The first AGD MPU UnionPay Co-brand Debit Card marks a significant milestone in enhancing Myanmar’s ecosystem for cashless payments.
YANGON, Myanmar, Jan. 21, 2016 /PRNewswire/ — UnionPay International (UPI), a global payments network, today announced its partnership with Myanmar’s industry-leading bank, Asian Green Development Bank (AGD Bank) and local payment switch, Myanmar Payment Network (MPU) to launch the first Co-brand Debit Card to better serve local customers.
In addition to a host of localised card services to residents in Myanmar, the AGD MPU UnionPay Co-brand Debit Card will also enable Cardholders to enjoy greater convenience and quality international payment services through UnionPay’s global acceptance network in over 150 countries and regions.
AGD Bank, the issuing bank for the MPU UnionPay Co-brand Debit Card, has always focused on service excellence with a strong belief in leveraging on quality and cost-effective payment services.
Mr Than Yi, Chairman, AGD Bank said, “To better serve our customers in today’s competitive payments landscape, we are glad to partner UnionPay International to enhance our bank’s ability to enable more businesses and people to transact cashless as Myanmar takes on a rapid path towards growth.”
UPI established its business in Myanmar in 2012. Through the partnership with local payment switch MPU, UnionPay Cardholders can access ATMs and Point of Sale terminals linked to MPU network for convenient cash withdrawals and secured transactions.
“The launch of the AGD MPU UnionPay Co-brand Debit Card signifies our close working relationship with UnionPay International. We believe this card will further enhance our product offerings and elevate our partnership to the next level.” said Mr U Mya Than, Chairman, MPU.
The International Monetary Fund and World Bank reinforced strong growth momentum for Myanmar, with economic growth forecasts at above 8% annually till at least 2017[i]. This represents great potential for businesses to tap on and innovate. The launch of MPU UnionPay Co-brand Debit Card reflects UnionPay, AGD Bank and MPU’s confidence in the market, and commitment to bringing the best products to customers.
“We will continue to enhance UnionPay’s payment technologies and brand presence in Myanmar. With our expertise, knowledge and solutions in payments network, we are confident that our partnership with AGD Bank and MPU will enable all parties to expand our base of Cardholders, better serve our customers, and most importantly continue to play an active part in the construction of Myanmar’s payment infrastructure towards a cashless society.” said David Lee, Chief Cooperation Officer, UPI.
About UnionPay International
UnionPay International (UPI) focuses on the growth and support of UnionPay’s global payments business. UnionPay’s acceptance foot print has expanded to over 150 countries and regions, covering more than 27 million merchants and 1.9 million ATMs worldwide. With more than five billion UnionPay cards issued in over 40 countries and regions, UnionPay serves the world’s largest cardholder base.
In ASEAN, UPI has enabled ATM, POS acceptance and card issuance across all the 10 countries. UPI started its business in Myanmar in 2012. UnionPay cards are accepted at almost all ATMs and at over 80% of the local merchants. In 2014, UPI partnered CB Bank to issue the first Prepaid Card, which is also the first international payments card in local currency issued in Myanmar.
UPI provides quality, cost effective and secure cross-border payment services to the world’s largest Cardholder base and ensures convenient local services to a growing number of global Cardholders and merchants. For more information about UPI, visit www.unionpayintl.com, follow “UnionPay International” on Facebook, Sina Weibo or WeChat, or download its official mobile application by searching “UnionPay International” in Apple’s App Store or Google’s Play Store.
About Asia Green Development Bank
Asia Green Development Bank Limited (AGD Bank) opened its head office and first branch successfully on August 2010 in Nay Pyi Taw. AGD Bank aims to deliver banking excellence through inspired and outstanding customer service, while offering innovative products and services that meets our clients’ requirements.
Today, AGD Bank has 53 branches throughout Myanmar and International Banking Division that operates international remittance services, foreign exchange and agent banking operations. Under the leadership of new managing director U Htoo Htet Tay Za, a new senior management team, and a strong Information Communications & Technology department, AGD Bank offers new products and services such as UnionPay Debit card and mobile money application to potential and existing clients.
AGD’s vision is to provide the vitally important banking infrastructure that will make a lasting and sustainable impact on this future, building the economic foundations for a progressive Myanmar.