CB Bank

CB Bank is one of Myanmar's oldest and largest commercial banks. It became the first bank in Myanmar to issue ATM cards and credit cards.[2] The bank, led by U Khin Mg Aye (Chairman)[3] and U Kyaw Lynn (CEO)[4] has over 200 branches across the country.[1]

This article is about the Myanmar bank. For other similarly named banks, see Co-operative Bank (disambiguation).
CB Bank PCL
TypePublic
IndustryBanking
FoundedAugust 21, 1992 (1992-08-21)
Headquarters
Yangon, Myanmar
Number of locations
230 branches (2019)[1]
Key people
Khin Maung Aye (Chairman) Kyaw Lynn (Executive Vice Chairman & CEO)
ProductsFinancial services
Number of employees
9000 (2019)
Websitewww.cbbank.com.mm

History

The CB Bank was established on 21 August 1992 with the permission of the Central Bank of Myanmar. It started as a small bank with 33 employees and has around 7000 in 2016. In 2004, it became a public company.[5] The CB Bank's head office is located in the Botahtaung township area of Yangon.

CB Bank heaquarter at Yangon

In May 2013, CB Bank became the first bank in Myanmar to issue a debit card[6] and permitted the first card-related financial transaction in Myanmar.[7] In September 2012, Mastercard signed an agreement with CB Bank to license cards in the country and this enabled local merchants and ATMs to accept the payment cards.[8][9][10][11] In 2013, CB Bank switched to T24[12] from Temenos as its core banking system to enhance bank-wide connectivity with the branches in the country.[13][14] The bank named the ATM service as EASI Banking. The bank has the largest network of ATM and Foreign Exchange Counters in Myanmar.[15][16][17][18]

After signing the contract with the Asian Development Bank (ADB) under the Trade Finance Program, CB Bank received $12 million for its Trade financing program in October 2015.[19] It allowed the bank to issue Letter of Credit agreement, which allowed exporters to ship products before receiving payment under CB Bank’s trade finance lines, guaranteed by ADB.[20]

CB Bank also started offering mobile banking services to the personnel and corporate clients which include basic banking functions, remote access banking services and mobile airtime top-ups are available through the app.[21] It launched Easi Mobile Banking Agent for areas in Myanmar where there is no branch coverage.[22] Mobile agents will receive 30 percent of normal money transfer and 50 percent for other services.[23] CB Bank partnered with Myanmar Post Office in 2017 to further expand its mobile agent services at post offices.[24]

From 2016, CB Bank and other several banks started offering loans for SMEs in collaboration with Japanese Government and state-owned Myanmar Insurance.[25] Additionally, CB Bank was chosen by German KfW bank to provide 4.45 EUR million worth of loans for SMEs in Myanmar based on market study and due diligence offer SME or loans with or without collateral.[26]

In January 2017, CB Bank signed an agreement with Diebold Nixdorf for systems, software and services to expand its cardless cash withdrawal services and P2P offerings to self-service banking in Myanmar.[27] CB bank, already hosting one of the largest ATM networks in Myanmar, has planned to double the number of terminals to expend its self-service network.[28]

In August 2017, Grab, an online cab aggregator partnered with CB Bank to offer banking services available to its drivers.[29] The drivers have benefitted from the program obtaining access to ATM cards and bank accounts. In September 2017, it announced partnership with telecom operator Ooredoo to launch, M-Pitesan, a mobile wallet which will offer nationwide money transfer and bill payments services.[30][31][32]

In September 2017, CB bank launched the contactless payment system in collaboration with Visa and Mastercard the payment service providers. The service help users to complete their payments through contactless POS machines for Visa and Mastercard.[33]

In January 2018, CB Bank opened the first small and medium enterprise (SME) center in Mandalay. Through (SME) centers, CB Bank aims to help SMEs apply for necessary loans. Plans of SME loans include SME-Credit Guarantee Insurance Loan (SME CGI Loan), SME Longterm Investment Loan Powered by JICA, SME Business Expansion Loan Powered by KfW, and SME Term Loan.[34]

In April 2018, CB Bank signed an agreement with KfW Development Bank (KfW) to extend loans with $13.22 million to finance small and medium-sized enterprises in Myanmar.[35]

In May 2019, CB Bank and Telenor Myanmar signed a partnership with Visa to launch the CB-Telenor co-branded Visa credit card which aims to enhance financial services in Myanmar and expand benefits for Telenor Star Platinum users.[36][37]

In October 2019, CB Bank announced that it will launch its innovation lab on the APIX platform making it the first bank in the ASEAN region[38] to connect with an open-architecture.[39][40] In May 2020, CB Bank became the first bank in Myanmar to open smart branch at the Kantharyar Center. Similar to self-checkouts, customers can open their own bank accounts and get debit/prepaid cards immediately with minimal interactions with bank staffs.[41]

