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Myanmar bank to expand e-wallet service

mab bank walletMyanmar Apex Bank, the first bank in the country to offer an e-wallet service, is proposing to expand the service across the country in the next three months depending on the high mobile phone penetration. The bank’s MD Win Min Khine said mobile banking was developed as an agent-based model where customers can open their own mobile wallet accounts at any agent’s outlets without going to the bank. He said the bank is aiming to expand the agent network significantly in the months ahead so that everyone who has a mobile phone can tap into the services. The service is available on all kinds of phones – smartphones or low-cost keypad feature phones. The bank has about 1,000 agents and over 10,000 users. The number of agents will be doubled by |the end of this year and increased to more than 10,000 in three years.

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