The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney is part of the Euromoney Institutional Investor PLC
Best Bank Awards

Myanmar's best digital bank 2020: CB Bank

CB Bank

Internet and mobile have become ubiquitous terms in Myanmar’s financial industry. All of the top names, as well as smaller banks, have rolled out digital services, including payments apps and e-wallets. But CB Bank is Asiamoney’s best digital bank because alongside its increasingly popular smartphone app it is pursuing an internal digital and technological transformation that will improve its operations and boost market share.

CB Bank first introduced mobile banking in 2014, rolling out internet banking the following year and its CB Pay mobile banking app in 2018. In January this year, it became the first bank to enable customers to pay their taxes digitally.

CB Bank decided against creating its own e-wallet and competing in a saturated market, instead partnering with telecoms operator, Ooredoo, which launched its M-Pitesan e-wallet in 2017.

CB Bank also offers point-of-sale terminals. By the end of 2019 it had 8,000 merchants using more than 10,000 terminals, which can process 10 payment systems, including Alipay, Apple Pay, Mastercard and Visa.

Last year, CB Bank hired Bogdan Putnikovic as chief information and operation officer. It is now looking at ways to take advantage of technologies such as blockchain, biometrics, cloud computing and virtual reality.

The bank brought together a new data science team to analyze the data generated by its nearly one million mobile banking users. Analytics and algorithms are adding value across the bank, for example in customer relationship management.

CB Bank has launched a human resources mobile app for its employees, giving them access to HR-related information and a learning and development portal.

In a search for international financial technology partners, the bank opened its Innovation Lab on the API-Exchange (Apix) in October 2019. Apix – an Asean Financial Innovation Network initiative – is the world’s first cross-border, open-architecture platform for bringing together financial institutions and fintech firms. CB Bank is the first bank from the region to join.

The bank is set to open its first so-called smart branches, which are kitted out with terminals for form filling, telling and passbook update services. Using the smart branches customers will be able open and access savings accounts and internet bank accounts.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree