JCB International Co., Ltd. (JCBI), international operations subsidiary of JCB Co., Ltd., today announced that it established a Yangon branch (Yangon city, Myanmar) under its subsidiary, JCB International (Thailand) Co., Ltd.In Myanmar, investment from other countries has been gaining momentum since democratization in 2011 due to easing of international economic sanctions. It has a population of over 50 million and annual economic growth by 7 to 8% in recent years (*1). Central Bank of Myanmar is taking initiative in improving the infrastructure for card payment, and the payment market in Myanmar is expected to grow.
MPU(*2) member banks, Ayeyarwady Bank, and Co-Operative Bank agreed on issuing JCB cards with JCBI, and will start issuing JCB cards in summer 2016 or later in Myanmar.
Naoya Michishima, Managing Director of JCB International (Thailand), said, “I am excited to have a new branch in Myanmar, which is one of the fastest growing countries in Asia. With this launch, now we will be able to build even closer relationships with our partners and develop our business in the Mekong region. We have been making efforts to provide support to the expansion of the Myanmar payment market in cooperation with MPU. I am confident that the issuance of MPU/JCB card in summer 2016 will grow the market even further and will contribute to the financial inclusion promoted by the government.”
*1 IMF – World Economic Outlook Databases (April 2016)
*2 MPU (Myanmar Payment Union): This is a payment institution established in 2011 with 17 member banks in Myanmar under the initiative of Central Bank of Myanmar for the purpose of improving the infrastructure of card payment to achieve cashless society (23 banks participated as of June 2016). MPU and member banks agreed in March 2015 to issue JCB cards.