GRGBanking unveils story behind Myanmar's 1st ATM in 8 years

The story was revealed during the China ATMs 2012.

GRGBanking attended China ATMs 2012 to reveal story behind the launch of the first GRG ATM in Myanmar, Feb 14 to 15, Ritz-Carlton, Financial Street, Beijing, China. Held by ATMIA and RBR, the event is regarded as the only dedicated ATM conference in the world's fastest growing ATM market.

Speeches on various topics, including case studies and industrial information exchange by banks, IADs, solution providers and networks from across the Asia-Pacific region, were delivered by experts and government officials including that from People’s Bank of China.

Gary Soon, Regional Sales Director for Asia Pacific from GRGBanking; U Maung Maung Win, Deputy Governor of Central Bank of Myanmar and U Tun Thura Thet, Representative of Co-operative Bank and CEO of Myanmar Information Technology gave a speech about the story behind the launch of the first ATM in Myanmar since 2003 and Myanmar Payment Union.

GRG also demonstrated the Multi-Function Cash Recycler H68NL and Intelligent Cash Deposit Machine P2801L, with its state-of-the-art Intelligent Cash Collection Solution, which automate, multiple traditional manual cash processes, by streamlining the cash supply chain from front to back-office and to optimizing an automated cash handling process without physical contact of cash.

GRG and its Myanmar's partner MIT signed an exclusive partnership agreement last September for developing Myanmar's national financial switching, as well as, bankcard and payment card systems named Myanmar Payment Union (MPU). The project is approved by the Ministry of Finance and led by the Payment Committee of the Central Bank of Myanmar. MIT had earlier been awarded the contract as the official exclusive technology partner of this project.

“MPU will have a great positive impact to the tourism industry of Myanmar, especially in 2013 and 2014 when Myanmar will hold SEA Games and ASEAN Summit. The visitors will be able to use payment cards in Myanmar conveniently.” Maung Maung Win said during an interview with China Economic Net.

The systems of banks in Myanmar will connect to each other, based on GRG’s inter-bank transaction settlement system named National Payment System (NPS). By this way bank card can be used cross banks, regions and borders. NPS can access international gateway such as VISA, MasterCard and more.

Co-operative Bank Ltd., (CB Bank), launched the first ATM to the Myanmar public at its Head Office, Yangon, on Nov 1, 2011. The name of the ATM service is “Easi Banking”. Any customer can apply Easi Card at Head Office of CB Bank. “The day indicates likely that every Asian country has ended the time without ATM to use,” Gary Soon said. Myanmar public has waited 8 years to use ATM again. Last time for Myanmar public to have ATM can be dated back in 2003.

According to Maung Maung Win, in 2003 the banks in Myanmar were issuing credit cards and there was a local liquidity crisis, which spun off from misappropriations of investments by some brokerage firms, which did not conform to the financial regulations of the Central Bank of Myanmar. That is why the usage of ATM and bankcards were stopped then.