Yangon, Myanmar, 16 March, 2020 – As part of their ongoing partnership to digitize national services for everyone, Mastercard and CB Bank have supported the Myanmar government to launch the MSME Webportal, an e-government web portal for SMEs. This e-service enables Myanmar SMEs to register business online. The process is a leap in ease of doing business, especially for the many small businesses in Myanmar that will no longer need to travel to dedicated SME registration offices for registration.
The initiative marks the second time CB Bank and Mastercard have collaborated to support e-government services. Both organizations worked together with the government previously on Myanmar Companies Online (MyCO), the country’s general business registration portal. All payments made on both portals will transmit via CB Bank and be processed through Mastercard Payments Gateway Services. The result enables business owners across Myanmar to transact digitally through a safer, more secure and more seamless mode of payments execution.
“It is truly a proud moment to launch the MSME Webportal for CB Bank. We believe that the launch of MSME Webportal is truly a step forward towards the e-government system and digital payment ecosystem. This is the second time for CB Bank to support the Government in regards to creating e-payment platform. Online registeration and online payment can serve as an impetus to onboard tens of thousands of MSMEs to be officially registered. We are delighted to support the transition to e-government and online payments and the development of SMEs in Myanmar. ,” said U Zayar Aung, GM of Cards and Merchant Services Department of CB Bank.
The digital payments landscape in Myanmar is growing rapidly. An estimated 19.6 million users will power US$2.4 million in transactions in Myanmar this year. By 2023, that number is expected to leap by a third to US$3.2 million, 99% of which will be driven by digital commerce[1]. Now is a prime time for businesses across sectors to seize the opportunities offered by the country’s advancing digital economy.
“Mastercard is committed to putting the digital economy to work for everyone, everywhere. The collaboration with CB Bank to power eGovernment services through Mastercard Payment Gateway will drive a seamless digital ecosystem that is efficient, safe and secure. Mastercard will continue to focus on initiatives that power a more digitized Myanmar, in line with the government’s vision for a digital economy accessible to all,” said Aileen Chew, Country Manager, Thailand and Myanmar, Mastercard.
Businesses in Myanmar looking to register as SME can access the MSME Webportal through the Myanmar SME Development Agency website, https://www.msme.gov.mm/en ,run by the Directorate of Industrial Supervision and Inspection, and the Ministry of Planning, Finance and Industry.
The MSME Webportal digital initiative aligns with the six-year plan laid out in the Myanmar Digital Economy Roadmap[2], where governments and other organizations – from startups to SMEs/MSMEs, to traditional agriculture companies – work together to usher Myanmar into a digital future.
[1] Facts on Myanmar’s Digital Payments Landscape, Statistica
[2] https://www.mopf.gov.mm/en/ministry-article/publication/myanmar-digital-economy-roadmap
ENDS
About CB Bank
CB Bank is one of the largest leading private banks in Myanmar established in 1992. With technology at the core of our key initiatives to reimagine the future of financial services, CB Bank has:
• Established technology infrastructure and core banking systems,
• Introduced banking products and services for customers and clients on our digital platforms
• Forged strategic partnerships with many partners and service providers
Over 27 years, CB Bank has grown from 33 employees to around 9,000 employees and opened over 245 branches. Tailored to customer requirements, CB Bank offers financial solutions to corporate clients, SMEs and individual customers.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
CB Bank Contact
Min Thein,+959 45504 7370
media@cbbank.com.mm
Mastercard Communications Contact
Mylene Ong, +65 6390 66553
mylene.ong@mastercard.com
Agency Communications Contact
Khushil Vaswani, +65 6825 8023
kvaswani@webershandwick.com