Co-operative Bank Ltd

Last updated
CB Bank
Public
IndustryBanking
FoundedAugust 21, 1992 (1992-08-21)
Headquarters
Yangon, Myanmar
Number of locations
206 branches (2016) [1]
Key people
Khin Maung Aye (Chairman) Kyaw Lynn (Executive Vice Chairman & CEO)
Products Financial services
Number of employees
7000 (2016)
Website www.cbbank.com.mm

Co-operative Bank Ltd. (CB Bank) is one of Myanmar's oldest and largest commercial banks. It became the first bank in Myanmar to issue ATM cards and credit cards. [2] The bank, led by U Khin Mg Aye (Chairman) [3] and U Kyaw Lynn (CEO) [4] has over 200 branches across the country. [1]

Myanmar Republic in Southeast Asia

Myanmar, officially the Republic of the Union of Myanmar, and also known as Burma, is a country in Southeast Asia. Myanmar is bordered by India and Bangladesh to its west, Thailand and Laos to its east and China to its north and northeast. Myanmar is the largest of the mainland Southeast Asian states. To its south, about one third of Myanmar's total perimeter of 5,876 km (3,651 mi) forms an uninterrupted coastline of 1,930 km (1,200 mi) along the Bay of Bengal and the Andaman Sea. The country's 2014 census counted the population to be 51 million people. As of 2017, the population is about 54 million. Myanmar is 676,578 square kilometres in size. Its capital city is Naypyidaw, and its largest city is Yangon (Rangoon). Myanmar has been a member of the Association of Southeast Asian Nations (ASEAN) since 1997.

Contents

History

The CB Bank was established on 21 August 1992 with the permission of the Central Bank of Myanmar. It started as a small bank with 33 employees and has around 7000 in 2016. In 2004, it became a public company. [5] The CB Bank's head office is located in the Botahtaung township area of Yangon.

Central Bank of Myanmar central bank of Myanmar

The Central Bank of Myanmar is the central bank of Myanmar.

Public company Company that offers its securities for sale to the general public

A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public company can be listed on a stock exchange, which facilitates the trade of shares, or not. In some jurisdictions, public companies over a certain size must be listed on an exchange.

Yangon Metropolitan City in Yangon Region, Myanmar

Yangon, formerly known as Rangoon, is the capital of the Yangon Region and the largest city of Myanmar. Yangon served as the capital of Myanmar until 2006, when the military government relocated the administrative functions to the purpose-built city of Naypyidaw [nèpjìdɔ̀] in central Myanmar. With over 7 million people, Yangon is Myanmar's most populous city and its most important commercial centre.

CB Bank heaquarter at Yangon CB Bank building Yangon.png
CB Bank heaquarter at Yangon

In May 2013, CB Bank became the first bank in Myanmar to issue a debit card [6] and permitted the first card-related financial transaction in Myanmar. [7] In September 2012, MasterCard signed an agreement with CB Bank to license cards in the country and this enabled local merchants and ATMs to accept the payment cards. [8] [9] [10] [11] In 2013, CB Bank switched to T24 [12] from Temenos as its core banking system to enhance bank-wide connectivity with the branches in the country. [13] [14] The bank named the ATM service as EASI Banking. The bank has the largest network of ATM and Foreign Exchange Counters in Myanmar. [15] [16] [17] [18]

Automated teller machine electronic banking kiosk

An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff.

After signing the contract with the Asian Development Bank (ADB) under the Trade Finance Program, CB Bank received $12 million for its Trade financing program in October 2015. [19] It allowed the bank to issue Letter of Credit agreement, which allowed exporters to ship products before receiving payment under CB Bank’s trade finance lines, guaranteed by ADB. [20]

Asian Development Bank regional development bank

The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The company also maintains 31 field offices around the world to promote social and economic development in Asia. The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific and non-regional developed countries. From 31 members at its establishment, ADB now has 68 members,

CB Bank also started offering mobile banking services to the personnel and corporate clients which include basic banking functions, remote access banking services and mobile airtime top-ups are available through the app. [21] It launched Easi Mobile Banking Agent for areas in Myanmar where there is no branch coverage. [22] Mobile agents will receive 30 percent of normal money transfer and 50 percent for other services. [23] CB Bank partnered with Myanmar Post Office in 2017 to further expand its mobile agent services at post offices. [24]

A post office is a public department that provides a customer service to the public and handles their mail needs. Post offices offer mail-related services such as acceptance of letters and parcels; provision of post office boxes; and sale of postage stamps, packaging, and stationery. In addition, many post offices offer additional services: providing and accepting government forms, processing government services and fees, and banking services. The chief administrator of a post office is called a postmaster.

