Asia Green Development(AGD) Bank was awarded the top innovation award at the Infosys Finacle Client Innovation Awards 2017 held between 28th November and 30th November in India. Over 160 nominations were received across eight categories and nominations were evaluated on three key criteria – degree of innovativeness, benefits secured and complexity of the initiative.A panel of experts from Infosys chose AGD Bank as the winner of the Customer Service Innovation Award for its introduction of AGD Pay.The forum, organised by Infosys, gathered more than 200 leaders from the banking sector to discuss the latest financial technology and to re-imagine banking for the future.
AGD Pay is the mobile application based on AGD UnionPay Card and it also has a QR based system that can easily facilitates payment and remittances.It allows customers to pay merchants and transfer money to their families and friends instantly without having to make a trip to the bank.
“AGD Bank is honoured to receive this award. It is an important recognition of our efforts to transform the banking experience of our customers. AGD Pay has given our customers the opportunity to embrace the ‘cashless society’. It is an excellent product that encapsulates the future that we envision for Myanmar,” said Myo Wynn Than, Head of Digital Banking at AGD Bank.
Competition in the banking sector has intensified in recent times with Myanmar banks racing to outdo each other on the innovation front. Choices for mobile payments and debit card schemes have increased as a result withconsumers quick to explore the wider range of choices available to them demonstrated by the number of applications and sign-ups being made for these new payment methods.
According to statistics provided by AGD Bank, adoption of AGD Pay has been healthy especially among younger consumers between the age of 18 to 45. The number of AGD Pay’s users is increasing by monthly. These figures reflect the strong demand for digital and cashless products and AGD bank has plans to introduce more products in 2018.