Partnerships

In September 2019, CB Bank partnered with England based professional football club, Manchester United to become their official financial services partner for Myanmar.[42] It launched the Manchester United branded prepaid cards, debit cards and credit cards in Myanmar.[43][44]

In March 2020, to support digital and cashless payments in Myanmar, CB Bank becomes the first bank in Myanmar to support MSME portal in partnership with MasterCard and the Myanmar government.[45] In September 2020, it partnered with Infobip and Viber to launch Myanmar’s first banking service on the Viber community platform. This helped bank to replace traditional call center agents with virtual personal assistants.[46]

Major awards
  • 2019 Best Service Provider - Trade Finance Myanmar by The Asset[47]
  • 2019 Best Corporate & Investment Bank in Myanmar by Asia Money[48]
  • 2019 Best for Premium Banking Service by Asia Money[48]
  • 2019 Best Bank in Myanmar by Global Finance[49]
  • 2019 Best Digital Bank by the World Finance[50]
  • 2019 Best Mobile Banking (CB Pay) by the World Finance[50]
  • 2019 Financial Inclusion: CB Bank Mobile Agent Banking[51]
  • 2018 Best Trade Finance in Myanmar by The Asset
  • 2018 Best Trade Finance Bank in Myanmar[52]
  • 2018 Best Cash Management Bank in Myanmar[52]
  • 2018 Best Bank in Myanmar by Asia Money[53]
  • 2018 Best Digital Bank in Myanmar by Asia Money[53]
  • 2018 Best Corporate and Investment Bank in Myanmar by Asia Money[53]
  • 2018 Best Bank for SMEs in Myanmar by Asia Money[53]
  • 2017 Best Structured Trade Finance in Myanmar by The Asset
  • 2017 Best Digital Bank in Myanmar by Asia Money[54]
  • 2017 Best Digital Bank and Best Mobile Banking Application by the World Finance[55]
  • 2016 Best Digital Bank and Best Mobile Banking Application by the World Finance[56]
  • 2016 The Asset Triple A for ‘Best Trade Finance Bank in Myanmar[57]
  • 2016 Best Bank in Myanmar[58]
  • 2015 Best Bank in Myanmar[59]
  • 2014 Best Corporate Bank in Myanmar
  • 2013 The Industry Leadership Award

