Myanmar Apex Bank (MAB), one of the four private banks set up during Myanmar’s 2010 privatisation wave, has launched a system allowing remittances via mobile phone text messages.
Money sent via a Mobile Bank application can be withdrawn at any branch of the bank, bilingual (English-Myanmar) newspaper Myanmar Business Today cited MAB chief executive U Win Min Khaing as saying.
Mobile Bank shows MAB locations, supports the Burmese, English and Chinese languages, and is compatible with any SIM card and mobile device, the paper said.
It also enables users to check or top up their mobile phone bills and make deposits to Visa or MasterCard accounts.
Most functions of the service require two security numbers – an access code and a personal identification number.
MAB is owned by Chit Khine, a Burmese tycoon who is under European Union, British and American economic sanctions.