Co-operative Bank (CB) debit card holders will likely be the first able to access cash from their Myanmar accounts when travelling in foreign countries, said CB managing director U Pe Myint.
The bank has successfully trialed withdrawals on its Mastercard-brand debit cards in China, Singapore and Thailand, and plans to test withdrawals in England and the US shortly, he said.
“We are preparing the infrastructure and waiting to serve our customers,” he said, adding Central Bank regulators are currently reviewing the service before approving it.
A Central Bank official said it is weighing allowing all banks working with international partners to allow debits abroad.
“The service is very new for Myanmar, and we have to consider any problems for the banks,” he said.
“As long as the transfer is from the current account [rather than the savings account] we won’t place a restriction on it.”
CB was the first Myanmar bank to ink an agreement with Mastercard in September 2012, launching its debit card network at ATMs and points of sale such as restaurants and hotels in Myanmar. The firm is planning to expand its offering through payment systems such as Visa and China Union Pay.
Other banks contacted by The Myanmar Times said they were interested in offering similar services, but had not yet made concrete moves to do so.
source: The Myanmar Times
http://www.mmtimes.com/index.php/business/8217-cb-to-offer-debit-abroad.html
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