From 2016, CB Bank and other several banks started offering loans for SMEs in collaboration with Japanese Government and state-owned Myanmar Insurance. [25] Additionally, CB Bank was chosen by German KfW bank to provide 4.45 EUR million worth of loans for SMEs in Myanmar based on market study and due diligence offer SME or loans with or without collateral. [26]

Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank, the European Union, the United Nations and the World Trade Organization (WTO).

KfW German government-owned development bank

The KfW, formerly KfW Bankengruppe, is a German state-owned development bank, based in Frankfurt. Its name originally comes from Kreditanstalt für Wiederaufbau. It was formed in 1948 after World War II as part of the Marshall Plan. As of 2018, it is Germany’s third largest bank by balance sheet.

In January 2017, CB Bank signed an agreement with Diebold Nixdorf for systems, software and services to expand its cardless cash withdrawal services and P2P offerings to self-service banking in Myanmar. [27] CB bank, already hosting one of the largest ATM networks in Myanmar, has planned to double the number of terminals to expend its self-service network. [28]

In August 2017, Grab, an online cab aggregator partnered with CB Bank to offer banking services available to its drivers. [29] The drivers have benefitted from the program obtaining access to ATM cards and bank accounts. In September 2017, it announced partnership with telecom operator Ooredoo to launch, M-Pitesan, a mobile wallet which will offer nationwide money transfer and bill payments services. [30] [31] [32]

In September 2017, CB bank launched the contactless payment system in collaboration with Visa and Master Card the payment service providers. The service help users to complete their payments through contactless POS machines for Visa and Master card. [33]

In January 2018, CB Bank opened the first small and medium enterprise (SME) center in Mandalay. Through (SME) centers, CB Bank aims to help SMEs apply for necessary loans. Plans of SME loans include SME-Credit Guarantee Insurance Loan (SME CGI Loan), SME Longterm Investment Loan Powered by JICA, SME Business Expansion Loan Powered by KfW, and SME Term Loan. [34]

In April 2018, CB Bank signed an agreement with KfW Development Bank (KfW) to extend loans with $13.22 million to finance small and medium-sized enterprises in Myanmar. [35]

In May 2019, CB Bank and Telenor Myanmar signed a partnership with Visa to launch the CB-Telenor co-branded Visa credit card which aims to enhance financial services in Myanmar and expand benefits for Telenor Star Platinum users. [36] [37]

Major awards

Related Research Articles

A debit card is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money is immediately transferred directly from the cardholder's bank account when performing any transaction.

Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS technology originated in the United States in 1981 and was adopted by other countries. In Australia and New Zealand, it is also the brand name of a specific system used for such payments; these systems are mainly country specific and do not interconnect.

Visa Inc. Multinational financial company best known for credit and debit cards

Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, gift cards, and debit cards. Visa does not issue cards, extend credit or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash-access programs to their customers. In 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa's global network processed 100 billion transactions during 2014 with a total volume of US$6.8 trillion.

Mastercard American multinational financial services corporation

Mastercard Incorporated is an American multinational financial services corporation headquartered in the Mastercard International Global Headquarters in Purchase, New York, United States. The Global Operations Headquarters is located in O'Fallon, Missouri, United States, a municipality of St. Charles County, Missouri. Throughout the world, its principal business is to process payments between the banks of merchants and the card issuing banks or credit unions of the purchasers who use the "Mastercard" brand debit, credit and prepaid to make purchases. Mastercard Worldwide has been a publicly traded company since 2006. Prior to its initial public offering, Mastercard Worldwide was a cooperative owned by the more than 25,000 financial institutions that issue its branded cards.

Financial services economic service provided by the finance industry

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises. Financial services companies are present in all economically developed geographic locations and tend to cluster in local, national, regional and international financial centers such as London, New York City, and Tokyo.

GE Capital is the financial services division of General Electric. Through its two divisions, GE Capital Aviation Services and GE Energy Financial Services, it provides commercial lending and leasing, as well as a range of financial services for commercial aviation, energy, and support for GE's industrial business units.

