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Updated on June 12, 2018 From Myanmar Business Today

KBZ Bank Updates mBanking app With Myanmar Language Support

KBZ Bank, Myanmar’s largest privately owned bank, has relaunched its mobile banking app (mBanking app) in the Myanmar language, allowing greater financial accessibility to all in the country. This announcement follows the recently announced partnership agreement with Huawei to create an inclusive digital financial ecosystem, and moves KBZ Bank towards greater digitalization.
        Robin Chua, Mobile Banking Value-Center General Manager (VCGM) at KBZ Bank, is excited with the relaunch and believes KBZ Bank can now reach out to even more people in Myanmar, “With KBZ Bank’s mBanking app now available in both Myanmar and English languages, we are able to offer our banking services to everyone in Myanmar. This takes us one step closer to our dream of 100% financial inclusion in the country.”
        KBZ Bank’s mBanking app has already seen strong user uptake and growth in the past year. “Between March 2017 and March 2018, we witnessed a 203% year-on-year growth in the number of mBanking users between March 2017 and March 2018, with the amount of Mobile Top Ups also increasing 358% year-on-year over the same period”, added Mr Chua.
        With KBZ Bank’s mBanking app now available in two languages, even more citizens in Myanmar can access a range on features that will make banking simple and convenient for all. These include:
        1)    New User Interface - So Simple So Easy: Redesigning of the mobile banking user interface for a clean and simple look, with reduced and simplified steps needed to perform transactions. Icons and displays were updated to a modern and eye-catching look, so that important key features stand out.
        2)    Mobile Onboarding - Digital Mobile Banking: Mobile Onboarding, or the walkthrough and app registration process, will help retail customers with an existing bank relationship, but who do not have mobile banking access, register for mobile banking. They will be able be given mBanking access by submitting essential details (e.g. name, account number, mobile number, email address and NRIC/selfie) and getting verified by the bank. Due to the call back verification feature, the turnaround time is between three to five working days.
        3)    Bill Payment - Online QuickPay: QuickPay is a bill collection service that is offered to KBZ Bank’s corporate banking customers. The service is popular with merchants as we have both the largest branch network and number of customers. With over 70 merchants that offer online bill collection services to our mBanking customers, greater value and convenience are provided to customers.
        4)    Digital Money (Gift Card) Purchases: KBZ mBanking allows users to purchase digital money through gift cards and send to his/her authorized recipient. With a dedicated e-pin, the recipient can spend the gift card at dedicated online stores or apps. Google Play Store, Apple’s iTunes Store, Steam Credits, Viber Out Credits, and Easy Points Credits are all available for purchase.
        5)    Domestic cash remittance (Remit2U & Cardless ATM Withdrawal): These 2 features enable greater financial inclusion in Myanmar by allowing our customers using our mBanking app to transfer money to family and friends, especially those without a bank account. For Remit2U, successful recipients will receive an 8-digit code and would be able to receive the money by visiting the nearest KBZ Branch and presenting his/her NRC and SMS code. Similarly, under card-less ATM withdrawals, recipients will be able to withdraw cash without needing ATM cards by presenting their 6-digit account code and 4-digit OTP code at any KBZ ATM.
        The relaunch of the bank’s mBanking app allows more customers in Myanmar to conveniently access and perform mobile banking transactions in their choice of language. This will allow more people in Myanmar to have greater control over their finances and empower them to perform banking transactions from the palm of their hands.

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