee Seng, adviser to the chief executive, tells Asiamoney – a vital consideration in a country where more than nine out of 10 people do not have access to a bank account. Nor is the bank standing still. Plans for 2018 and beyond include the roll out of a CB Bank QR code payments system, allowing merchants to receive digital payments without a point-of-sale machine; and a renewed focus on digital security – the lender has joined forces with Cisco Advanced Services to ensure its digital services are secure.