Kasikornbank is a major banking group in Thailand. KBank was established on 8 June 1945 by Choti Lamsam, with registered capital of five million baht. It has been listed on the Stock Exchange of Thailand since 1976. The current chairman and CEO is Bantoon Lamsam, the grandson of the founder. In 2003, Thai Farmers Bank changed its name to Kasikornbank or KBank.

Mashreqbank PSC is the oldest privately owned bank in the United Arab Emirates. Founded as the Bank of Oman in 1967, Mashreq was the first UAE bank to install ATM cash dispensers, the first to issue debit and credit cards and the first to introduce consumer loans. Today Mashreq provides conventional and Islamic personal banking services including deposits, loans and credit cards; conventional and Islamic investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial in public offering and underwriting; conventional and Islamic asset management services including wealth management.

Citibank (Hong Kong) franchise subsidiary of Citigroup


Citibank Limited is a licensed bank incorporated in Hong Kong.

UnionPay Chinese bank card organization

UnionPay, also known as China UnionPay or by its abbreviation, CUP or UPI internationally, is a Chinese financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on 26 March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China. It is also the only interbank network in China that links all the automatic teller machine (ATMs) of all banks throughout the country. It is also an electronic funds transfer at point of sale (EFTPOS) network.

Citibank Singapore Singapore division of Citibank N.A.

Citibank Singapore Limited is a division of Citibank N.A. of the United States and incorporated in Singapore on 28 June 2004. Its parent was awarded Qualifying Full Bank (QFB) status on 20 October 1999, and this status was transferred to the Singapore division on the day of its incorporation. The bank has a shared automated teller machine (ATM) network with HSBC, State Bank of India, Maybank, The Royal Bank of Scotland, Bank of China, and Standard Chartered called atm5.

NETS (company)

Network for Electronic Transfers or more commonly known as NETS; is a Singaporean electronic payment service provider founded in 1985 by a consortium of local banks to establish the debit network and drive the adoption of electronic payments in Singapore. It is owned by DBS Bank, OCBC Bank and United Overseas Bank (UOB).

Multibanco

Multibanco is an interbank network in Portugal owned and operated by Sociedade Interbancária de Serviços S.A., or SIBS, that links the ATMs of 27 banks in Portugal, totaling 12,700 machines as of December 2014. The bank members of Multibanco control the SIBS. Multibanco is a fully integrated interbank network. One of the most notable characteristics of Multibanco is the wide range of services that can be utilised through its machines.

Axis Bank is the third-largest of the private-sector banks in India offering a wide assortment of financial products. The bank has its head office in Mumbai, Maharashtra. It has 4,050 branches, 11,801 ATMs and 4,917 cash recyclers spread across the country as of 31 March 2019 and nine international offices. The bank employs over 55,000 people and had a market capitalization of ₹1.31 trillion (US$19 billion). It sells financial services to large and mid-size corporates, SME and retail businesses.

Discover Financial Services, Inc. is an American financial services company that owns and operates Discover Bank, which offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards. It also owns and operates the Discover and Pulse networks, and owns Diners Club International. Discover Card is the third largest credit card brand in the United States, when measured by cards in force, with nearly 50 million cardholders. Discover is currently headquartered in the Chicago suburb of Riverwoods, Illinois.

Citibank (Malaysia)

Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited. Commencing its banking operations in Malaysia in 1959, Citibank Berhad was locally incorporated in 1994.

Girocard interbank network and debit card service

Girocard is an interbank network and debit card service connecting virtually all German ATMs and banks. It is based on standards and agreements developed by the German Banking Industry Committee.

Yoma Bank Burmese commercial bank

Yoma Bank Limited is one of Myanmar's largest commercial banks. It is the 4th-biggest bank in Myanmar. The bank is led by Canadian Hal Bosher and has 80 branches across the country.

Vocalink is a payment systems company headquartered in the United Kingdom, created in 2007 from the merger between Voca and LINK. It designs, builds and operates the UK payments infrastructure, which underpins the provision of the Bacs payment system, the Direct Debit system, the UK ATM LINK switching platform covering 65,000 ATMs and the UK Faster Payments systems.

