Visa Inc. said Saturday that it will partner with three banks in Myanmar, allowing Visa's ubiquitous credit cards to be issued and accepted in the nascent market—a move designed to bring the long-isolated Southeast Asian country closer to global financial integration. The U.S.-based financial-services giant signed licensing agreements with three local banks, Kanbawza Bank Ltd., Myanmar Oriental Bank Ltd. and Co-Operative Bank Ltd., known as CB Bank.
Myanmar has in October allowed four international credit cards - - Visa, Master, CUP (China Union Payment) and JCB (Japan Credit Bureau) for the first time to facilitate foreign travelers in domestic payment as a follow-up program of MPU (Myanmar Payment Union) card for local citizens in September.
Allowing international bank cards to operate in the country is another step forward for Myanmar's banking sector and would have positive improvement in tourist industry of the nation that could attract more foreign investors, bankers said.
At present, 17 private banks have participated in the MPU program and all private banks would join in soon. Initially, ATM has begun service in November 2011 with six private banks, Myanmar currently has 19 private banks and four state-owned banks.
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