In a joint venture with Cisco System, an American multinational technology conglomerate, CB bank will deliver secure services with high availability via cyber banking

The Co-operative Bank (CB Bank) and Cisco System, an American multination­al technology conglomer­ate, has made a technical collaboration agreement to transform the bank’s data center and core net­work infrastructure to enable core banking ap­plications, digital banking and international services to be delivered to its cus­tomers and partners in a secure manner, accord­ing to a joint statement from CB Bank and Cisco System. The signing cer­emony was held at Melia Hotel, in Yangon’s com­mercial hub, on Septem­ber 26.

Myanmar’s financial service industry is going through a period of rapid transformation as the cus­tomer base expands and connectively improves at a breakneck pace. At the same time, there are in­creasing threats to the fi­nancial institutions’ tech­nological infrastructure. It is for this reason that tech­nology is crucial to build­ing solid infrastructure to deliver secure services with high availability, the joint statement said.

As Myanmar’s economy expands and opens up, CB Bank sees exciting oppor­tunities to work increas­ingly with international investors, providing a critical bridge to Myan­mar’s fast-growing cities, small and medium enter­prises, entrepreneurs and local communities.

“CB Bank has been ex­panding its services, qual­ity and coverage by in­troducing many digital transformations, because digital banking is an effec­tive way to provide access for customers across the country - not just services through 197 branches and ATMs but also new and innovative channels likes agents, mobile banking and internet banking,” said U Aung Thurein, Manag­ing Director of NEX4 ICT Solutions, (Cisco System’s Myanmar partner.)

“I believe that it is es­sential for organizations to align every part of their strategy in order to become industry leaders. We are dedicated to helping our clients deal with this chal­lenge and overcome the many obstacles they may face when connecting with new technologies.” Vatsun Thirapatarapong, Manag­ing Director of Cisco Sys­tem, said.

Through the collabora­tion between CB Bank and Cisco System, the bank’s technology will maintain the highest standards for the design and implementation for the project, engaging with Cisco Advanced Services team to bring world-class expertise and experience and thus ensure the pro­ject’s success.

Cisco Advanced Servic­es team is working with local partner NEX4 ICT Solutions for the imple­mentation of this project.

CB Bank recently launched contactless pay, ‘Touch CB' as the first time in Myanmar which is enable CB Bank's mer­chants across over 5,000 of its access points.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/cyber-banking-strengthen-cb-bank-services )

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