MasterCard plans to open local branch office in Myanmar

MasterCard announced that they are planning to establish a local branch office in Myanmar and that they will appoint a country business development manager.
MasterCard aims to support the advancement of Myanmar’s digital payments ecosystem and its efforts to build a futuristic and inclusive cashless society. The establishment of the local office also underscores MasterCard’s long-term commitment to advancing Myanmar’s national digital agenda and reflects the company’s continued confidence in the market.
Myanmar’s GDP growth is expected to rebound to six per cent in 2021, making it one of the fastest-growing economies in the Southeast Asian region. The market has successfully leapfrogged several of the usual transition steps on its way to becoming a digital economy. For example, despite less than a quarter of the country has a bank account, 80 per cent of its citizens own a mobile phone, with many using their devices to conduct transactions and remit funds digitally. The government of Myanmar has been actively leveraging these advances to lay the foundation for a new payments’ infrastructure designed to allow entrepreneurs and businesses to capitalize on opportunities across consumer, commercial and government payment flows. “With its futuristic vision to enable sophisticated capabilities like real-time payments for its citizens and businesses, Myanmar is at a truly pivotal stage in its economic evolution. MasterCard has a long and established history in partnering with hundreds of nations around the world on growing and scaling their payments ecosystems.
“MasterCard’s ambition for Myanmar is no different – the organization is focussed on bringing its global best practices, coupled with a deeply rooted local presence and understanding of the domestic environment, to bear, to help the country secure a digital future defined by efficiency, agility, and security,” said Safdar Khan, Division President, Southeast Asia Emerging Markets, MasterCard.
“As Myanmar continues its digital transformation, it is also necessary to empower its people with the skill sets and knowledge they need to participate actively in the digital economy. MasterCard will bring to Myanmar decades of experience in technology skilling that will enable the country to accelerate human capital development. Furthermore, as part of the organization’s commitment to growing the local talent pool, MasterCard is well on its way to assembling a local leadership team which will be integral for sustainable, domestically relevant, long-term success” he added. MasterCard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. —GNLM (Translated by Hay Mar)

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