KBZ Bank unveils Myanmar’s first domestic credit card

Mr Ashis Kumar Sharma, KBZ Bank’s head of cards and electronic payments, displays the new KBZ Bank credit card at a press briefing  Wednesday in Yangon.— Photo: Ye Myint
Mr Ashis Kumar Sharma, KBZ Bank’s head of cards and electronic payments, displays the new KBZ Bank credit card at a press briefing Wednesday in Yangon.— Photo: Ye Myint

Yangon, 24 July — Kanbawza Bank on Wednesday unveiled its new credit card, the first to be offered by a Myanmar financial institution since the government’s relaxation of offering the service.
At a press briefing in Yangon, KBZ Bank’s head of cards and electronic payments Mr Ashis Kumar Sharma said the card will initially be limited to existing domestic customers of the bank.
“Later on, we will start issuing better credit cards to all customers following the establishment of a credit bureau in the country and rules and regulations of Myanmar Payment Union (MPU),” Mr Sharma said.
The bank has invited its customers to apply for five difference types of credit cards— platinum, diamond, gold, silver and classical—since last month after getting the green light from the Central Bank of Myanmar to begin the service.
According to the bank, platinum card users can be eligible for a credit limit of up to K 5 million while the classical card can have a credit limit of up to K300,000.
Users are allowed to make cash withdrawals at any ATMs that can process Myanmar Payment Union cards across the country and payments at point of sales terminals and enjoy online shopping with the use of the credit cards, it said.
Customers must settle payments within 45 days of the purchase date, after which purchases will attract a 13 percent interest rate.
KBZ Bank has introduced internet and mobile banking services for customers, and has nearly 450 ATMs around the country.
The bank was granted an authorized dealer license (ADL) to operate foreign banking business in 2011. — GNLM

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