References
  1. "About CB Bank-Our People". www.cbbank.com.mm. Retrieved 14 November 2018.
  2. "In A Single ATM, The Story Of A Nation's Economy". Npr.org. 28 March 2013. Retrieved 7 March 2018.
  3. "Company Overview of Kaung Myanmar Aung Group of Companies". Bloomberg. Retrieved 2018-03-09.
  4. "CB Bank to expand banking services by going digital". The Myanmar Times. Retrieved 2018-03-07.
  5. Nehru, Vikram. "Banking on Myanmar: A Strategy for Financial Sector Reform". Carnegie Endowment for International Peace. Retrieved 2018-03-07.
  6. "Myanmar Bank Hopes To Issue First Domestic Credit Card". International Business Times. 2013-07-17. Retrieved 2018-03-07.
  7. "Myanmar lures Visa, other foreign credit card issuers". Nikkei. 8 February 2017. Retrieved 7 March 2018.
  8. "CB Bank to be first to issue Visa and Mastercard cards in Myanmar - Cards International". Cards International. 2013-07-16. Retrieved 2018-03-07.
  9. "CB Bank Issues Myanmar's First Visa, Mastercard Credit Cards for Domestic Use". Myanmar Business Today. Retrieved 2018-03-07.
  10. Thura, Min. "CB bank to offer Visa, Mastercards". Retrieved 2018-03-07.
  11. "A Cashless Future for Myanmar, One Step at a Time | Global Hub". newsroom.mastercard.com. Retrieved 2018-03-07.
  12. "Temenos puts Myanmar on the core banking map". Finextra Research. 2013-06-25. Retrieved 2018-03-07.
  13. "CB Bank in Myanmar rolls out cardless cash withdrawal and P2P payment services with advanced technology from Diebold Nixdorf". EPR Retail News. Retrieved 2018-03-07.
  14. "CB Bank pursues self-service banking in Myanmar | Retail News Asia". Retail News Asia. 2017-01-24. Retrieved 2018-03-07.
  15. "C B Bank - About Us Our Journey". Cbbankmm.com. Retrieved 2012-01-28.
  16. "GRG Helps Myanmar Public to Have ATM Again After 8 Year of Waiting". Grgbanking.com. 2011-11-01. Archived from the original on 2012-01-19. Retrieved 2012-01-28.
  17. 4-traders (2011-11-01). "GRG Banking Equipment Co., Ltd. : GRG Helps Myanmar Public to Have ATM Again After 8 Year ." 4-Traders. Retrieved 2012-01-28.
  18. "ATMs find favour with users". Mmtimes.com. Archived from the original on 2014-08-08. Retrieved 2012-01-28.
  19. "Grab to Invest $100 Million in Myanmar as Smartphone Use Surges". Bloomberg.com. 2017-08-25. Retrieved 2018-03-07.
  20. "CB Bank first to sign for ADB trade finance". The Myanmar Times. Retrieved 2018-03-07.
  21. "CB Bank launches new trade finance products". The Myanmar Times. Retrieved 2018-03-07.
  22. Janssen, Peter. "Private banks embark on quest for identity – and new markets". Frontier Myanmar. Retrieved 2018-03-07.
  23. "CB Bank Licenses Agents to Aid Money Transfer". Myanmar Business Today. Retrieved 2018-03-07.
  24. "MPT SIM Registration Services Now Available at Post Offices Nationwide - MPT Myanmar | Moving Myanmar Forward". MPT Myanmar | Moving Myanmar Forward. 2016-12-23. Retrieved 2018-03-07.
  25. "Commercial banks join subsidised SME loan scheme". The Myanmar Times. Retrieved 2018-03-07.
  26. mizzima (2016-10-25). "Germany to provide 4.45 million EUR grant funds for SME promotion". Mizzima. Retrieved 2018-03-07.
  27. "CB Bank leads Myanmar's drive for digitalisation". Retrieved 2018-03-07.
  28. "CB Bank to double the size of its ATM network in 2017". The Irrawaddy. 2017-01-20. Retrieved 2018-03-07.
  29. "GRAB (A) TAXI IN YANGON - MYANMORE Yangon". www.myanmore.com. Retrieved 2018-03-07.
  30. "Mobile money services gaining popularity across Myanmar". The Myanmar Times. Retrieved 2018-03-07.
  31. "Mobile operators join war on cash - The Nation". The Nation. Retrieved 2018-03-07.
  32. "Ooredoo Myanmar launches mobile money service". Retrieved 2018-03-07.
  33. "CB Bank launches contactless system with Visa, Master". The Myanmar Times.
  34. "CB Bank opens new centre to better serve SMEs". The Myanmar Times.
  35. "KfW extends loans for SMEs via CB, Myanmar Apex bank". The Myanmar Times.
  36. "CB Bank, Telenor launch new Visa card". The Myanmar Times.
  37. "CB-Telenor Collaborate to Launch New Visa Card for Telenor Platinum Star Members". Myanmar Business Today.
  38. "CB Bank first to launch on Asean fintech platform". The Myanmar Times. 2019-10-23. Retrieved 2019-11-14.
  39. "The First Bank in the ASEAN region to launch its Innovation Lab on the cloud with the APIX". CCI France Myanmar. Retrieved 2019-11-14.
  40. "CB銀行、FinTechと接続するAPIXプラットフォームでイノベーションラボを開始 ミャンマーニュース". www.myanmar-news.asia. Retrieved 2019-11-14.
  41. "CB Bank becomes the first bank who launch smart branch in Myanmar". CCI France Myanmar. Retrieved 12 January 2021.
  42. "CB Bank | Man Utd Financial Partners & Sponsors". www.manutd.com. Retrieved 2019-11-14.
  43. "CB Bank becomes official financial services partner of Man United for Myanmar". The Myanmar Times. 2019-09-24. Retrieved 2019-11-14.
  44. Myanmar, MySport. "CB Bank Manchester United Official Financial Services Partner". MySport Myanmar. Retrieved 2019-11-14.
  45. "Mastercard, CB Bank support MSME webportal | Myanmar Financial Services Monitor". finance.frontiermyanmar.com. Retrieved 12 January 2021.
  46. "CB Bank launches Myanmar first banking service on Viber". CB Bank. Retrieved 12 January 2021.
  47. "Treasury, Trade, Supply Chain and Risk Management Awards 2019 - Best Banks ASEAN / Australia". www.theasset.com.
  48. "Asiamoney best bank awards 2019: Myanmar". Euromoney.
  49. "2019 Best bank in Myanmar" (PDF).
  50. "World Finance Digital Banking Awards 2018". www.worldfinance.com.
  51. "Financial Inclusion CB Bank CB Bank Mobile Agent Banking". gfmag.com.
  52. "The Transaction Banking Awards". www.asianbankerawards.com.
  53. "Asiamoney best bank awards 2018: Myanmar". Euromoney.
  54. "Asiamoney Best Bank Awards 2017: Myanmar". Euromoney. Retrieved 2018-03-07.
  55. "World Finance Digital Banking Awards 2017 | World Finance". www.worldfinance.com. Retrieved 2018-03-07.
  56. "World Finance Digital Banking Awards 2016 | World Finance". www.worldfinance.com. Retrieved 2018-03-07.
  57. "CB Bank: Awards". www.cbbank.com.mm. Retrieved 2018-03-07.
  58. "Global Finance Names The World's Best Emerging Markets Banks In Asia-Pacific 2016" (PDF). Gfmag.com. Retrieved 2018-03-08.
  59. "World's Best Banks 2015". Gfmag.com. Retrieved 2018-03-08.
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