Asia Green Development Bank Ltd. now accepts EMV-based VISA and MasterCard chipcard transactions in all its ATMs, becoming the first bank in Myanmar to offer the service, Wincor Nixdorf announced today.
EMV, or Europay MasterCard Visa, is a technical specification that facilitates interoperability between chip-based credit and debit cards and point-of-sale devices or ATMs. The key objectives of EMV are to reduce counterfeiting and fraudulent transactions, and to standardize all payment solutions on a singular specification recognized globally.
“AGD aims to provide enhanced customer experiences in the most secured environment for our customers. By implementing the global EMV standard, we are achieving a significant leap forward in protecting our cardholders against fraud.” said Htoo Htet Tay Za, managing director, Asia Green Development Bank. “Wincor Nixdorf has been a long term partner with the bank and we are confident they are able to help AGD successfully manage this EMV migration.”
Wincor Nixdorf, together with its local partners Myanmar Golden Rock Intl. Ltd and ACE Data Systems, implemented the EMV solution within a five-month timeframe. The solution encompasses three levels, including EMV Level 1 Hardware (Wincor’s EMV-compliant card reader), EMV Level 2 Software, and EMV Level 3 Back-End Integration.
“Wincor Nixdorf congratulates AGD Bank for running the first EMV compliant ATM network in Myanmar, therefore setting the pace for other banks to also ensure this security certificate,” said Karsten Kemna, Wincor Nixdorf Vice President for Asia-Pacific Banking. “We are thrilled to work with AGD through our local Myanmar partners to make transactions most secure for their cardholders. Wincor Nixdorf has been working extensively with various financial institutions across the globe for many years to help them transition to EMV, and we are continuously developing and promoting technologies that ensure safer transactions for the benefit of the end customers.”
About Asia Green Development Bank
Asia Green Development Bank Limited (AGD Bank) opened its head office and first branch in 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 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.