In what will be a landmark event for the heavily closeted banking sector in Myanmar, a private bank in that country reportedly soon will begin offering online-payment services in partnership with a government ministry.
Under the initiative, Asia Green Development Bank is partnering with Yatanarpon Teleport to support online payments for shopping, billing services, education and other purposes, according to Myanmar Times, a local newspaper.
Yatanarpon Teleport is a government agency that conducts information-technology development under the Myanmar Ministry of Post and Telegraph.
Asia Green Development will begin to offer online-payment services when the national Yatanarpon Web portal opens on Sept. 30, an official from the agency is quoted as saying in the news report, which noted the agency remains in talks with possible partners, including local businesses and shopping centers.
Asia Green Development is one of the four private banks the central bank recently granted permission to begin operations Myanmar. It held its grand opening ceremony in the new capital city of Nay Pyi Taw on Aug. 6.
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