Asia Green Development Bank is a public commercial bank in Burma (Myanmar) providing banking services and products. It was one of 4 private banks to commence operations in August 2010 when the government issued four new banking licences and the first new financial institutions in the country since the establishment of Innwa Bank in 1997. Its headquarters are situated in Yangon, Burma. The bank began trading on the Yangon Stock Exchange when it opened in 2016. The bank was founded by Tay Za and is a subsidiary of parent company Htoo Group, whose 15% stake was sold to new shareholders, the most prominent of whom is Kyaw Ne Win, the grandson of Ne Win, the country's former dictator. In 2016 Infosys provided AGD Bank with Finacle front and backend solutions for online banking systems.

References

  1. 1 2 "About CB Bank". www.cbbank.com.mm. Retrieved 3 March 2018.
  2. ↑ "In A Single ATM, The Story Of A Nation's Economy". Npr.org. 28 March 2013. Retrieved 7 March 2018.
  3. ↑ "Company Overview of Kaung Myanmar Aung Group of Companies". Bloomberg. Retrieved 2018-03-09.
  4. ↑ "CB Bank to expand banking services by going digital". The Myanmar Times. Retrieved 2018-03-07.
  5. ↑ Nehru, Vikram. "Banking on Myanmar: A Strategy for Financial Sector Reform". Carnegie Endowment for International Peace. Retrieved 2018-03-07.
  6. ↑ "Myanmar Bank Hopes To Issue First Domestic Credit Card". International Business Times. 2013-07-17. Retrieved 2018-03-07.
  7. ↑ "Myanmar lures Visa, other foreign credit card issuers". Nikkei. 8 February 2017. Retrieved 7 March 2018.
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  9. ↑ "CB Bank Issues Myanmar's First Visa, MasterCard Credit Cards for Domestic Use". Myanmar Business Today. Retrieved 2018-03-07.
  10. ↑ Thura, Min. "CB bank to offer Visa, MasterCards" . Retrieved 2018-03-07.
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  19. ↑ "Grab to Invest $100 Million in Myanmar as Smartphone Use Surges". Bloomberg.com. 2017-08-25. Retrieved 2018-03-07.
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  21. ↑ "CB Bank launches new trade finance products". The Myanmar Times. Retrieved 2018-03-07.
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  23. ↑ "CB Bank Licenses Agents to Aid Money Transfer". Myanmar Business Today. Retrieved 2018-03-07.
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  25. ↑ "Commercial banks join subsidised SME loan scheme". The Myanmar Times. Retrieved 2018-03-07.
  26. ↑ mizzima (2016-10-25). "Germany to provide 4.45 million EUR grant funds for SME promotion". Mizzima. Retrieved 2018-03-07.
  27. ↑ "CB Bank leads Myanmar's drive for digitalisation" . Retrieved 2018-03-07.
  28. ↑ "CB Bank to double the size of its ATM network in 2017". The Irrawaddy. 2017-01-20. Retrieved 2018-03-07.
  29. ↑ "GRAB (A) TAXI IN YANGON - MYANMORE Yangon". www.myanmore.com. Retrieved 2018-03-07.
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  31. ↑ "Mobile operators join war on cash - The Nation". The Nation. Retrieved 2018-03-07.
  32. ↑ "Ooredoo Myanmar launches mobile money service" . Retrieved 2018-03-07.
  33. ↑ "CB Bank launches contactless system with Visa, Master". The Myanmar Times.
  34. ↑ "CB Bank opens new centre to better serve SMEs". The Myanmar Times.
  35. ↑ "KfW extends loans for SMEs via CB, Myanmar Apex bank". The Myanmar Times.
  36. ↑ "CB Bank, Telenor launch new Visa card". The Myanmar Times.
  37. ↑ "CB-Telenor Collaborate to Launch New Visa Card for Telenor Platinum Star Members". Myanmar Business Today.
  38. ↑ "Treasury, Trade, Supply Chain and Risk Management Awards 2019 - Best Banks ASEAN / Australia". www.theasset.com.
  39. 1 2 "Asiamoney best bank awards 2019: Myanmar". Euromoney.
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  47. ↑ "World Finance Digital Banking Awards 2016 | World Finance". www.worldfinance.com. Retrieved 2018-03-07.
  48. ↑ "CB Bank: Awards". www.cbbank.com.mm. Retrieved 2018-03-07.
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