JCB launches credit cards in Myanmar

The Japan Credit Bureau (JCB) has announced that they will be launching operations in Myanmar, making them the third major credit card company to move into the country after Visa Inc and Master Card.

JCB, the largest credit card company in Japan, hopes that operations will be fully underway in the newly reformed nation by early 2013, matching up with Visa’s plans to have ATMs ready for its foreign card acceptance network by January the same year.

In agreement with the Myanmar Payment Union (MPU), JCB International, JCB’s subsidiary, signed a memorandum of understanding on November 27 to set up ATMs in the country’s three main cities: Yangon, Mandalay and Naypyidaw, the capital.

The establishment of operations in Myanmar makes it the 16th market in JCB International’s network, which consists of 77 million cardholders.

At the moment, there are 17 domestic banks participating in MPU’s system, including Myanmar Citizen Bank, Myawaddy Bank, Myanmar Oriental Bank, Kanbawza Bank, Cooperative Bank, Asian Green Development Bank, and Myanmar Apex Bank.

MPU has set a minimum withdrawal amount of 1,000 kyat ($1.14) and a maximum of 5 million kyat (about $5,700) for card owners.

 



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The Japan Credit Bureau (JCB) has announced that they will be launching operations in Myanmar, making them the third major credit card company to move into the country after Visa Inc and Master Card. JCB, the largest credit card company in Japan, hopes that operations will be fully underway in the newly reformed nation by early 2013, matching up with Visa’s plans to have ATMs ready for its foreign card acceptance network by January the same year. In agreement with the Myanmar Payment Union (MPU), JCB International, JCB’s subsidiary, signed a memorandum of understanding on November 27 to set up...

The Japan Credit Bureau (JCB) has announced that they will be launching operations in Myanmar, making them the third major credit card company to move into the country after Visa Inc and Master Card.

JCB, the largest credit card company in Japan, hopes that operations will be fully underway in the newly reformed nation by early 2013, matching up with Visa’s plans to have ATMs ready for its foreign card acceptance network by January the same year.

In agreement with the Myanmar Payment Union (MPU), JCB International, JCB’s subsidiary, signed a memorandum of understanding on November 27 to set up ATMs in the country’s three main cities: Yangon, Mandalay and Naypyidaw, the capital.

The establishment of operations in Myanmar makes it the 16th market in JCB International’s network, which consists of 77 million cardholders.

At the moment, there are 17 domestic banks participating in MPU’s system, including Myanmar Citizen Bank, Myawaddy Bank, Myanmar Oriental Bank, Kanbawza Bank, Cooperative Bank, Asian Green Development Bank, and Myanmar Apex Bank.

MPU has set a minimum withdrawal amount of 1,000 kyat ($1.14) and a maximum of 5 million kyat (about $5,700) for card owners.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

1 COMMENT

  1. We can see how the large firms beating to be in Myanmar. Let’s see how this is going to move forward.

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