In partnership with mFino, a global fintech solution provider, AYA Bank will introduce mobile fintech products and advanced payments for the market by the end of this year

AYA BANK, one of the top three private banks in Myanmar, recently signed a pact with mFino, a global fintech solution provider, to deliver new products and advanced payments for the market, said Myint Zaw, the bank’s managing director.

He said the partnership would lead the bank to introducing mobile fintech products by the end of this year. He seemed proud to play a role in Myanmar’s bid to ensure financial inclusion.

“We target all the people who do not have even a bank account. We hope to bring Myanmar’s large underbanked and unbanked segments under the umbrella of financial inclusion with our new offerings,” he said.

According to surveys done by different organisations, more than 90 per cent of Myanmar’s 53 million population do not have access to banks and financial institutions. The bank considers it as a room for improvement in the near future.

“We will go phase by phase. As the number of smartphone users in Myanmar is growing bigger from time to time, we aim at providing the people of Myanmar with better, quicker and more convenient mobile payment options,” he said.

“At AYA Bank, we view technology as a powerful enabler and leverage it to create products that enhance the banking experience. mFino shares the same enthusiasm, and with their expertise in deploying solutions across the globe, they bring a unique perspective to the endeavour. More than just equipping us with the tools for a quick transformation, mFino solutions will ensure that we are ready for the future.”

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He said the bank is actively pushing for the adoption of advanced payments solutions for the convenience of its existing and potential customers. He called for an urgent need to offer simple, credible solutions to attract and encourage the underbanked.

“Frictionless payment experiences such as QR (quick response) code & NFC (near field communication) payments have not yet found a strong foothold in Myanmar, mainly due to lack of infrastructure and awareness among users. We hope to fill the gap,” he said.

He said the bank would encourage the unbanked population with basic banking services accessible through easy-to-use interfaces on any mobile phone, thanks to strong growth in internet usage and mobile penetration.

He said reliable, secure banking services would drive rapid economic growth in the near future.

Once the new products are introduced in the market, people can easily perform financial transactions such as deposits, withdrawals, bill payments, top-ups and P2P transfers through the wallet or at authorised agent locations.

“We are also working to build a strong merchant ecosystem by introducing offerings such as in-store payments along with loyalty and reward programs tied to the wallet,” he said.

Owned by Zaw Zaw, a business tycoon who leads Max Myanmar Group of Companies, the bank received its banking licence from the Central Bank of Myanmar in July 2010.

225 branches

To date, the bank has 225 branches across the nation, and customer deposits grew healthily to 3.95 trillion kyats as of July 2017.

“For the years ahead, we will continue to extend our branch network throughout Myanmar. We will focus on building relationships with customers, providing excellent customer service, and leveraging technology to enhance our customer base. At the same time, we aim to strengthen our governance, risk and compliance structure as a measure to ensure balance and sustain growth,” the banker said.

In late June, the bank kicked off its digital transformation with a project to overhaul its core banking system. It led to the bank’s partnership with Misys FusionBanking to digitalise all of its manual processes.

(Eleven Media: http://www.elevenmyanmar.com/business/11316 )

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