Myanmar-based MasterCard licensee Asia Green Development Bank, Ltd., began accepting MasterCard cards on Tuesday for cash withdrawals at ATMs located throughout the country.
AGDBank has 34 branches and operates 69 ATMs in the Myanmar states of Yangon, Naypyidaw and Mandalay. The announcement comes ahead of the 27th Southeast Asian Games, which will be held in December.
“We are certainly pleased to announce that AGDBank is ready to accept MasterCard and Maestro/Cirrus cards for ATM cash withdrawals despite being licensed a little over two months ago,” AGDBank Chairman Than Ye said. “Our team of staff has been working tirelessly and very closely with MasterCard to ensure that the ATM acceptance is smooth and compliant with MasterCard’s stringent requirements.”
MasterCard was the first international payments firm to issue a license to a bank in Myanmar last September. Last month, Myanmar saw the launch of the country’s first prepaid card available to residents when they travel abroad.
“While the economy of Myanmar is almost 100 percent cash-driven, we are seeing changes happen almost every single day, and each one is a step in the right direction towards driving financial inclusion, reducing the usage of cash, and ultimately driving e-commerce and mobile payments usage,” MasterCard Thailand and Myanmar Manager Antonio Corro said. “This is possible given the many capable bank partners that we work with, including AGDBank.”
MasterCard has nine partners in Myanmar, including Co-Operative Bank, Kanbawza Bank, United Amara Bank, Myanma Apex Bank, Myanmar Citizens Bank, Myanmar Oriental Bank, Ayeyarwardy Bank, AGDBank and Ryuji Finance.